UK Gender Pay Gap Report ’19-’20
Reporting on pay gap changes throughout 2019.
Overview of Findings
Following on from our 2019 report, we are happy to announce that we have seen a year-on-year improvement in our mean pay gap. This is calculated by adding up the wages of all male and female employees and dividing it by the number of employees. We’re also delighted to see a decrease in our median pay gap, calculated by listing all male and female employees’ wages from highest to lowest and comparing the number that sits in the middle for each gender. The difference in salary between those two people is the pay gap figure.
While our pay gap numbers show a mixed result, our culture of Trust and Empowerment has seen a tangible change over the past three years, thanks to a consistent and determined focus on Inclusion at Version 1. While we are not where we want to be just yet, we believe with continued focus, effort and supported changes, the dial will continue to move towards a more inclusive workplace for all. We are getting there, and we are continually committed to examining our gender imbalances across the organisation.
Working to Close the Gap
This past year saw the introduction of our Employee Experience (EX) Team. It is their role to review all parts of the employee lifecycle and ensure our employees are having a positive experience. As our Director of People Success, Jarlath Dooley, states: “Together with the Senior Leadership Team and our existing Diversity, Inclusion and Belonging team, the EX Team continue to assess our employee lifecycle; ensuring a positive and inclusive approach throughout our employee journeys”. This analysis has highlighted successfully implemented initiatives and areas for improvement, which we will continue to work on.
We understand the importance of keeping the trust of our employees by making sure we approach all situations in a transparent manner. We continue to review our global reward structures and compensation packages on a quarterly basis, ensuring we have a consistent approach to our rewards packages and removing the opportunity for any unintentional gender bias. Thinking long-term, we are working towards building an inclusive future, not only in Version 1 but within our local communities, through our Community First programme which has the goal of introducing young females into the world of IT and hopefully a new career opportunity. Therefore, we’re tackling the gender imbalance from the early years, onward.
2019 - 2020 Stats at a Glance:
Gender Pay Gap in Hourly Pay: 13.89% Median
Gender Pay Gap in Hourly Pay: 11.37% Mean
Gender Pay Gap in Bonus Pay: 2.02% Median
Gender Pay Gap in Bonus Pay: 23.01% Mean
More Insights on Inclusivity at Version 1:
Blog: June 10, 2020
At Version 1, we want to ensure that everyone, at all levels, has a voice in the company. Traditionally younger people with less experience would rarely be offered an opportunity to air their thoughts,...
Blog: May 20, 2020
How can you belong in a place where people can’t say your name? That’s the premise of Version 1’s #StartsWithAName campaign (see our video below). The Diversity, Inclusion and Belonging (DIBs) team...