Financial services firm Redington closes gender pay gap in just one year

Press Release | Redington

Redington has become one of the first financial services firms to close its gender pay gap entirely.
The City-based investment consultancy has evened its pay gap from 21.6% to 0.2%, compared to an industry average of 26.2%, in just one year.
To achieve this Redington launched a return to work programme, in partnership with executive search firm The Return Hub, to help experienced female professionals back into financial services after a career break. To date the scheme has been a fantastic success, with four out of five of the women who enrolled in the first year going on to work at Redington full time.
Now in its second year, the scheme has been opened up to also include ex-military personnel as well as female professionals. Three out of four of those on the second intake have stayed with Redington.
The firm also widened its recruitment pool to target school leavers and graduates studying subjects not typically associated with a career in financial services.
Finally, it revamped its remuneration process to weed out unconscious bias among managers when deciding bonuses and pay rises.
Mitesh Sheth, CEO, Redington, said: “When I became CEO two years ago I wanted to lead a company that was inclusive, diverse and fair.
“As part of that, we thought it was incredibly important to close the gender pay gap and remove any unconscious bias we had within the firm. This isn’t about positive discrimination; it is about making sure both women and men have an equal opportunity here at Redington.
“Not only do I believe this the right thing to do, I also think it will help us make better decisions and allows us to better represent and understand our clients.
“While we are incredibly proud of the huge progress we’ve taken over the past year, we are continually striving for better. We are still on a journey to ensure full equality across all diversities, eliminating biases and prejudices that may influence that. We are not there yet but we’ll keep looking to improve until we are.”