Mind the gap: Revolut's mean gender pay differential increases

Mind the gap: Revolut's mean gender pay differential increases

Revolut's attempts to bridge the gender pay gap at its business appears to be going into reverse, with the mean differential between women and men increasing from 22.7% last year to 25.4% as of April 2022.

Revolut has faced criticism over gender diversity and salary issues. The firm has been called out in the past for the 95.8% mean bonus gap that saw men earning on average double the bonus of their female colleagues and for the low number of women in senior roles.

The latest figures do show modest signs of improvement, with the mean bonus gap slashed to 57.5%, a narrowing in the median pay gap and a global workforce comprising 35% of women, up three percent from 2021.

But there is still much work to do in finding senior roles for its female employees. Revolut reported just a slight 1.8% increase in the percentage of women in the upper middle pay quartile compared to 2021. However, the number of women in the upper pay quartile remained unchanged at 11.4%.

In an attempt to recify the issue, Revolut has taken a number of steps, including signing up to the Women in Finance Charter with a commitment to raise the percentage of women in leadership roles to 30% by 2025.

Nik Storonsky, fo-founder and CEO, Revolut, says: "It is crucial that our products and services, used by millions across all demographics, are built by an equally diverse group of Revoluters. We are committed to becoming a fully inclusive organisation. Reducing our gender pay gap is an important part of this mission."

Revolut isn't alone in the gender diversity morass. HSBC, Goldman Sachs, Morgan Stanley and Standard Chartered each reported a widening in the gap between what they paid women and men in 2022, according to data analysed by Reuters.

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