Our ethnicity pay gap figures 2023

Landsec Group*

 

Landsec Group ethnicity pay gap 2023
Landsec Group ethnicity pay gap 2023 proportions

Land Securities Properties Ltd

Land Securities Properties Ltd ethnicity pay gap 2023
Land Securities Properties Ltd ethnicity pay gap 2023 proportions

Snapshot

  • Our mean ethnicity pay gap increased from 36.5% in 2022 to 43.0% in 2023 
  • Our median ethnicity pay gap increased from 37.6% to 39.4% in the same period

What is behind these figures?

Our ethnicity pay gaps have increased because the representation of ethnic minority employees has increased the most in the lowest pay quartile and decreased in all other pay quartiles. This is due to a high proportion of ethnic minority new starters at our more junior support and professional levels. 50% of new starters into our most junior support roles over the past 12 months are from ethnic minority backgrounds.

During the same period, we’ve had a small number of our most senior ethnic minority employees leave the business at leader and senior leader level. This has particularly impacted our mean ethnicity pay gap and decreased ethnic minority representation in the upper pay quartile.

Our mean and median ethnicity bonus gaps improved between 2022 and 2023. However, there was a reduction in the percentage of ethnic minority employees receiving a bonus. This is due to a higher number of ethnic minority hires between Jan 2022 and March 2023 compared to existing headcount. New starters joining during this period were not yet eligible to receive a bonus due to their length of service (or joined after the bonus award date).

Find out how we're addressing our pay gaps. 

 Percentage of employees receiving a bonus payment in 2022/23

Landsec Group + Land Securities Properties Ltd ethnicity pay gap

Horizontal ethnicity pay gap - Landsec Group

 

Landsec Group horizontal ethnicity pay gap 2023

What is behind these figures?

Our horizontal pay gaps show that the pay gap at each level of the business is smaller than our overall pay gaps.

The main factor influencing pay gaps within levels is the higher representation of white employees in property roles, which attract higher remuneration than group or support roles. Where the horizontal pay gap is shown as 100% this is due to there being no ethnic minority representation at this level on the statutory calculation date.
 

*After welcoming mixed-use regeneration business U+I into the Landsec Group, you’ll see we’ve included data for Landsec Group and Land Securities Properties Ltd. We have chosen to voluntarily publish pay gap and diversity data for all of our employees who are on one PAYE reference. This includes Land Securities Properties Ltd and U and I Group Ltd and we refer to it as Landsec Group throughout our report.