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Paving the Way.Our commitment to diversity and inclusion.
At Man Group, we believe in diversity because it is the right thing to do, because it makes us a better place to work and it makes us a better business.
Our Paving the Way Campaign
Paving the Way is our dedicated campaign to help address the “pipeline” issue, encouraging a more diverse range of talent to apply for positions at Man Group and across the investment industry more broadly. We believe it is our responsibility to address factors which lead to a lack of diversity in our workforce; this campaign represents our firm-wide commitment to do so robustly and vocally, and is well aligned with our longstanding charitable focus on promoting literacy and numeracy at a grassroots level.
We hope these efforts will not only attract more diverse candidates, but support them into senior positions and front-office roles. Under the banner of Paving the Way, we focus on a number of internal and external initiatives, partnerships and programmes that help us to attract and develop talent from more diverse backgrounds and encourage diversity and inclusion.
Our Diversity & Inclusion Initiatives
Man Group is committed to diversity and inclusion, and has introduced a number of initiatives in recent years. We focus on external and internal initiatives, partnerships and programmes that help us to attract and develop talent from more diverse backgrounds and to encourage diversity and inclusion across our firm and industry.
We seek to attract and elevate the best people, and foster an environment where everyone has the opportunity and support to reach their full potential.
We are committed to paving the way for potential future candidates in the investment industry. There is evidence that certain groups self-select away from qualifications in subjects that may more naturally lead to a career in finance and/or technology. Our 'next generation' efforts focus on those in full time education, from school age to university.
Our recruitment efforts focus on reaching and attracting a diverse group of candidates. In addition to inclusive hiring practices, we engage in partnerships and programmes that provide access to and opportunities for under-represented groups in our industry.
Gender Pay Statistics
Man Group welcomes the requirement for employers in the UK to calculate and publish their gender pay gap, a measure designed to show the difference between the average earnings of men and women across an organisation.
We recognise the “diversity gap” faced by our industry and we have put in place a number of major initiatives seeking to address the problem of inequality within financial services more broadly and at Man Group in particular.
Our figures show that progress has been made across the firm over the past year, with particular improvement being shown in mean hourly pay (a 24% improvement y-o-y) and median bonus pay (a 19% improvement y-o-y). While these statistics are encouraging and demonstrate the significant efforts being made to address the “gap” throughout the organisation, we recognise that there remains a great deal of work to be done, particularly when it comes to the representation of women in front-office investment management roles and at senior levels within Man Group, where compensation is typically the highest.
For front-office investment management roles, the variable performance-related bonus is highly correlated with fund performance and the delivery of results for clients. Our bonus pay gap therefore also reflects the lower female representation in senior investment positions. We are committed to ensuring there is not a gender imbalance when it comes to compensation for similar roles. Alongside our ongoing diversity initiatives, Man Group has a compensation monitoring process in place, which reviews pay across the firm globally to ensure that it is fair and proportionate. However, we are conscious that we need to make greater progress in attracting and elevating women and other diverse talent and, as this report shows, are actively addressing the issue headon. We are therefore confident that we will continue to see a narrowing trend in our UK gender pay gap figures over time as our initiatives drive meaningful change.
We have been a signatory to the Women in Finance Charter since 2018. Signatories to the Charter pledge to promote gender diversity, including setting internal targets and reporting publicly on progress.
Upon signing the Charter, we set a target of 25% female representation in senior management roles by December 2020. We have seen a positive trajectory in the proportion of women in senior management roles increase from 16% in 2016 to 20% at the end of 2019. As of September 2020, we are pleased to report that we have achieved our target of 25%. Attaining this target is well-aligned with our efforts and initiatives to support and develop women within the firm, and we will now target 27.5% female representation in senior management roles by the end of 2022, and 30% by the end of 2024.
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