Atom’s gender pay gap report
UK Companies with 250+ employees must produce a gender pay gap report
Gender pay gap report 2022
The data below provides a snapshot of the organisation taken on 5th April 2022. 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. 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 focussed on ensuring that we recruit ore women to senior roles in the firm.
From 2021 we have seen our Mean gender pay gap reduce by 3.5%, a positive (if modest) step in the direction to which we are committed. 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 (15.4% in 2021 across all employees) than those for the Finance and Technology Industries.
Our Median gender pay gap has increased by 3% since April 2021.
Our pay quartiles
At Atom bank, 40% of our total headcount is made up of women (an increase of 3% since April 2021) and, while we have more men than women in our more senior and higher paid roles, we are correcting this imbalance.
We have continually grown the proportion of women in the Upper and Upper-Middle Quartile and from April 2021 we have appointed 1 and promoted 4 women to senior leadership roles within the bank. This is in addition to 3 Executive Committee female appointments in 2020. 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. In 2022 we have already begun to see the impact that this is making within our Upper and Upper-Middle Quartile Pay Data where there is now greater female representation in these groups in 2022.
We expect to see this continue with time as newly appointed senior executives and manager to gain even more experience in their new roles and achieve salary parity. We will continue to regularly review this pay data and will delay in making pay awards where required.
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 2021-5th April 2022). Our bonus pay gap is illustrated below.
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 both on company and individual level, meaning individual performance was a driver of the level of award.
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;
- 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.