Achieving gender equity is not only essential for our business but, more importantly, it is simply the right thing to do. I am proud to be part of a company that has such a wide range of actions in place that support not only gender equity but equity across a wide range of characteristics. As part of that I am pleased to present this third edition of our Gender Pay Gap Report and, while we are encouraged to have made progress in some areas, we are very conscious that we still have much work to do.
When looking at gender pay gaps, it’s important to understand that the results only tell part of a much broader and nuanced story. That’s why we also wanted to share with you examples of our work that give an insight into our situation, beyond the numbers.
Senior Leadership Statement
In practice, this means our inclusion and diversity work goes beyond programmes and initiatives and is instead incorporated into everything we do. We are committed to finding, engaging, and keeping the best talent and helping our people to unlock and reach their full potential. To deliver on this commitment we put fairness at the heart of everything we do, seeking to encourage individuality, trailblazing, and connecting through shared values while celebrating our differences.
Our work to understand and address our gender pay gap in the UK is built on a compensation model designed to be fair and equitable. Although we have made positive progress in a number of areas, such as continued balanced hiring at entry level and sponsorship programmes for women, it’s clear that we still have work to do to increase our female representation at the most senior levels. As a progressive firm delivering solutions to clients in some of the most competitive and innovative industries, we know it is time to move further and faster. Building on our successes we intend to push even harder in 2021 to accelerate change as we further embed gender equity into our business.
In addition to sharing our gender pay gap figures, we provide an insight into what we are doing to create sustainable and long-lasting change, recognising that different parts of our business experience the gender pay gap differently.
As leaders of Oliver Wyman in the UK, we confirm that the information and data in this report are accurate.
Kaijia Gu, London Office Head
David Gillespie, Head of UK and Ireland
Davide Taliente, Head of EMEA
The Gender Pay Gap At Oliver Wyman
We have historically carried a gender imbalance due in part to two reasons. First, some of the capabilities we advise on require more specialized knowledge, resulting in a strong percentage of our graduates being recruited from what have been male-dominated subjects. Second, the working model of the consulting industry has had a disproportionate negative affect on women at mid-career level and leads to higher net attrition among them compared to men.
This skew has contributed to our leadership being male dominated. We have been working to close this gap and continue to make progress in diversifying our leadership through improvements in gender balance at every career stage. The increase in female representation at leadership level that we have already created has narrowed the gender pay gap at both Partner level and overall. We expect progress to continue as we increase the proportion of Partners who are women. Additionally, our focus on Partner development and support has resulted in a substantial reduction in the bonus pay gap at the Partner level. For a firm with a highly variable pay structure at the top, this reduction in bonus pay gap is noteworthy.
Improving Gender Balance At Oliver Wyman
Oliver Wyman is committed to improving gender parity and by 2023 reach 20 percent female Partners, 30 percent female Principals (one level below Partner), gender parity among our Support Professional leaders, and 25 percent among our Specialist leadership. This target for Specialists is new since our last publication and is included to ensure equality in all staff areas.
Our overall gender representation has improved significantly among our consulting staff since our last publication and as our new joiners continue to develop and progress through the firm, we expect a continued narrowing of the gender pay gap.
We are pleased that for six years our entry level consultant intake has been approximately 50 percent female. While it takes time for these women to move through the career pyramid, we are now seeing a shift towards gender parity at more senior levels.
The proportion of women at Principal level reached our 30 percent target in 2020 and we continue to focus on strengthening representation at all levels. We believe that this progress, along with our improved balance in hiring, will help us to achieve our goal for Partner representation.
Furthermore, we are nearing gender parity among senior Support Professionals. Through succession planning we expect continued progress over the coming years. To accelerate our journey to becoming a more gender-balanced firm with representative leadership, we have initiatives underway that will support reductions in our gender pay gap. These include:
Recruiting a more balanced workforce
Oliver Wyman is continuing to grow and adapt to meet the evolving needs of our clients. For example, with digitalisation at the centre of many of our clients’ strategies, we have responded by building a team of technology Specialists with a greater diversity of skills, such as data architects and coders. As this team rapidly expands, we have put in place specific targets for gender diversity in this area and worked with recruitment teams to implement unconscious bias training for interviewers and ensure inclusive job descriptions and interview processes. This has already yielded a significant narrowing of the pay gap among digital specialists since our last publication.
