Gender pay divide. Transparency is a welcome step

Inga Beale CEO of Lloyd's of London

Lloyd's of London has a gender pay gap of 27.7%, reflecting the difference between the average pay for men compared with the lower amount paid to women within the organization.

A spokesman for fashion retailer Phase Eight said: "Whilst on first glance, our published gender pay gap figures suggest the average man has a higher hourly rate of pay than the average female, this is misleading and does not reflect the true story and culture within the Phase Eight business".

Women represented just a quarter (25%) of Franklin Templeton's top paid quartile but more than two-thirds (69%) of its lowest quartile.

There has been improvement across financial services but progress has been slow within the industry, so we support the objectives and intent of the United Kingdom government in introducing gender pay gap reporting to drive equality in the workplace and in society more widely.

However, the organization committed to four actions in 2018 to address its gender pay gap: mandating all external recruitment long lists to include a 50/50 gender split of potential candidates, reviewing current succession plans, developing and launching a female development program targeted at key female talent and conducting a full review of family care policies and flexible working arrangements.

"The gender pay gap is different to equal pay, which is men and women being paid the same for the same work or work of equal value", the organization said in its report.

Jess Staley, chief executive, also told media: "Although female representation is growing at Barclays, we still have high proportions of women in more junior, lower paid roles and high proportions of men in senior, highly paid roles". The deadline to publish is April 4, 2018.

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The government requires any company with more than 250 employees to publish its mean and median gender pay gaps, along with bonus information.

For the previous year, Tesco's gender pay gap was narrowly better at 8.6%.

Among those with the biggest gender pay gap is clothing chain Phase Eight, where the hourly rate for women is 64.8% lower than their male counterparts, and tourism company TUI on 56.9%. Of the insurer's top quartile of employees based on pay, 80% are men.

Bonus pay was around a tenth (11%) lower for women at Tenet, yet a similar number of women and men received bonuses - 85% and 87% respectively.

Tesco's Gender Pay Report comes as the government prepares to implement new rules from April whereby businesses with more than 250 employees have to publish annual figures breaking down pay.

The bank reported a gender pay gap in its other main unit, Barclays UK, of 26 percent.

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