The gender pay gap observed through the analysis undertaken in the UK reflects a higher proportion of men in the senior positions.
Close to half of all Euroclear staff in the UK are employed in IT-related functions, and men are over-represented in these functions in Euroclear as in the rest of the market. Compared to other functional domains, IT functions in Euroclear are on average at higher function levels, as a result of an evaluation performed by an external consultancy. Being at higher function levels, these functions are also associated with higher pay rates.
As a result, the gender pay gap in Euroclear in the UK is explained by a strong representation of IT functions in the overall workforce, as these functions are generally more highly remunerated and mainly occupied by men.
Gender split by area
Those figures must be understood in the context of the general situation in our industry. In the UK generally, just over 21% of the workforce in STEM fields (Science, Technology, Engineering, Maths) are women1, and the UK has the lowest percentage of female engineering professionals in Europe (under 10% compared to the European average of 20%²).
Euroclear is committed to continuously making efforts to understand and further improve any gender imbalance, by focusing on developing all our people and remaining an employer of choice for men and women from all walks of life. As part of our diversity strategy, our intention is to focus on:
reducing the gap in function levels when hiring, especially at senior levels and in areas like IT where women are traditionally under-represented;
ensuring women can progress in the company based on their competencies equally with men;
promoting flexible ways of working, so that primary caregivers at home can also stay in high positions; and
encouraging women to grasp their chances to progress by applying for functions at higher levels, even if they don't feel ready yet, and by having career conversations with their people manager on how to make it work from a work/ family point of view.
1 WISE UK statistics, 2016.
2 ONS figures, 2016.
I confirm that the data reported is accurate.
John Trundle, CEO Euroclear UK & International
Click on this link to see the details on Euroclear's UK gender pay gap report