London fintech Revolut has upset employees over its dealing with of its first gender pay hole report, which revealed ladies on the firm earn 31% lower than males per hour on common.
The $33bn startup held a company-wide City Corridor assembly on Friday however didn’t straight handle the gender report. Chief govt Nik Storonsky was presenting on the assembly, prompting some workers to counsel management had “block[ed]” the report from the agenda, Sifted heard.
“There was a number of inner anger that the gender pay hole wasn’t on the agenda,” one insider stated.
The report, which is necessary for all UK corporations with over 250 workers, exhibits that Revolut has one of many worst gender pay gaps within the area. Revolut UK paid ladies 69p for each £1 they paid males in April 2020 — double the hole at rival Starling Financial institution, the place ladies earned 84p for each £1 male colleagues earnt final yr.
The most recent figures out there for Monzo, in 2019, confirmed it paid ladies 80p for each £1 it paid males; measuring by median hourly wages.
It’s unlawful for employers to discriminate based mostly on gender, so massive discrepancies of this sort are often attributable to a scarcity of ladies in senior roles, significantly amongst engineers.
The outcomes — and its exclusion from the City Corridor agenda — prompted employees to voice their anger in a Slack channel reserved for feminine employees.
Revolut’s Head of Inside Comms then stepped in to handle the complaints:
“Hello crew, odd to see a lot anger directed right here,” she wrote, including that it was not “the time [for sending] snarky feedback at one another within the Ladies’s channel.”
Nevertheless, she did acknowledge their normal frustration across the reviews’ findings.
When approached for remark, a Revolut spokesperson advised Sifted:
“We’re strongly dedicated to rising the proportion of ladies in our management and higher administration and to encouraging and recruiting extra ladies into increased paid roles. To try this, we launched a Ladies in Management programme, we’re reviewing the place and recruit to draw extra feminine candidates, and we’re dedicated to having an inclusive office the place everybody could be profitable.”
Workers can even be given the chance to debate the report subsequent week in an open, company-wide session.
This may occasionally present the platform to air longstanding frustrations. In Might, Glassdoor polled employees on range and inclusion measures at prime startups, together with Revolut — which scored close to the underside with simply 3.5 out of 5.
Sifted additionally lately mapped out Revolut’s prime govt crew, which featured two ladies.
Startups and their pay gaps
Gender pay hole reporting has been necessary since 2017 for established corporations. This has created a nationwide pay hole database, up to date on an annual foundation.
The findings have constantly revealed that fintech startups are among the many worst offenders within the startup world. A report by Monetary Information in 2019 discovered the gender pay hole on the UK’s prime fintech corporations was worse than in funding banking.
Revolut, which was required to file for the primary time in 2020, is not any exception.
Earlier this yr, Sifted analysed the pay gaps at different massive startups within the UK, with many faring worse than the nationwide common.
Amongst people who fell brief in 2019 have been GoCardless, Gymshark and Smart.