Addressing Inequality in Retail Industry
- Marks and Spencer publishes gender pay gap figures
- Mean pay gap of 12.3% between male and female staff in 2017
- Lower than UK mean (17.4%) and retail average (16.4%)
- More female employees received bonuses
- Median bonus gap of 15.9%, mean gap of 53.4%
- Promises to address female representation in senior roles
- Focus on taking meaningful action for equality and inclusivity
Marks and Spencer has published its gender pay gap figures, revealing a mean pay gap of 12.3% between male and female staff for the year 2017, which is lower than both the UK average (17.4%) and retail industry average (16.4%). More female employees received bonuses, with 75.7% getting a wage boost compared to 66.3% of men. The fashion retailer reported a median bonus gap of 15.9% and mean gap of 53.4%. The company promises to address female representation in senior roles and ensure flexible roles are accessible for both genders. Simmone Haywood, head of talent at Marks and Spencer, stated: ‘While it’s positive that our gender pay gap is lower than the UK average, the issues at play are complicated, and we believe it’s much more important to focus on taking meaningful action to drive equality and inclusivity rather than simply the numbers themselves.’
Factuality Level: 8
Factuality Justification: The article provides accurate information about Marks and Spencer’s gender pay gap figures, compares them with UK and retail averages, and includes a statement from the company’s head of talent addressing the issue.
Noise Level: 6
Noise Justification: The article provides relevant information about Marks and Spencer’s gender pay gap figures and their commitment to addressing female representation in senior roles and flexible work opportunities for both genders. However, it could benefit from more analysis of the underlying causes and potential solutions beyond just stating that they will take action.
Financial Relevance: Yes
Financial Markets Impacted: Marks and Spencer
Financial Rating Justification: The article discusses the gender pay gap figures of Marks and Spencer, a retail company, which can impact its financial performance and reputation.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article, and the gender pay gap issue discussed is not considered an extreme event. The impact of this issue is minor as it is a social/cultural matter rather than a disaster or crisis.
www.retailsector.co.uk