Gender Pay Gap Report April 2021

 

Improvement of 2% in mean gender pay gap

Widening of 2% in median gender pay gap

A word from our CEO

Quote Icon Narrowing our gender pay gap is a key area of focus for us, and whilst I am delighted with the significant improvement we have made, as a business focused on diversity and inclusion, we recognise there is much more work to be done to reduce our gender pay gap even further.

Chris Horne, CEO at Azets

At Azets our people are the key to the success of our business, and we are committed to promoting diversity and creating an inclusive workplace where everyone can achieve their full potential.

The UK Government requires all employers with 250 or more employees to annually disclose their gender pay gap using the following metrics:

  • Mean gender pay gap
  • Median gender pay gap
  • Mean bonus gender pay gap
  • Median bonus gender pay gap
  • Proportion of men and women receiving bonuses
  • Proportion of men and women in each pay quartile

We are pleased to share our gender pay and bonus gap figures which continue to help us understand how the average earnings of male and female employees working at Azets differ. The data in our gender pay analysis, taken at 5 April 2021, has been calculated using the standard methodologies set out in the Equality Act 2010 (Gender Pay Gap Information) Regulations 2017.

 

Understanding Gender Pay

The gender pay gap is not the same as equal pay. Equal pay is about ensuring that men and women performing the same or equivalent work are paid the same, whereas the gender pay gap is a statistical calculation which looks across all roles, at all levels within the organisation.

 

Our Gender Pay and Bonus Gap Data

 

Mean

Median

Pay Gap 2021

29.3%

23.1%

Bonus Gap 2021

53.2%

50%



 

Pay Quartiles

The proportion of men and women in each pay quartile. 

Upper Pay Quarter

%Men

63%

%women

37%

 

Upper Middle Pay Quarter

%Men

43%

%women

57%

 

Lower Middle Pay Quarter

%Men

37%

%women

63%

 

 Lower Pay Quarter

%Men

40%

%women

60%

Bonus Recipients

 

Male

Female

Proportion of males and females receiving bonuses

16.1%

13.2%



 

 

Commentary

Azets has a mean pay gap of 29.3% and a median pay gap of 23.1%. We have seen a slight reduction since our last reporting of 2% to our mean gender pay gap and an increase of 2% to our median gender pay gap.

We have a gender split of 46% male and 54% female across the firm overall however in all three of the lower quartiles we have a higher proportion of females. Our gender pay gap develops as careers progress, with our upper quartile being comprised of 63% males compared with 37% females.

At Azets, people in Partner roles are employees of the business and are included in our gender pay gap data. In many of our competitor businesses, Partners are not employees and their pay data is not therefore included in their statutory gender pay gap reporting although is sometimes reported in other publicly available information. Taking that information into account, Azets mean gender pay gap including Partners is often better than our competitors.

 Quote Image

Quote Icon We will ensure this continuous improvement through the important measures we have already introduced alongside our new Global Talent Programme, ‘Azets Reach!’, which delivers a range of initiatives to support the development and career journeys of all our Azets employees. Within this, we are particularly focused on supporting women to become Partners and take more senior roles in the business.

Chris Horne, CEO

Our actions

Azets was formed in the UK in 2020 following the acquisition of a large number of different accountancy practices with legacy gender pay structures. Over the past two years narrowing the gender pay gap has been a key area of focus for the leadership team as we transform the combined business into a modern Top 10 Accountancy practice. Whilst we are pleased with the significant improvements in our gender pay gap made in the last year as a business focused on diversity and inclusion. The majority of our gaps are driven by under-representation of females in senior roles within Azets and we recognise that we have further improvements to make, and this will remain a critical focus for us.

 

Over the past 12 months we have:

  • We have appointed a Head of Diversity & Inclusion to support us achieve our plans to further close our gender pay gap, in addition to improving inclusion and diversity more generally.
  • Through Azets Reach our global talent development programme, we have refreshed performance, and talent initiatives to ensure they are transparent and consistent, and meet the needs of feedback from what our people have shared is important to them through our Employee Surveys. This is an inclusive system to ensure every one of our colleagues gets the same experience and is able to build their career with Azets.
  • We have refreshed our onboarding programme ensuring it incorporates both culturally and regulatory aspects of inclusion, and encourages all genders to keep themselves abreast of important topics related to gender including how role-models and allies can work together, which are part of our Managers Toolkit
  • Introduced a robust process for identifying talent and succession planning to develop our top talent from within our business. Internal processes are designed to support and enable career progression have been implemented including a focus on retaining and developing women into senior roles.
  • Making a difference to our communities, we have selected a new UK UK-wide office stationery provider who share our desire to transform the lives of women. For example all profits made by WildHearts Office support the WildHearts Foundation supporting many vital causes including StartHer, which supports women and girls in the developing world through three initiatives (Enterprise, Education and Health) and Micro-Tyco, a multi award-winning enterprise programme, which educates and raises the aspirations of young people in the UK by providing free entrepreneurial training and events.

 

Looking ahead

  • We have introduced job secondments with the opportunity to take a secondment to a role for 6 months to try it before committing permanently
  • We are applying a more proactive approach to career progression by actively approaching those high performers to who believe are promotion ready rather waiting to see who will apply for roles
  • Flexibility around agile working and agile leave is a core focus.
  • As part of our talent development strategy we have implemented new career development reviews with a 90% take up across our business which supports - career progression and future development and promotion readiness
  • Recruitment is a key priority and we are delighted that over 45% of our students are female which helps build our female talent for the future
  • We are also working on developing our compelling employer value proposition aimed at promoting our inclusive workforce iniatives which include broadening the partners we work with externally as well as appointing a Talent Acquisition Marketing Manager to help us drive these initiatives forward

I confirm the data reported is accurate and has been calculated according to the legal requirements.

William Payne,

Board Director