Atom’s gender pay gap report
UK Companies with 250+ employees must produce a gender pay gap report.
Gender pay gap report 2023
The data below provides a snapshot of the organisation taken on 5th April 2023. This is a statutory date on which the data must be captured, and the analysis carried out.
If an organisation reports a gender pay gap, it does not mean women are paid less than men for doing the same job or vice versa. It is important to note that there is a fundamental difference between Gender Pay and Equal Pay. Equal Pay is men and women being paid the same for the same work. At Atom bank we are confident that men and women who occupy the same roles are paid equally, however our gender pay gap shows that, on average, men occupy higher paying roles than women.
Employers must report six different measures, based on a snapshot of pay data on a set date set out by the Government Equalities Office:
- Median gender pay gap - the difference between the median hourly rate of pay of male full-pay relevant employees and that of female full-pay relevant employees.
- Mean gender pay gap - the difference between the mean hourly rate of pay of male full- pay relevant employees and that of female full-pay relevant employees.
- Median bonus gap - the difference between the median bonus pay paid to male relevant employees and that paid to female relevant employees.
- Mean bonus gap - the difference between the mean bonus pay paid to male relevant employees and that paid to female relevant employees.
- Bonus proportions - the proportions of male and female relevant employees who were paid bonus pay during the relevant period.
- Quartile pay bands - the proportions of male and female full-pay relevant employees in the lower, lower-middle, upper-middle and upper quartile pay bands.
Our gender pay gap
We understand fully the drivers of Atom’s gender pay gap and in consequence have been focused on ensuring that we recruit more women to senior roles in the firm.
From 2022 we have seen our Mean gender pay gap increase by 1% and our Median gender pay gap increase by 2%. Atom operates at the intersection between the Tech and Finance Industries, both of which, and particularly the former, continues to be dominated by men. The UK average gender pay gap remains consistently and significantly lower (14.9% in 2022 across all employees) than those for the Finance and Technology Industries.
Mean
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| 21.8% | 28.8% | 27.5% | 31.1% | 27.6% | 28.6% |
Median
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| 34.9% | 31.6% | 33.9% | 32.5% | 35.5% | 37.5% |
Our pay quartiles
At Atom bank, just over 40% of our total headcount is made up of women (which remains stable from 2022 and is an increase of 3% since April 2021) and, while we have more men than women in our more senior and higher paid roles, we remain focused on correcting this imbalance.
47% of our Executive Committee and Board members are women, and we are continually focused on growing the proportion of women in the Upper and Upper-Middle Quartile. Since April 2022 we have appointed 11 and promoted 11 women into roles within these quartiles. In 2023, we have already begun to see the impact that this is making within our Upper and Upper-Middle Quartile Pay data and there is now greater female representation in these groups. The salary range in the Upper Quartile is wide however, as team members garner further skill and experience, we expect this to be reflected in salary.
We expect to see an increase in female representation within the Senior Leadership population over time, as we move to concentrate efforts on ensuring robust development opportunities to support career progression and succession.
As part of our commitment to reduce our gender pay gap, we have onboarded Flexa – the global directory of verified flexible companies. Our Talent Acquisition team consistently use Flexa to reach and engage people looking for flexible roles.
Our bonus gap
The bonus payment percentages are intended to reflect the distribution of bonus payments made to men and women employees, who were paid bonus pay in the 12 months that ended on the snapshot date (the period of 4th April 2022-5th April 2023). Our bonus pay gap is illustrated below.
There is no difference in the percentage of males versus females who receive a bonus. 100% of both populations who were eligible for a bonus, which is based on start of employment dates for that performance year, received a bonus.
Mean: 42.3%
Median: 75%
At Atom, our bonus structure is calculated as a % of salary depending on the grade band of our people, therefore generally the more senior the role, the higher the salary and bonus. The bonus in this period was awarded based only on company performance.
Our goals
Our goal is to close the gender pay gap at Atom in the shortest time possible. To achieve this, we will:
- Continue to identify and support high potential in the organisation including the promotion of women at all levels in our organisation.
- Continue to provide development and learning opportunities to all our people at Atom. We will do this through the sharing and establishment of clear career pathways, communicating secondment opportunities, and promoting our people into permanent positions based on performance.
- Increase the focus on Diversity and Inclusion (D&I), continuing to embed D&I through the implementation of a strategy which supports the acquisition and inclusion of talented females and those with high potential from other underrepresented groups.
- Continue to diversify the range of tools we use across all talent acquisition activity, including assessing gender bias across all job adverts, offering flexible working patterns and ensuring our practices are set up to attract a more diverse talent pool.
- Further develop relationships with a wide range of external partners including accredited organisations which provide expert guidance and support in addressing inequality within our sectors and in the workplace.
- Conduct regular salary benchmarking exercises to ensure our people are paid fairly for the work they do.
