Hermes Investment Management, the £33.0 billion manager, has today published its Gender Pay Report in accordance with the UK Government Equalities Office reporting regulation, requiring employers with more than 250 or more employees to disclose annually on their Gender Pay Gap.
Hermes’ approach to pay is gender neutral, with both male and female staff paid fairly for the work that they undertake. Further to this, Hermes regularly evaluates its pay to ensure that all staff are compensated fairly. However, the business recognises that to close the Gender Pay Gap of 30.2% their senior female representation will need to increase across the firm.
Hermes has a strong culture of responsibility, ingrained in its DNA, and firmly believes that it should lead by example. Therefore, the business established the Hermes Pledge in 2015, making clear its commitments, obligations and responsibilities as an organisation and as individuals. Hermes remains committed to treating everyone fairly, with dignity and respect, and believes that diversity and an inclusive culture allows us to continue to grow as a strong and innovative organisation.
A signatory of the Women in Finance Charter, Hermes has set firm wide targets for the business, and achieved an increase in female employees of more than 4%, demonstrating that efforts to date are having a positive impact on the gender diversity across the business.
Harriet Steel, Head of Business Development, Hermes Investment Management, said:
“100 years ago women in the UK received the right to vote, yet today, there is still a gender pay gap. I believe that 2018 will be a seminal year for the industry. Diversity Initiatives such as the Women in Finance Charter and Gender Pay Gap reporting show women are still heavily underrepresented in the investment industry at a senior level. Closing the gender pay gap will take time, but 2018 will mark the start of an industry-wide commitment to greater diversity by taking meaningful, measurable and visible steps that deliver long-term change.”
Saker Nusseibeh, Chief Executive, Hermes Investment Management, said:
“While our Gender Pay Gap is likely to be on par with the rest of the asset management industry, it is simply not good enough. We need to change this imbalance across Hermes as well as the rest of the industry. It is imperative that the industry starts to widen the pool of people from which we recruit, encourage the brightest into the industry irrespective of their specific qualifications and create an environment that enables them to flourish and contribute over the long-term.”