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Magnit | February 6 2023 |
Magnit continues to commit to increasing and embracing all dimensions of diversity and focusing on fostering a culture of inclusion and belonging. We are deliberately working as an organization to create a fair and equitable workplace for all employees, regardless of gender or any other characteristics. In the following report, we outline our achievements and our areas of opportunity regarding Magnit’s UK gender pay gap. As an introduction, it is fundamentally critical to understand the difference between equal pay and the gender pay gap. Equal pay is the insurance that men and women performing the same or similar work must receive equal pay. The gender pay gap analyzes the overall difference between all men's and women’s earnings across the organization. The data indicated in this report is the overall gender pay gap.
In 2022, there was a significant improvement in the median Hourly Pay Gap; it was improved by nearly half compared to Magnit’s UK 2021 Gender Pay Gap analysis, decreasing from 41% to 23% percent. The median hourly pay gap analyzes the difference between genders based on the midpoint of the earning range found by lining up employees’ wages from lowest to highest. We also see a similar improvement of 12 percentage points for the mean hourly pay gap, which analyzes the difference between men and women based on the overall average pay per gender. We believe this improvement can be attributed to our efforts to increase women representation across all levels of the organization while retaining and promoting women employees. In the last year, the upper quartile doubled in women representation, while the lower quartile decreased by 9% as we continue to gender balance our organization.
Additionally, while the percentage of women and men that did receive bonuses is nearly equal,there is a higher percentage of women in the lower quartile roles, which traditionally do not award bonuses driving the Bonus Pay Gap. The data below shows the hourly and bonus pay gaps for all Magnit employees in the UK, followed by the proportion of employees at each level of the organization.
| Mean | Median |
Hourly Pay Gap | 23% | 23% |
Bonus Pay Gap | 76% | 88% |
| Percentage of employees who received a bonus pay | 20% of Women | 18% of Men |
As a workforce management solutions provider, we must take into consideration two different employee populations: billable and staff. Staff refers to our traditional, full-time employees, while billable employees are contract workers that are staffed at our clients. Magnit only manages the transaction, while the client directly determines the pay and bonuses of billable workers.
|
| Magnit Billable | Magnit Staff |
Hourly Pay Gap | Mean | 22% | 24% |
Median | 22% | 25% | |
Bonus Pay Gap | Mean | 14% | 93% |
Median | -1% | 0% | |
Receiving Bonus | Women | 6% | 78% |
Men | 9% | 93% |
Looking Ahead:
As Magnit drives the evolution of work, we value Diversity, Equity, and Inclusion and it is at the core of our organization. We have updated our goals to reflect our strong commitment to gender equality by aiming to have VP+ female representation of 50% by 2030.
If you’re interested in learning more about how Magnit is helping organizations implement winning contingent workforce programs globally, please contact a Magnit representative at info@magnitglobal.com.
Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of Magnit and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.