We take advantage of alternative recruitment channels, for example connecting with our alumni and engaging with local networks of female talent. In 2019 we piloted “OW Relaunch”, a “returnship” programme for women, from Oliver Wyman or the broader marketplace, who have taken a break from the workplace. “OW Relaunch” provides a refresher on the skills they need and helps them integrate back into the workforce. Following a successful pilot, we are looking to continue this programme in the future.
Our onboarding and integration of the women we recruit as experienced hires are an essential part of ensuring the women we bringin feel supported and can be successful at Oliver Wyman. We are improving our onboarding and integration by strengthening sponsorship through the recruiting and integration process and more tailored support of individuals as they join Oliver Wyman.
Developing our diverse staff
The most notable reason for our gender pay gap continues to be lower female representation in our most senior roles. To ensure continued personal development of our female colleagues and the ability to achieve these levels, we have increased our efforts to support growth.
To further our progress in female representation at leadership level, we have introduced new ways to help us identify and accelerate the development of our most talented women. One example is our year-long “Inspiring Leaders” programme, which doubled in size in 2020. High potential women who are not yet Partners are paired with senior sponsors. This advances their development and ensures they are succeeding at the highest levels of our firm. At the same time, it gives our existing senior leaders insights and sponsorshipskills that can help them be more effective leaders. “Inspiring Leaders” improves the development and retention of female colleagues and positions them for success as leaders in the firm.
We continue our partnership with the 30% Club, which gives our mid-level women opportunities to develop external mentoring relationships. We measure feedback from mentors and mentees in the programme and are confident in its continued success in empowering our future female leaders and building inclusive leadership skills. We also take a targeted approach to mentorshipand sponsorship, working with our female consultants’ career advisors to ensure continued development and support.
For the past ten years, our firm leaders have undergone and facilitated extensive inclusion coaching and reverse mentoring tounderstand different perspectives and empathise with the changing needs of their colleagues. In 2020, we launched “Leading With Inclusion”,an inclusive leadership training compulsory globally for all people managers, and an “I&D Academy” that will: increase awarenessofcrucial topics in inclusion; continue to upskill our workforce; and develop a more inclusive culture where all employees can thrive.
Last year, we launched “Partnering For Impact”, a programme designed to create stronger business outcomes for our business through culture change. It aims to strengthen inclusive leadership, build stronger connections across the firm, and create an environment in which a diverse range of people and talents can succeed. In the inaugural UK session, 26 senior leaders of all genders participated.
Retaining female talent
We are building an inclusive culture where all women thrive. This includes developing inclusive leadership skills and ensuring our leadership teams are visible and vocal diversity advocates and champions.
It is essential that we keep talented female employees. We are doing this by improving the day-to-day working models in the firmso that they are more sustainable for every career and life stage.
We recognise that empowering female talent is the responsibility of the whole firm. Since our last publication, we have strengthened our allyship programmes. This includes the formal launch of “Men4Change”, a group founded in partnership with our Women of OliverWyman network. “Men4Change” engages men as allies and encourages awareness, dialogue, and action to decrease gender disparities.Under the leadership of London-based colleagues, the group has expanded globally and embedded conversations about active allyship and gender parity into all functions, offices, and business areas. In addition to these networks explicitly focused on genderequity, we also have a growing employee resource group, Family Life at Oliver Wyman, focused on empowering and supporting parents and caregiversof all genders and supporting aspects of our gender equity strategy.
There are many drivers of our pay gap. Most require attention, but some are reflections of a small population where small shifts can have a significant effect on gender pay gap data. For example, we note more women access our salary sacrifice schemes than male staff. This means for those women, their true salaries were higher than the numbers included in Gender Pay Gap Reporting.
Despite the progress made, however, we recognise that there is much work to be done to continue to close gender pay gaps around out firm. We are committed to reducing our gender pay gap and continuing to develop a more gender-balanced workforce.