HSBC (LON: HSBA) has released data on their gender pay gap, revealing the biggest gap reported by a major UK company to date.
Published on Thursday, the banking group reported a 29 percent median gender pay gap in it’s UK operations. At its widest, the gap is 61 percent for bonus payments between the group’s male and female employees.
The median point refers to the midpoint for all of the workers’ salaries from the lowest to the highest paid.
HSBC has explained the gap between male and female salaries due to the fewer females in senior management roles.
“If we identify any pay differences between men and women in similar roles, which cannot be explained by reasons such as performance/behaviour rating or experience, we make appropriate adjustments,” said Elaine Arden, group head of human resources.
“We recognise that there is more work to do to address our gender balance at senior levels,” she added.
Despite fewer women in senior roles, 54 percent of the group’s workforce is female.
Under a new government scheme, all UK companies with over 250 employees must report the gap in pay between men and women. This new scheme will affect an estimated 9,000 companies.
“The gender pay gap reporting provisions are likely to do more for pay parity in five years than equal pay legislation has done in 45 years,” said Sarah Henchoz, employment partner at law firm Allen & Overy.
Compared to HSBC’s median pay gap of 29 percent, Barclays (LON: BARC) had a mean gap of 43.5 percent, Lloyds (LON: LLOY) with a 32.8 percent gap and the Co-operative Bank saw a gender pay gap of 22.6 percent.
HSBC aims for women to have 30 percent of senior roles by 2020.
The bank has also said it was encouraging flexible working and shared parental leave, encouraging the furthering of women’s careers.
“We are making progress. Improving our gender balance will take time and require sustained focus over the long-term.”