Renold Plc - Gender Pay Gap Report

This is our seventh year of publishing our gender pay gap statistics and, although Renold Power Transmission Limited (RPTL) remains below the threshold for mandatory gender pay reporting, we have, as an employer, voluntarily reported our gender pay gap data for this reporting period.

What is the Gender Pay Gap?

The Gender Pay Gap focuses on the differences in pay and bonus between women and men working within RPTL. It includes the whole workforce from most junior to most senior and takes no account of whether people perform the same or comparable work. RPTL remain confident that its gender pay gap does not stem from paying men and women differently for the same or equivalent work. Rather our gender pay gap is the result of the roles in which men and women work within the business and the salaries that those roles attract.

Our Gender Pay Statistics:

The below table shows RPTL’S Gender Pay Gap with the figures based on hourly rates of pay as at 5^th April 2023.

	MEAN	MEDIAN
RPTL PAY GAP	12.4%	11%

Our overall mean gender pay gap for employees has decreased from 18.9% to 12.4%. Despite our largely male-dominated workforce, the narrowing of our mean gender pay gap is an ongoing reflection of a small but gradually increasing number of women occupying senior leadership roles in RPTL. Our median gender pay gap is 11%, versus the 2023 Office of National Statistics (ONS) national median of 14.3%. These statistics are subject to yearon-year fluctuations, but we are encouraged that overall, the pay gap is narrowing.

The population of RPTL remains predominately more male dominated (88%) than female (12%). This imbalance is broadly reflective of comparators in our industry sector which continues to face challenges in attracting women.

Our Gender Pay Gap by Quartiles:

The below chart shows the gender distribution between the four pay quartiles in RPTL. Women now occupy 19% of the lowest paid jobs and have increased from 11% to 12% of the highest paid jobs.

Our Gender Bonus Gap:

This year a larger proportion of males to females received a bonus in 2022/2023.

21.1% of men in RPTL received a bonus

16.7% of women in RPTL received a bonus

Our mean bonus gap continues to be strongly influenced by the greater proportion of men than women occupying senior leadership and commercial roles with higher salaries and inclusion into the bonus or sales incentive schemes. Additionally, most of our bonus schemes are calculated as a percentage of salary, so higher earners (predominately male) receive a greater bonus. We do not expect to see the mean bonus gap narrow until we have a greater representation of females at a senior leadership level.

	MEAN	MEDIAN
RPTL BONUS GAP	88.8%	78%

Summary of Results:

Despite our largely male-dominated workforce, the slight narrowing of our gender pay gap is an ongoing reflection of a small but gradually increasing number of women occupying senior leadership roles in RPTL. Despite these positive improvements, there remains a marked gender pay gap which is broadly reflective of comparators in our industry sector which continues to face challenges in attracting women. We are committed to continue to attract, and recruit, greater numbers of female candidates into our business.

Our data continues to be influenced by a small population in the reporting group (195 employees) with small changes in employees often resulting in a significant impact on our gender pay data. As a result of this we expect to continue to see fluctuations in our gender pay statistics year on year but are encouraged that the trend shows a narrowing of the mean gender pay gap overall.

We acknowledge that narrowing the pay gap is a challenge and will take time, but we are confident that our gap arises because of the unequal distribution of men and women across the company, not because of our pay policies and practices.

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

2023 Gender Pay Gap Report Renold Power Transmission Limited