Jessica Finoo 28 Nov 2017 04:15pm

Kingston Smith reveals gender pay gap of 7%

Kingston Smith’s gender pay gap currently stands at only 7%, but its gender bonus gap is of 52.1%, the accountancy firm revealed on Tuesday

The top 20 firm pointed out that its pay gap is “significantly lower” than the UK average. The financial services gender pay gap is 31%, the largest pay gap compared to any other UK industry.

Meanwhile, the median gender pay gap stands at 0%, while the median bonus gap stands at 50%.

The firm explained that, while the bonus gap is greater than the pay gap, bonuses only make up 2.2% of its salary costs.

Maureen Penfold, managing partner at the firm said, “We think it’s good business strategy to have an inclusive workplace culture and flexible working patterns. Unsurprisingly perhaps, a happy consequence of creating such an environment is a minimal gender pay gap among our staff.”

Meanwhile, HR manager Victoria Green said it was good to see how well the firm performed against the economy as a whole in terms of the gender pay gap.

“Flexible working arrangements help us retain and attract a broad range of talented people. But we’re not complacent and continue to review and update our practices regularly,” she added.

The figures are also better than at the Big Four firms, with EY’s gender pay gap at 19.7%, followed by PwC’s at 13.7% and Deloitte’s at 18.2%. KPMG’s will announce its pay gap figures as part of its financial results in December.

The Office for National Statistics announced this week that London has the biggest average gender pay gap in the UK, at 14.6%.

It also said the gender pay gap for full-time employees in the private sector had decreased from 16.7% in 2016 to 15.9% in 2017, the lowest since 1997.

On Monday, Easyjet announced it had a mean gender pay gap of 51.7% with a median of 45.5%.