Gender pay

Last year, the UK Government introduced legislation requiring employers with 250 or more UK employees to disclose information on their gender pay gap.

Landsec was one of the first companies to report on gender pay, publishing our data in last year’s annual report. The data below therefore represents the second year of disclosure, based on amounts paid in April 2018.

The definition of pay shown is an hourly pay rate for each relevant employee as at 5 April 2018, reflecting base salary and certain allowances. The bonus figures shown includes total variable pay over the previous 12 months (bonus paid plus any proceeds on exercise of SAYE, ESOP or vesting of LTIP awards).

Landsec's Gender Pay figures 2018

In our relatively small sized organisation, with voluntary employee turnover sitting at around 15%, it is unsurprising that we have seen some swings in our data this year.

As the table above shows, while the gap between median male and female hourly pay has remained broadly static, the gap on a mean basis has, disappointingly, broadened by 4%. Conversely, and more encouragingly, the gap in both mean and median bonus awards, although still large, has narrowed slightly.

The following table shows how the mean hourly rate and bonus awards compare by quartile. As was the case last year, the gap is much wider in the upper quartile, where we have the lowest proportion of females, indicating that the key issue is one of female representation in senior roles.

Gender pay table

Encouraging more females into leadership roles has been a key priority for us and we are starting to make progress – almost 25% of our Leader roles are now occupied by women, and female representation has risen to 41% at Board, Executive Committee and the level below. Both these figures are an improvement on last year.

However, it will take time for this progress to be reflected in headline pay statistics and, like others in our sector, we still find it challenging to fill our senior roles with female candidates, particularly in the core property and technical disciplines. This has been borne out by an analysis of our recruitment activity over the course of the year, although there are some notable and pleasing exceptions.

The differential in bonus awards appears stark at a headline level, although it is slightly lower than last year. However, the figures include women on maternity leave, and part-timers, whose bonus payments are pro-rated. Of our total permanent female population, 17% are part-time (compared with no part-time males).

Published data as required under The Equality Act 2010 (Gender Pay Gap Information) Regulations 2017.

Diana Breeze
Group Human Resources Director