Alexandra Taylor, Head of Human Resources, explains why transparency is critical to addressing gender pay gaps
Last year, Citi was the first financial institution to release the results of our pay equity review, which compared the compensation of women to men and controlled for factors such as job function, level, and geography. Our review found that, on average, women are paid 99% of what men are paid when comparing like for like roles.
Earlier this year, however, Citi decided to be transparent about our “raw” gender pay gap, which measures the difference in pay without adjusting for any factors. This analysis was less flattering, with the median pay for women globally being 71% of the median pay for men.
Two measures of gender pay equity with two very different conclusions.
Citi is being transparent about these numbers in order to tell the whole story, however difficult that is. Boldly reportingCiti’s raw pay gap has allowed us to gain critical insights that previously lacked the attention required to drive change. While it is positive that women at Citi make 99% of what men do, the raw pay gap of 71% highlights that equality issues are not only about equal pay, but also equal opportunity and equal representation. Women are still underrepresented in higher paying positions acrossCiti, which is why we have also publicly committed to increasing representation of women at senior levels to at least 40% globally by 2021.
At Citi, we recognize there is still a gender representation gap and we are publicly committed to closing it. We will continue to review pay on an annual basis and make it a regular part of our compensation program. We are also keeping our representation targets top of mind in all hiring and promotion decisions, and are constantly reviewing key policies and benefits, like parental leave and flexible working arrangements. By continuing to lead with transparency, we hope other organizations in Australia and across the globe will also be public with their gaps, so we can unite in our common goal of addressing gender inequality in the workplace.