Cushman & Wakefield has gone beyond the legal requirements when publishing its second gender pay gap report, covering its entire UK business for the year to 5 April, 2018.
The firm has voluntarily included in its figures data for its International Partners, senior leaders who, as part of an LLP, are exempt from the government requirements as they do not receive a direct salary.
George Roberts, Head of UK & Ireland, Cushman & Wakefield, said: “The gender pay gap has two of the most important issues in the real estate industry at its heart - diversity and data. Incomplete data can confuse or, indeed, hinder industry progress on diversity. We feel that including our full population is crucial to ensure we provide a transparent picture of our pay gap. We would urge all companies with similar partnership structures to do the same.”
Using the same methodology, Cushman & Wakefield recalculated its gender pay gap for the previous year to aid transparency and meaningful comparison. The figures show the Cushman & Wakefield, on the snapshot in April 2018 date, had a mean UK gender pay gap of 35.8% and a median gap of 33.5%.
The figures are broadly static, showing a marginal year-on-year increase of 0.1% and 0.2% respectively. The root cause of the gender pay gap remains the same: women outnumber men at junior levels (54% female in lowest pay quartile) and the opposite is true in senior positions (18% in upper pay quartile), a legacy issue common to firms across the real estate industry.
George Roberts added: “While it is disappointing to report any form of increase, reducing the gender pay gap in a large, fast-growing organisation is not a quick fix and progress will not always be linear. However, we have taken steps to improve diversity throughout our business and I am confident we will soon see the benefits of this considerable underlying work.”
Since the company’s first gender pay gap report, progress has been made in several areas within the business, including:
- 40% of Partner promotions across 2018 were women compared to 22% in 2017; half of International Partner hires were female
- Appointment of a dedicated Diversity & Inclusion manager
- Two women joining the firm’s UK Executive Committee
- Review and relaunch of flexible and agile working policies
- Appointment of the company’s first female regional office head
- Application for National Equality Standard accreditation
Gender pay is different to equal pay. Cushman & Wakefield has a strict policy of equal pay which ensures men and women performing similar roles are paid the same.