We share our 2023 UK gender pay gap figures and the actions we're taking towards closing it. Explore our journey towards a more inclusive, equitable workplace.
As a strategy consultancy, we recognize our people are our greatest asset. We are committed to creating a diverse and inclusive workplace where everyone feels they belong and can thrive. Leading with inclusion encourages and empowers diverse perspectives and experiences to flourish, driving innovation and helping us achieve our aim of creating breakthroughs in the transformational moments that matter for our clients. Diverse representation can also unlock a range of business benefits, enhancing our corporate performance and empowering the next generation of leaders.
We were therefore pleased to see some progress in our latest Gender Pay Gap figures. However, there is further work to do. We are committed to understanding the root causes of gender imbalances, learning from both within and outside our organization, and driving further change.
Below, we share our 2023 gender pay gap figures and provide updates on our flagship programs designed to address the gaps. As market leader of Oliver Wyman in the UK, I confirm on behalf of our leadership that the information and data in this report are accurate.
Lisa Quest
Head of UK and Ireland
Oliver Wyman
Oliver Wyman's UK gender pay gap report for 2023
Median hourly gender pay gap
Median bonus gender pay gap
Proportion of women and men receiving a bonus
Share of women in each pay quarter
Source: Oliver Wyman analysis
The “gender pay gap” is the percentage difference in average earnings between all men and all women in the workforce, regardless of role. This is not the same as “equal pay”, which is the principle of equal pay for equal work.
In 2023, our gender pay gap figures have shown some improvement, with our median hourly gender pay gap being 37.5% (versus 45.9% in 2022/23). Our gender gap primarily results from the comparative under-representation of women and the over-representation of men in senior client-facing roles in the firm, and conversely, the over-representation of women in our more junior consulting and business support roles.
We know we must do much more to address the root causes of this disparity. That’s why we are working to adopt better, more sustainable working practices, which we expect will see more women, and men, join us, stay with us, and thrive with us.
Steps we are taking to drive gender equity
Our global gender representation targets are a vital strategic tool to help manage accountability and drive progress. We use them across levels, teams, and geographies.
While progress is being made against the targets for female representation in our firm, we know we need to do more. That’s why we are undertaking a wide range of interventions to support gender inclusion in our firm. These include providing equalized parental leave of 26 weeks, boosting the support we give returners to ensure a smoother transition back to work, and providing flexible working options to both men and women – to help normalize both genders playing an active role in caring responsibilities. We have also recently enhanced support to women during the menopause.
As a consulting business that works across multiple sectors, we seek to emulate the best practices of those sectors. With this in mind, we have established a global flex program which seeks to mirror the support and opportunities, pay, and compensation offered in our key industries.
We regularly conduct pay audits designed to eliminate historic disparities. As part of this work, we operate an approach of identifying the missing voices at the table. Recognizing that performance and compensation are connected we also embed inclusion facilitators into our annual processes. We’re also working with our teams to review our approaches to hiring and retaining senior women.
We have come a long way as a firm in pursuit of the goal of gender balance and our wider goals for inclusion, diversity, and belonging at Oliver Wyman. But we know that we still have a long way to go to close our gender pay gap and achieve a gender-balanced workforce.
We recognize and affirm the identities of all our employees, including those who are transgender or non-binary. We are committed to creating an inclusive environment where everyone, regardless of their gender identity, feels valued and respected.
We recognize that this will take all of us working together on a journey of continuous improvement and evolution. We are committed to the path ahead and the continued progress we need to make.
