2023 UK Gender Pay Gap Report Statement

Magnit embraces diversity in all its dimensions, while actively fostering a culture of inclusion and belonging. One of the attributes in our Magnit Code of Success is “Value Diversity”. We are dedicated to creating a fair and equitable workplace for every employee, regardless of gender or other characteristics. In this report, we highlight where we currently stand regarding our company's gender pay gap in the United Kingdom. It is important to note that this is specific to the UK and to differentiate between equal pay and the gender pay gap. Equal pay ensures that men and women receive equal pay for the same or similar work. On the other hand, the gender pay gap examines the overall difference in earnings between all men and women across the organization. As outlined in our upcoming 2023 Impact report, female representation is 53% globally, 55% of our Executive Leadership Team.  The data presented in this annual report pertains to the overall gender pay gap for employees in the United Kingdom only.

In 2023, there was a 1% improvement in the mean hourly pay gap, which indicates the difference between men and women based on the overall average pay per gender. This is influenced by billable employees, whose hourly rates are determined by our clients. A breakdown by employee type is provided below for further insight. Although women still earn less on average than men, this can be attributed to the higher proportion of men in the upper and upper-middle quartiles. Encouragingly, there was a 1% improvement in women represented in these quartiles. Magnit remains committed to ensure women are represented in the upper quartiles appropriately as we strive to have VP+ female representation of 50% by 2030. Read more in our Environmental Social Governance (ESG) report here.

The median Hourly Pay Gap, which assesses the difference between genders based on the midpoint of the earning range found by lining up employees’ wages from lowest to highest, increased by 7%. This uptick can be attributed to the increase of women in the lower and lower-middle quartiles, up by 2% and 4% respectively.

Regarding bonuses, the proportion of women and men receiving bonuses is nearly equal, and the difference between genders has remained constant from last year. While fewer women receive bonuses, the amount they received was significantly higher than men. There was a remarkable improvement in bonus allocation as the mean increased by 108% compared to 2022, while the median increased by 153%.

The data below shows the hourly and bonus pay gaps for all Magnit employees in the UK, followed by the proportion of employees at each level of the organization.

As a provider of workforce management solutions, we need to address the needs of two distinct groups of employees: our core staff and our contingent, billable, workforce. Staff members are Magnit permanent, full-time employees, while billable employees comprise of individuals placed at client sites. It's important to note that while we oversee the administrative aspects, the client assumes responsibility for determining the compensation and incentives of billable contingent workers.

Magnit is committed to continue its efforts to foster an inclusive culture for all of its workers and employees and will remain transparent on where we stand in our progress. Learn more about our impact.

Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of Magnit and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.