PensionBee, a leading online pension provider, has revealed a median hourly pay gap of just 1.6%, and a median bonus pay gap of 0% among its staff, as at 31 December 2021. The gap is in line with PensionBee’s target of 0%, with a variance of +/- 5% owing to the overall size of the employee base.
This is the second year that PensionBee has voluntarily reported on its pay gap, as part of its commitment to wage equality, in recognition that where a pay gap exists for women, a pension gap will follow. PensionBee’s median hourly pay gap was previously 4% and the median bonus pay gap 0% as at December 2020 (1).
As a member of the Women in Finance Charter, which seeks to achieve gender balance at all levels across financial services firms, PensionBee regularly reports publicly on its female representation (2). The online pension provider also recognises non-binary identities and has incorporated this into its regular measurement of and action on diversity and inclusion.
PensionBee has achieved complete gender parity at a company-wide level and actively recruits females into traditionally male-dominated positions, such as technology roles. PensionBee also remains focused on promoting women who have the potential to reach the management team, as firm believers that gender balanced teams create better products and services for consumers.
Romi Savova, CEO of PensionBee, commented: “The gender pay gap is almost exclusively framed as an issue women should be solving themselves. The message I consistently hear is that women need to do more, however, placing the burden on the recipient of the problem is neither effective nor fair.
At PensionBee, we passionately believe that men and women should be paid equally for equal work and have found from our own research that this is the only effective solution to eradicate the gender pension gap once and for all. That’s why we have committed to voluntarily tracking these figures as early as possible, so if necessary, changes are easier to make.
I’m immensely proud of the level of diversity we’ve achieved in the company so far and I have no doubt there’s a direct correlation to our low gender pay gap.”
Table 1: PensionBee’s 2021 gender pay gap
|Pay gap||Number of employees|
|Median hourly pay gap||1.6%||138|
|Median bonus pay gap years||0%||138|
Source: PensionBee, December 2021. Calculations are based on 138 “full pay relevant employees”. This sample size excludes any employees who left or joined the company during the month of December 2021. It also excludes any employees currently on probation, unpaid leave, sick leave or maternity leave. These calculations follow the government’s gender pay gap reporting guidance despite reflecting a non-standard snapshot date.