U.K. Gender Pay Gap Report 2023
At Bloomberg, we are committed to fostering a culture of inclusion, where every employee is valued and empowered to impact our business.
In line with UK government legislation, since 2017 we have reported the gender pay gap between men and women based in the UK, irrespective of role, function, tenure, performance rating and position within the organization. The methodology does not measure equal pay for the same work and same performance.
At Bloomberg, the UK gender pay gap (which is required to be calculated in the aggregate across all men and women employed in the UK) is broadly influenced by a disparity in representation within experienced, specialist and technical roles requiring technical and financial industry experience and knowledge.
Continued commitment
We believe that the best teams include diverse perspectives and backgrounds, and continue to invest in and strengthen our talent and retention strategies to advance all employees, including women, across every level and function of our company. This ongoing, proactive approach complements our benefits and policies, and supports fostering an inclusive culture for all.
We recognise that attracting a strong pipeline of talent into our business is important to our ongoing success, and are working to increase overall representation within the finance and technology industries. We develop strategic partnerships with global and local partners and non-profits to broaden and strengthen our pipeline of candidates at all levels. In the UK, initiatives are designed to prepare individuals for roles in finance and technology, and to support graduates and returners to progress their careers.
Our Employee Resource Groups (ERGs) are key to enhancing our culture at Bloomberg. They help amplify support and drive progress across our business through inclusive programming and leadership exposure. The Bloomberg Women’s Community and Bloomberg’s Women in Technology Community, like all of our ERGs, are open to all, and promote awareness, collaboration and business impact through internal initiatives, professional development opportunities, and external partnerships.
UK Gender Pay Gap reporting: Reading the numbers
UK Government legislation requires all employers with 250 or more employees in the UK to disclose the pay gap between men and women employees in the UK on an annual basis. The gender pay gap shows the difference in the average and median pay between men and women in a workforce, regardless of their role, function, tenure, performance rating and position within the organization.
The UK gender pay gap is not the same as equal pay, which measures differences in pay between men and women employees who do the same work with the same performance.
The following data is based on active employees in Bloomberg L.P. UK as of the required ‘snapshot date’ of April 5, 2023, and reflect the UK Government’s statutory calculations as defined under the Equality Act 2010 (Gender Pay Gap information) Regulations 2017.
Gender Pay Gap (GPG) reporting regulations require employers to publish the following data points: mean (average) and median (midpoint) gender pay gap based on hourly pay rates; mean and median gender pay gap based on bonus pay; and the proportion of women and men receiving bonus pay. All employees are also sorted based on their hourly pay from lowest to highest and the percentage of men and women in each quartile is shown (e.g., if there are 1,000 people then how many of the lowest paid 250 are women versus men, and so on).
Hourly pay rate and bonus: difference between men and women (Bloomberg L.P. U.K.)
Pay quartiles: percentage of men and women in each quartile of payroll (Bloomberg L.P. U.K)
1 On bonus pay: While men and women at Bloomberg have an equal opportunity to earn a bonus, bonus as a percentage of total pay increases as total pay levels increase. As a result, the gap in bonus pay is higher than the gap in hourly pay (aka salary).
2 Bonus payments can vary from year-to-year based on numerous factors such as company funding, hiring and exits, an individual’s current role, performance, a new hire’s start date (e.g. new hires receive a pro-rated bonus in year of hire), one-time payments (e.g. work from home stipend) and participation in the bonus sacrifice scheme (i.e. reducing the bonus payment by electing to put some or all of the bonus into the Bloomberg retirement plan). These variations from one year to the next make meaningful year-on-year comparisons challenging.
Ken Cooper Head of Human Resources at Bloomberg L.P.
I confirm that the data reported here is accurate.
Glossary
Mean: The mean, commonly known as the average, is calculated when you add up the wages of all employees and divide the figure by the number of employees. The mean gender pay gap is the difference between mean wages of men and the mean wages of women.
Median: The median is the figure that falls in the middle of a range when everyone’s wages are lined up from smallest to largest. The median gap is the difference between the employee in the middle of the range of wages for males and the middle employee in the range of wages for females.
Pay Quartiles: The pay quartile breakdowns required under GPG reporting show the proportion of women and men at different pay levels. This approach allows different organizations to be compared. However, it does not take into account a company’s particular organizational structure.
Additional reports
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