RBC Wealth Management, part of Royal Bank of Canada, has published its first report on gender pay in the Channel Islands, covering the 12 months to April 2020.
The report highlights the difference between the average earnings of men and women at RBC in the Channel Islands, though it does not identify differences in pay at an individual level.
RBC says it is committed to equal pay, but a gender pay gap can occur when there are fewer women than men in more senior, higher paying positions.
The report shows that the median salary for women is 17% less than the median salary for men in Jersey and 22% less in Guernsey.
Gender representation
While men and women with similar roles, skills and experiences were paid the same, the report still shows a difference between the genders because women and men were not represented proportionally across different levels of the organisation.
While women made up 59% of the total workforce in the Channel Islands, they were under-represented in the upper pay quartile – RBC’s most senior executives.
At this level, bonuses are a larger proportion of total remuneration, which resulted in a more pronounced bonus pay gap.
The representation of women in the other pay quartiles was well aligned with the overall representation of women at RBC in the Channel Islands, but this higher representation also generated a greater gender pay difference.
David Bailey, Chief Operating Officer for RBC Wealth Management in the British Isles, said: “Diversity and inclusion is an evolving journey and by publishing data, action plans and intent, we hold ourselves responsible for making continuous improvements.
"We are making progress and see the positive results of our actions every day, but we know there is always more we can do to address these challenges in our industry.”
• To view the report click here