Gender pay gap report 2024
2024 Gender Pay Gap Report
Renold Power Transmission Limited
In our eighth year of publishing our gender pay gap statistics, Renold Power Transmission Limited (RPTL) remains below the threshold for mandatory gender pay reporting. However, we have decided to continue to voluntarily report our gender pay gap data for this reporting period to demonstrate our commitment to transparency and fairness when considering gender pay.
What is the Gender Pay Gap?
The Gender Pay Gap refers to the difference in average pay and bonuses between women and men across the workforce. It encompasses the entire RPTL workforce, from junior to senior positions, and does not account for whether people perform the same or comparable work. We are confident that our gender pay gap does not arise from paying men and women differently for performing equivalent work. Instead, it is primarily driven by the distribution of men and women across various roles within the business and the differing salary levels associated with those roles.
Our Gender Pay Statistics:
The below table shows RPTL’S Gender Pay Gap with the figures based on hourly rates of pay as at 5th April 2024.
Our overall mean gender pay gap for employees has significantly decreased from 12.4% to 3.2%. The reduction in our mean pay gap can this year be largely attributed to the increase in the number of women into senior leadership roles across RPTL. Our median gender pay gap is 9.7%, down from 11% last year. These statistics may fluctuate year on year; however, we are encouraged by the positive momentum in RPTL’s narrowing pay gap over recent years.
Although it has decreased slightly, the population of RPTL remains predominately more male dominated (86%) than female (14%), this imbalance largely reflects trends within our industry sector, which continues to face challenges in attracting women.
Our Gender Pay Gap by Quartiles:
The below chart shows the gender distribution between the four pay quartiles in RPTL. The continued increase in the number of women in the top two quartiles and reduction in the women in the lower quartile has contributed to a further reduction in our gender pay gap.
Our Gender Bonus Gap:
Our data shows that a larger proportion of females to males received a bonus in 2023/2024.
Our mean bonus gap has also decreased significantly this year, from 88.8% to 68.3%. This can be directly attributed to the women newly recruited into senior leadership roles, who achieved significant bonuses in this period. Despite this decrease, our bonus continues to be strongly influenced by the greater proportion of men that occupy senior leadership and commercial roles with higher salaries and inclusion into the bonus or sales incentive schemes. Our hope is that this bonus gap will continue to narrow as we gain a greater representation of females at a senior leadership level.
Summary Of Results:
Despite our largely male-dominated workforce, common in our industry, this year’s significant reduction in our gender pay gap reflects a steady, albeit small, increase in the number of women occupying senior leadership roles in RPTL. However, given our relatively low overall headcount for gender pay reporting (221 employees), small fluctuations number of senior male or female employees will continue to have a considerable impact on movements in our gender pay data. We remain committed to ensuring we continue to attract, and promote internally, female talent to the business so that we will continue to see a positive trend in our numbers.
As previously reported, despite national progress, there remains a persistent gender pay gap in our industry sector, with limited numbers of women going into the industry and the resulting underrepresentation of women in the senior, higher paid roles. This will continue to have a direct impact on our gender pay gap data until significant improvements are made.
We acknowledge that, although our gender pay gap is moving in the right direction through our actions, continuing to narrow the pay gap remains a challenge and will take time. We are confident that our current pay gap is a result of the distribution of men and women within the company, not due to our pay policies and practices.
Declaration:
We confirm that Renold Power Transmission Limited’s gender pay gap calculations are accurate and meet the requirements of the legislation.
Robert Purcell, Chief Executive Officer