Our Culture

2017 UK Gender Pay Gap Report

Oliver Wyman is dedicated to cultivating an inclusive culture where exceptional people can thrive and reach their full potential. Inclusion and diversity is a way of life at Oliver Wyman; we celebrate our individuality and differences together. We embrace fairness not only in our culture, but also in our approach to compensation. Oliver Wyman applies the same standards to women and men: salary and bonus reflect one’s role and level.

The gender pay gap shows the difference in average UK pay between all men and all women across the entire company (including Partners).  We are not satisfied with this outcome.  It is important to remember that the gender pay gap and bonus pay gap looks at the mean and median across the entire company for women and men. Our gender pay gap reflects the fact that in the UK there are more men than women in the most senior positions - positions that are paid the most.  This is different from equal pay, which relates to any difference in individual pay between women and men within specific roles and levels.  We have rigorous processes for reviewing and monitoring pay as a fundamental part of our annual compensation process and as a result employees in the same roles and levels receive comparable levels of pay.

We understand that diverse teams enable us to have the greatest impact for our clients, industries, and societies and so we have been working hard to support an inclusive culture, one which will result in, amongst other things, more women in senior leadership positions. We are proud to describe our initiatives to improve the diversity in Oliver Wyman and beyond. In particular, we have achieved approximately 50:50 female:male consultant entry-level mix since 2015 in the UK. While we have been driving changes internally we are also engaged in efforts to create meaningful change in this area for our clients and societies.

We confirm that the data reported below is accurate.

Dr. Rebecca Emerson, UK & Ireland Market Leader

Davide Taliente, Head of EMEA


The Gender Pay Gap At Oliver Wyman


The “gender pay gap” is the percentage difference in average earnings between all men and all women (including our Partners) across the entire company; this is not the same as “equal pay,” which is the principle of equal pay for equal work.

Improving Gender Balance At Oliver Wyman

Achieving greater gender balance at all career levels and in all roles is essential to narrowing the gender pay gap. This requires both a strong pipeline of talent and the ability to retain that talent. Thanks to the initiatives described below, we have made progress: one highlight is our UK entry-level consulting intake is approximately 50% women since 2015. We have recognized that simply drawing in talent is not enough, so we have also implemented initiatives to retain women in greater numbers. We have more to do.

Leading From The Top

Oliver Wyman’s senior leaders are committed to ensuring that female and diverse talent realize their full potential. Our Global Inclusion Council consists of four Executive Committee members and is chaired by Terry Stone, Managing Partner of Oliver Wyman’s Health and Life Sciences Practice. Our Women at Oliver Wyman (WOW) network’s Executive Sponsors are our Chief Knowledge Officer, Ana Kreacic, and our Global Head of Corporate and Institutional Banking, Christian Edelmann. Our Global Executive Committee, of which almost 25% are women, has undergone extensive inclusion coaching, led by our Global Head of Inclusion & Diversity, as well as reverse mentoring in order to understand different perspectives and empathize with the changing needs of our colleagues. We are proud that our most recent annual engagement survey shows both women and men are highly engaged at an almost unprecedented 81% and 80% respectively, globally and in the UK.

Recruitment

For the last three years, women have constituted approximately 50% of our UK entry-level consultant intake, which represents a significant improvement from less than 30% in 2013, and we have trebled the proportion of female experienced hires (those not joining us straight out of university). We reviewed entry-level recruitment process five years ago and implemented the following broad changes: rebalancing our evaluation criteria; training interviewers to minimize potential unconscious bias in interviews; ensuring that a diverse team of colleagues assess our consultant candidates; and engaging our Women at Oliver Wyman (WOW) network to support applicants throughout the recruiting process.

Sponsoring Diverse Talent

Through ‘Inspiring Leaders’ (a year-long program in place since 2013), we provide sponsorship to women and other groups who are under-represented at senior levels within Oliver Wyman, invest in the careers of our next generation of leaders and build sponsorship skills across the organization. We have also recently introduced ‘Boost’, which sponsors and supports all colleagues through their journey to parenthood and their return to work. Beyond sponsorship, we offer mentoring and advisory support to all colleagues, and urge them to take advantage of these opportunities. Even with individual performance reviews, we have ‘inclusion and diversity challengers’ who help identify and correct any unconscious bias if it arises.

Encouraging Full Lives

We want our staff to see Oliver Wyman as a place they can stay for the long-term; in which they can grow professionally and always feel welcome. Oliver Wyman prides itself on accommodating a variety of personal circumstances and preferences. Through our flexible working program, FlexOW, we offer reduced working weeks; sabbaticals, leaves of absence, or additional time off; and the ability to work a 10- or 11-month year or flexible hours. Our efforts merited the attention of Working Families, the UK’s leading work-life balance organization, which named Oliver Wyman a Top 30 Family Friendly Employer in 2017. We ask all our employees to complete monthly surveys on work-life quality so that we can respond to any issues.

Creating An Inclusive Workplace For All

Gender is only one aspect of identity. The Women at Oliver Wyman (WOW) network is one of many employee-led groups that educate, inform, and engage colleagues across the business to create an inclusive culture. Oliver Wyman’s employee-led networks are:

  • WOW: Focuses on attracting, developing, and retaining talented women
  • EMPOWERED: Fosters racial, ethnic, and cultural inclusion, creating opportunities for dialogue
  • GLOW: Champions LGBT+ colleagues, recruits, clients, and communities
  • FLOW: Shares resources, builds community, and drives improvement at the intersections of work and family life
  • IntrOW: Educates colleagues about introversion, facilitates cognitive diversity, and provides tailored support for introverts

Increasing Gender Balance Beyond Oliver Wyman

The gender pay gaps being reported across industries throughout the UK are a symptom of larger social forces. We believe that Oliver Wyman has a responsibility to help address gender pay gap related issues and facilitate change beyond our firm. Therefore, Oliver Wyman has dedicated time, effort, and resources to the following initiatives.

Mission Include

We co-founded Mission Include with Moving Ahead uniting a variety of leaders across companies and roles through a shared goal of championing inclusion and diversity. This collaboration recognizes the complex and multi-faceted nature of identity and operates on an individual, group, and organizational level. It offers one-on-one mentoring, safe spaces, and role models.

The “Women In Financial Services” Reports

We have released two Women In Financial Services Reports in 2014 and 2016. In the latest publication, we examined nearly 400 financial service organizations in 32 countries, surveyed 850 financial services professionals around the world, and interviewed more than 100 senior leaders. This work identified a critical point in many women’s careers: the mid-career conflict. Our report provides practical solutions that can help financial service organizations create meaningful change in their businesses. 

 

The 30% Club

We provide our Oliver Wyman Partners, who have substantial business experience, as senior mentors to women in other companies by partnering with the 30% Club. The organization’s goal is to have a minimum of 30% women on FTSE-350 boards by 2020. It looks to achieve this by providing cross-company, cross-sector mentoring to women at every rung of the career ladder.

How We Calculated the UK Gender Pay Gap

The gender pay gap shows the gap between the mean and median earnings of women and the mean and median earnings of men within Oliver Wyman’s UK offices; the bonus pay gap shows the gap between the mean and median bonus paid to women and the mean and median bonus paid to men. The mean is calculated by adding up the total pay of all employees at all levels in the relevant group and dividing that figure by the number of employees in that group. The median is the number in the middle of a ranking of pay, from lowest to highest.

In other words, the gender pay gap and the bonus pay gap look at the mean and median across the entire company, for women and men in the UK. This is different from “equal pay,” which refers to the difference in individual pay between women and men within specific jobs.