What is the gender pay gap? 

The gender pay gap is the difference in the average earnings between team members who identify as women and team members who identify as men. It is calculated in a prescribed format as at a ‘snapshot date’.

 

Does Moneybox have a gender pay gap?

Yes, our gender pay gap shows that, on average, men are paid higher salaries than women at Moneybox. This gap is driven by our engineering (tech) teams, which represent over a third of the business. 

At an industry level, market salaries for tech roles are comparably higher than for non-tech roles, and there are more men working in tech. According to Tech Nation, the representation of women in technology roles within the UK is 26%, and the Moneybox engineering teams mirror this gender split. 

We’re working hard at Moneybox to support both women and men to develop tech careers if they choose. And, beyond gender, we are committed to diversity, equity, and inclusion as part of our core ethos at Moneybox.  

 

Does having a gender pay gap indicate Moneybox employs more men than women?

No, we are proud to have equal representation of women and men at Moneybox. At a senior level, the Chair of Moneybox’s Board is a woman, and we have 42% female representation on both our Senior Management Team and our Executive Committee. 

 

Does having a gender pay gap indicate unequal pay at Moneybox?

No, the gender pay gap looks at average pay for women and men across the company, not the difference between women and men performing the same roles. All team members are paid equally for the same roles at Moneybox, regardless of their gender identity. 

 

Why does the gender pay gap in bonuses go the other way?

Only a small handful of roles at Moneybox receive bonus pay so this is skewed by a few individuals.

 

Moneybox gender pay gap 2021-2022

This reporting covers all UK team members’ pay from April 2022. Hourly pay calculations are based on pay as at our snapshot date of 5th April 2022. Bonus pay calculations are based on bonuses paid in the 12 months up to and including April 2022. 

 

 

 

 

How we support diversity, equity & inclusion (DE&I) at Moneybox

There is always more work to be done to support diversity, equity and inclusion. At Moneybox, we are committed to taking action in a way that promotes diversity and allows us to embed genuine inclusivity and equity for all team members – not just between genders, but also ethnicity, religion, sexual orientation, age, neurodiversity, disability and those with caring responsibilities. 

 

Recruitment and hiring

We have a number of embedded processes to support DE&I during recruitment including:

  • Using a gender decoder tool to remove gender-specific language from our job adverts. 
  • Encouraging all applicants to share any adjustments that we can make to the recruitment process to enable them to present their full potential.
  • Regularly analysing the results from our candidate DE&I surveys.
  • Mapping diversity information against success at each stage of the recruitment process. 
  • Running quarterly workshops for interviewers across the business on interview skills, covering unconscious bias when hiring.

We also partner with Code First Girls, and have sponsored and hired a number of graduates through their programme, which provides opportunities for women and non-binary people in technology. You can read more here. This is a long-term commitment to support inclusivity and equity. 

However, in the short term, this may result in a widening of the gender pay gap due to opportunities being at a junior level. To ensure there is diversity and representation at every level, we also work closely with recruitment agencies who specialise in sourcing diverse candidates for senior positions across Moneybox. 

We are also strong advocates of what we call ‘sideways’ moves into technology positions at Moneybox. We’ve had a number of team members from our Customer Support and Operations Teams who have embarked on roles in our Tech Teams in the last couple of years, and we are looking to support this further. You can read more here.

 

Performance, pay and promotion

Our bi-annual performance, pay and promotion process involves:

  • Multiple layers of calibration and review, including against team member diversity information.
  • Reviewing all team members’ performance, contributions and pay bi-annually (alongside robust pay-benchmarking exercises).
  • Ensuring that we award pay rises and promotions fairly and equitably.

Our Board Remuneration Committee oversees our overall approach to pay (cash and share options), and other types of employee reward at Moneybox. This Committee is also responsible for monitoring and actions taken in relation to the gender pay gap.

 

Moneybox Matters: Inclusion Survey

Each January, we run a dedicated engagement survey which allows us to understand the demographic representation of our team, assess feelings of inclusion, equity and belonging at Moneybox, and review any correlations between the two.

The feedback and data derived from this survey is reviewed by our Inclusion Committee and feeds into DE&I priorities for the year ahead.

 

Family leave returners and carers

We have recently begun piloting a number of initiatives to support family returners back to work, including support with childcare costs, re-onboarding support, return-to-work coaching, and goal setting. We are also looking at further ways to support care-givers at Moneybox.

 

Our commitment

At Moneybox, our mission is to help people build wealth with confidence so they can enjoy life, today and tomorrow. To do this in a way that serves our community of customers, our team needs to be representative of our customers.

We also believe that Moneybox should be a safe space where every team member is able to bring their full self to work. We remain committed to listening, learning, teaching and supporting each other so that everyone can have a voice and a place within Moneybox.

To read more about our approach to diversity, equity and inclusion please check out our blog post here. At Moneybox, we remain committed to taking action in a way that allows us to embed genuine inclusivity and equity for all team members.

The accuracy of the information we have published in our gender pay gap report is confirmed by Karen Kerrigan, Chief Operating Officer at Moneybox.