At Fraser Hart, we strive to be a People centric business to place our People at the heart of everything that we do. To that end, over the past number of years, we have developed a strong People focus to ensure that we achieve diversity and balance across all functions and roles within the business. This commences with our attraction and recruitment policies and continues through a culture of learning and personal development, relevant working time practices and employee engagement. We continue to invest in our People and L&D functions to ensure support and direction to fully foster this culture within the whole organisation.
What is the Gender Pay Gap?
From 2017, all companies in the UK employing 250 people or more have been asked to provide details on the differences in pay for men and women in their organisations. These figures are then used to identify the pay gap in both the hourly rate of pay and bonus payments between genders. These details will be published each year.
Fraser Hart and the Gender Pay Gap
While we do have differentials in rates of pay due to geographical factors, we are happy to confirm that we firmly enforce equal pay structures. That means that all roles, in like locations and responsibilities, have the same rate of pay for both women and men. Historically, as with many businesses in the UK, a greater proportion of our senior roles are held by men and this has resulted in a gender pay gap which is marginally higher than the UK average. As a high service level retail business, 62% of our work force are front line store sales consultants and supervisors. We are pleased that the pay gap between women and men in this sector is just 1%. However, the mix of senior leadership roles in the company is also changing in line with our People focus. Many recent Store Manager appointments have been female and in the past three years our Regional Management team has moved from being 100% male to now being 66% female.
Our Gender Pay Gap
Our Gender Bonus Gap
Again, bonus rates and potential are exactly the same for females and males in like roles. In the review year, 87% of women and 88% of men received a bonus. A factor influencing the gap in bonuses is that, in our sales teams, we have a higher proportion of female employees working on a part time basis, this reduces their selling time and as a result, they earn less commission than they would should they work full time. The bonus gap calculation above does not take into account the number of hours worked.
We will continue to actively seek the best possible diversity and balance in our people in all functions and roles within the business and this fully includes gender. In doing so we recognise the need to actively ensure progression and representation in senior roles and we believe that, through a strong People culture, our recent progress will be further built on over the coming months and years to narrow the structural gender pay gap in as much as possible.