We continue to welcome the UK Government's annual requirements for companies to report on their gender pay gap and we have now conducted our analysis for the fourth year for Renold Power Transmission Limited (RPTL).
What is the Gender Pay Gap?
Gender pay gap reporting is designed to highlight the difference in the average pay between men and women in a workforce, regardless of role. This is not the same as equal pay, which relates to what women and men are paid for performing equal work.
Reporting:
The snapshot date of this report, 5th April 2020, followed the commencement of the COVID-19 pandemic. As a result of this pandemic, RPTL took a number of actions to maintain financial stability and preserve jobs, including utilising the Coronavirus Job Retention Scheme and introducing temporary pay reductions. These actions have had an impact on our gender pay gap data. It is therefore difficult to draw meaningful conclusions with this data as, for example, the analysis was based on a reduced pool of relevant employees.
Our Gender Bonus Gap:
Although there is a larger proportion of males to females within our business (88% vs 12%), a larger proportion of these women received a bonus in 2020/21.
9.5% of men in RPTL received a bonus
10% of women in RPTL received a bonus
However, a significant Gender Bonus Gap still exists between men and women. Our bonus gaps are reflective of women holding fewer senior managerial and technical positions than men which are eligible for a bonus. Additionally, bonus targets are higher in more senior roles within the business and are awarded based on percentage of salary.
|
MEAN |
MEDIAN |
| RPTL PAY BONUS GAP |
84.5% |
65% |
Summary of Results:
Our gender pay gap figures remain largely similar to previous years as we continue to employ a largely male workforce. Having fewer women in senior management roles and a lower proportion of women within engineering roles in general continues to be the principal reason for our pay gaps.
Despite progress, there remains an under-representation of females in Science, Technology, Engineering & Math (STEM) subjects in the UK. Renold, as an engineering company operating in this environment, must continue to work hard to attract, hire and retain these relatively scarce individuals.
We remain focused on building a diverse and inclusive business, but we are realistic that change will take some time in our industry.
