This has always been central to the way we do things at Moneybox. We strive to maintain a culture that is safe, fair and where our team members can do their best work. Our Inclusion Committee, which is open to all teams and seniorities in the business, promotes diversity, and celebrates inclusion and equity for all team members – not just across genders, but also ethnicity, religion, sexual orientation, age, neurodiversity, disability and those with caring responsibilities. 

For the first time last year, we reported on Moneybox’s Gender Pay Gap, which is a government prescribed calculation of the difference between the average hourly pay for women and men, regardless of role, seniority or performance. We noted that our gap was driven by the engineering (tech) teams, which represented over a third of the business. Despite 50% of Moneybox team members and 45% of our senior team identifying as women, women are underrepresented in our engineering teams – particularly at a senior level – and this is reflected in our Gender Pay Gap again this year. This is an industry-wide theme, which at Moneybox we have been working to address, by focussing our efforts on hiring more women into these roles. Amongst other initiatives outlined below in this and our previous report, we partnered with Code First Girls to recruit female junior software engineers and also supported lateral moves from juniors in other teams, with the goal of supporting them to progress their careers in tech with Moneybox. But this is a strategy that takes time, and often has the short-term impact of widening the pay gap as women are brought in at a more junior level.

We know we have more work to do to ensure that women are well-represented across all teams at Moneybox. If we and other employers continue our focus on hiring, retaining and developing female team members, we are confident this will result in more equal representation in the years to come.

 

What is our 2023 gender pay gap?

As at April 2023, our mean gender pay gap was 29.4% and our median gender pay gap was 36.7%. The key reason for this gap is that our lowest paid quartile of team members is made up of 66.2% women, and our highest paid quartile of team members is made up of 74.7% men. This is largely driven by our engineering (tech) team, where salaries are comparably higher across the industry. We have fewer females in our engineering team at Moneybox, which is reflective of the candidate market within the UK (around 26% of UK tech roles are held by women). The increase in our gender pay gap since April 2022 is largely a result of industry salary benchmark changes and some promotions in teams that were already majority represented by men, most notably in engineering. As described above, this representation is something we are actively working to address. 

 

Does a gender pay gap indicate an equal pay issue?

No, our gender pay gap does not mean that women are paid less than men for performing the same roles. The gender pay gap looks at average hourly pay for women and men across the company, regardless of role, seniority or performance. It is not the difference between women and men performing the same roles. We are confident that people doing the same role at the same level are paid equally, regardless of gender.

 

Moneybox gender pay gap: April 5th 2023

This reporting covers all UK team members’ pay as at the snapshot date of 5th April 2023 for Digital Moneybox Limited. 

Our focus on diversity and inclusion (D&I) at Moneybox

Beyond continuing the work set out in last year’s Gender Pay Gap Report, we are increasing focus in the following areas:

 

Improve gender diversity in technology 

We are seeking to increase gender diversity in the engineering teams at Moneybox. Beyond our standard recruitment practices of using gender decoders to remove gender-specific language from our job adverts, we are committed to:

  • Seeking balanced shortlists for our open vacancies; 
  • Additional focus on female progression; and
  • Ensuring a culture that is inclusive and supporting for all.

 

Maintain strong levels of diversity at the top

  • We are committed to developing talent, fairly, from within. All promotions and pay rise decisions are subject to a high level of scrutiny and calibration, including gender and ethnicity checks. 
  • Where we are hiring for senior roles, we will work with search firms who prioritise D&I and provide balanced shortlists.  

 

Awareness, education and insight

  • We have partnered with an external provider, Hustle Crew, to invest in educating our managers on the importance of D&I, how to have conversations relating to D&I and the implications that our biases can have.  
  • Our annual Inclusion Survey closed in February 2024, and the insights have informed our D&I strategy for the year ahead. We have proactively incorporated the questions and approaches the FCA is consulting on to promote D&I in the financial sector prior to this being required. 

 

Add to our people policies and benefits 

  • We continue to provide new Moneybox parents with enhanced parental leave and support new parents on their return to work. 
  • We will enhance the unpaid carer’s leave that will be introduced from 6th April 2024 to paid leave. This is to support our employees who have dependents.

 

We will keep holding ourselves accountable and report on our gender pay gap annually, and will also continue to develop our longer term D&I strategy to ensure lasting sustainable change. To read more about our approach to diversity, equity and inclusion please check out our blog post here

I confirm that the gender pay gap information we have published is accurate. 

Karen Kerrigan, COO