Gender pay gap report 2024

Our commitment to gender diversity

The gender pay gap refers to the difference in average earnings between men and women. While this doesn’t mean women are paid less for doing the same job, the gap often exists due to a range of factors—such as part-time work, maternity leave, or, in our case, a gender imbalance in senior roles.

We’re committed to achieving gender balance at all levels of our organisation. Over the past year, we’ve made meaningful progress, but we recognise there’s still work to be done. That’s why we remain focused on improving the hiring, development, and retention of women to drive long-term change.

Our 2024 Gender Pay Gap Report is based on data collected as of 5 April 2024. It reflects our ongoing journey toward greater equity and inclusion.

As required by law we’ve reported the statutory data to the government on Nucleus only. However for the purpose of this report, we’ve included the combined group figures which includes the population from Curtis Banks and Suffolk Life, allowing us to provide a clear explanation of the figures and what we’re doing about them.

 

Download our Gender pay gap report 2024

Closing the gap

Here’s some of the activity and commitments we’ve put in place over the last year to support greater gender diversity:

 

Creating an inclusive workplace

We support work-life balance through flexible working arrangements and enhanced parental leave policies. Additionally, we’ve introduced comprehensive policies and training programs to prevent discrimination and harassment, ensuring a safe and inclusive environment for everyone.

 

Empowering women in leadership roles

As part of our commitment to the Women in Finance Charter, we set a target of having at least 40% of senior leadership roles filled by women. At the snapshot date in 2024, we exceeded this goal, reaching 42% women representation at senior levels.

 

Women at Nucleus network

Underpinned by a shared passion for raising the profile of women at Nucleus, creating a supportive, aspirational and motivational environment for women at all stages of their careers to feel empowered to develop and grow.

Advancing Equal Pay

We conduct thorough salary reviews to ensure consistency and equality across roles of the same type and level, with gender being a key factor in our assessment. In our last gender pay gap report, we saw significant progress in three of the four pay quartiles, though work remains at senior levels. Overall, our gender split across the group stands at 50% women and 50% men.
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Job adverts

We ensure the language used in our role profiles and adverts is gender-neutral and free from implicit bias.




 

Gender balanced candidate shortlisting

An ongoing commitment to create candidate pools of balanced gender split when recruiting for all roles.

Our gender pay gap

We’re encouraged to see our gender pay gap continuing to narrow in certain areas, but the gap continues to be driven by a gender imbalance in our most senior roles – it doesn’t reflect unequal pay for work of equal value.

 
Our 2024 mean gender pay gap was 18.66% , which is a 7.24% improvement on 2023. The equivalent of a man working 50 minutes for every hour a woman works.
 
As an overall group, we’re reporting that women were paid a mean average bonus of 62.54% less than men compared to 2023 of 60.60%
However, a higher proportion of women received a bonus than in 2023 – with 84.39% in 2023 v. 87.19% in 2024

Explore the full report

The government’s mandatory gender pay gap reporting requirement is the disclosure of four prescribed statistics:

  1. Mean and median gender pay gap
  2. Mean and median bonus gap
  3. Proportion of women and men receiving a bonus
  4. Proportion of women and men by quartile pay band

 

Download our Gender pay gap report 2024
Download last years' report 2023