Improving all aspects of the diversity of our workforce is one of our key priorities.
Landsec's gender pay statistics
We included all relevant employees as at 5 April 2017 when calculating the figures below. The salary data includes base salary and certain allowances in line with the government guidelines, while bonus figures include total variable pay over the previous 12 months (bonus paid plus any proceeds on exercise of SAYE, ESOP or vesting of LTIP awards).
What do these statistics show?
At first glance, the figures would suggest a significant pay gap between males and females here at Landsec. However we are satisfied that the issue is one of female representation in higher-paying roles, rather than of equal pay for equivalent roles. The analysis below, which includes additional data on hourly rate and mean bonus levels by pay quartile, illustrates this more fully:
Like other companies across our industry, we have a lower proportion of females in senior roles than we would like. But we have seen encouraging progress at the most senior levels - we already exceed the Hampton-Alexander review target of 33% female representation at Executive Committee and the level below (the top 28 executives). However, the majority of our upper quartile roles (encompassing our Executive, Senior Leader and Leader levels) are still occupied by males.
In the pay quartiles where there are more females, their hourly pay matches - or even exceeds - that of their male counterparts. Because of this, the difference in mean bonus payments at the lower levels of pay may seem surprising. However, this can partly be explained by the relatively high proportion in these groups of part-time females, whose bonus payments are pro-rated. For example, in the lower quartile, 14.2% of our employees are part-time and they are all female.
What steps are we taking?
Encouraging more females into senior roles is a key priority for us, so we've committed to improving our female representation at Leader level (broadly the lower end of upper quartile) from 20% to 30% by 2020.
To help meet this target, we've introduced some specific initiatives like a female mentoring programme and a new set of industry-wide recruitment guidelines which we've developed in collaboration with our peers.
Group Human Resources Director