What is the gender pay gap?
Since 6 April 2017, companies with more than 250 employees are required by law each year to publish their gender pay information, covering pay and bonuses, showing the overall difference between the earnings of men and women. Gender Pay differs from Equal Pay as it is concerned with the differences in pay between men and women irrespective of their role; whereas, equal pay deals with the pay differences between men and women who carry out the same or similar jobs.
The TÜV SÜD Group does not tolerate discrimination and is committed to equal opportunity and promotes diversity, equality, inclusion and belonging, recognizing their importance to its success. The following report provides information on the gender pay gap for TÜV SÜD Limited, provides an understanding of the gap and, what we are doing to address it.
What is our gender pay gap?
The table below shows our headline median and mean gender pay and bonus pay gap based on hourly rates of pay at the snapshot date of 5 April 2024, and bonuses paid in the year ending 5 April 2024.
Why do we have a gender pay gap?
- Like many other companies within the engineering, science, and technical service sectors, we have more males in senior positions than females. Women make up 29.1% of our workforce (compared to 23% in 2017), and we continue to note a positive trend in the number of females in the upper pay quartile (from 8.2% in 2017, to 18.5% in 2024).
- We were encouraged that the mean gender pay gap continues to reduce, from 29.3% in 2017 to 14.2% in 2024.
- The mean gender bonus gap has reduced from 54.4% in 2017 to 48.1% in 2024 and the proportion of females receiving a bonus payment has increased from 10.4% to 42.9% over the same period.
The TÜV SÜD Group is committed to further reducing its gender pay gap and is progressing several actions:
- Involving our employees in identifying ways in which we can further improve diversity, equality, and inclusion.
- Engaging with TÜV SÜD Global diversity commitments and initiatives to support our global strategic aim of fostering a culture of diversity and inclusion.
- Providing recruitment, equality and diversity and unconscious bias training.
- Engaging with educational institutions to promote careers in our core disciplines.
- Promoting opportunities for flexible working to potential and current employees.
- Providing enhanced family friendly policies and benefits.
- Supporting all employees who directly or indirectly are affected by the Menopause.
- Establishing a TÜV SÜD global target of at least 30% of females in leadership positions by 2026. In April 2024, 33.7% of leaders in TÜV SÜD Limited were female.
Declaration
I confirm that the gender pay gap calculations for TÜV SÜD Limited are accurate and meet the requirements of the Equality Act 2010 (Gender Pay Gap Information) Regulations 2017.
Chris Guy
CEO, UK & Ireland
July 2024
