Men are paid 2½ times more per hour than women on average at banking group HSBC in the UK, the largest gender pay gap reported to date by a major UK company.
The gender pay report from the UK’s largest bank, published on Thursday, reveals that less than a quarter of its most senior staff are female, while more than two-thirds of those in junior roles are women.
That disparity means HSBC Bank’s pay gap is 60 per cent in 2018 according to the mean average measure, which is calculated by taking all male and female wages and dividing them by the number of workers. The group’s report reveals the gap has increased from 59 per cent last year.
The gender pay gap refers to the difference in hourly earnings between men and women working for an organisation regardless of their roles, rather than men and women in the same role.
The London-listed bank employs more than 350 people in the Republic, including a number of global function heads.
Under a new UK government scheme, all companies with more than 250 employees must report their pay gap under an initiative designed to reveal the greater prevalence of men in top-paying jobs and encourage action for change.
Gender balance
HSBC said it had increased the proportion of senior posts held by women to nearly 27 per cent last year from 22 per cent in 2012, but added: “We recognise that there is more work to do to address our gender balance at senior levels.”
The median gap, which takes the mid-point when all wage rates are lined up from the biggest to smallest as a way to reduce the impact of one-off outliers, remained steady at 29 per cent.
That compares with a 43.5 per cent median gap at Barclays International banking group, a 32.8 per cent gap at Lloyds and a 22.6 per cent gap at the Co-Operative Bank. On a mean basis the gaps were 48 per cent, 32.8 per cent and 30.3 per cent.
HSBC said it wanted women to hold 30 per cent of senior roles by 2020 and it would request gender diverse shortlists when hiring new leaders and would ensure gender balance in its workforce development programmes.
It has also expanded opportunities for mentoring for women in well-paid global banking and markets roles and said it was encouraging flexible working and shared parental leave.
– Guardian service
