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2021 Gender Pay Gap Report
Renold Power Transmission Limited

We continue to welcome the UK Government’s annual requirements for companies to report on their gender pay gap. Despite Renold Power Transmission Limited (RPTL) being below the 250 or more employees threshold for reporting, we still consider reporting this data as a positive step and will continue to analyse the data and take action where necessary.

What is the Gender Pay Gap?

The Gender Pay Gap is a calculation measuring the mean (average) and median (middle point) difference between the earnings of all men and women in an organisation. It includes the RPTL entity, from most junior to most senior, and takes no account of whether people perform the same or comparable work. We are confident that our gender pay gap does not mean that men and women at RPTL aren’t receiving equal pay for equivalent roles.

Our Gender Pay Statistics:

The below table shows RPTL’S Gender Pay Gap with the figures based on hourly rates of pay as at 5th April 2021.

MEAN MEDIAN
RPTL PAY GAP 22.7% 11.5%

Our overall mean gender pay gap is 22.7%. The median is now 11.5%, which is nearly 4% lower than the Office of National Statistics (ONS) estimated national average median pay gap of 16.3% for the manufacturing sector (ONS, Oct 2020). RPTL continues to reflect the manufacturing sector as a whole, which traditionally employs significantly more males than females.

Our Gender Bonus Gap:

Although there is a larger proportion of males to females within our business (88% vs 12%), (very similar to last year), a larger proportion of these women received a bonus in 2020/2021.

8.1% of men in RPTL received a bonus

9.5% of women in RPTL received a bonus

Despite the above, a significant Gender Bonus Gap still exists between men and women in RPTL. Our bonus gap is primarily due to having a higher proportion of males in senior and commercial roles which are positions with a greater bonus earning potential.

MEAN MEDIAN
RPTL BONUS GAP 81.2% 7.8%

Our Gender Pay Gap by Quartiles:

The below chart shows the gender distribution between the four pay quartiles in RPTL. Women occupy 20% of the lowest paid jobs and only 4% of the highest paid jobs.

Summary of Results:

Our gender pay gap figures remains broadly similar to those reported in previous years. We employ a largely male-dominated workforce and this gender imbalance continues to be reflective of our industry sector as a whole. Only 10.4% of engineering roles in the UK are filled by women (Wise statistics, 2021) and females remain under-represented in Science, Technology, Engineering and Math (STEM) subjects. RPTL remains committed to attracting and retaining females into our business, however, as for other similar organisations in our sector, this continues to be challenging.

As in the previous year, in April 2021 RPTL was still taking a number of actions to maintain financial stability and preserve jobs, as we continued to manage through the Coronavirus pandemic. It should be noted that these actions have, once again, distorted our gender pay gap reporting due to a significant proportion of our workforce, both male and female, being excluded from the calculations. These necessary exclusions, in line with reporting requirements, make comparisons with previous years difficult.

Due to the size of RPTL (fewer than 250 employees), small changes to the employee group included in the reporting, whether through leavers or joiners or through reporting requirements, can have a significant and disproportionate impact on our gender pay gap.

Declaration:

We confirm that Renold Power Transmission Limited's gender pay gap calculations are accurate and meet the requirements of the legislation.

Robert Purcell,
Chief Executive Officer
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