Gender pay gap

Foster Denovo is committed to fostering an inclusive and equitable workplace where all employees are valued and have the opportunity to thrive. In compliance with the UK’s gender pay gap reporting requirements, we are publishing our gender pay gap data.

The gender pay gap is the difference in average earnings between men and women across our workforce, regardless of role, seniority or function. This is distinct from equal pay, which ensures men and women are paid the same for equivalent work. Our report focuses on the median gender pay gap, as it provides a more representative view of typical pay by minimising the impact of unusually high or low earners.

Key findings

As of our first year of reporting, our median gender pay gap is 31%.

• Mean gender pay gap: 28.79%
• Median gender pay gap: 31.09%
• Mean bonus gender pay gap: -21.76% (favouring women)
• Median bonus gender pay gap: 44.06% (favouring men)
• Proportion of employees receiving a bonus: 69% male, 72% female

Understanding the gap

Our current gender pay gap is primarily influenced by the lower representation of women in Financial Adviser roles. This can be attributed to:

• The financial services industry which has historically attracted a higher proportion of male applicants, although this is changing.
• There is a statistically lower turnover in Financial Adviser roles, resulting in less movement and slower change in the gender balance within these positions.

Our commitment to progress

Foster Denovo is dedicated to creating a more balanced and diverse workforce. We believe that diversity is a significant strength that enhances our culture and reflects the diversity of our clients. Our recent growth has enabled us to create new roles and attract top talent from all backgrounds. We are committed to the following initiatives:

• Women in Finance Charter: We signed the Women in Finance Charter in 2023, demonstrating our commitment to gender balance across the financial services sector.
• Senior Role Targets: We have exceeded our targets for female representation in senior roles. In 2023, we aimed for 40%, and in 2024, we achieved 46%, which is well above the industry standard of 20%.
• External Recognition: Our commitment to our staff was recognized in 2024 with the Platinum Investors in People Award, which reflects our dedication to employee development and workplace inclusion and diversity.
• Celebrating Women in Finance: We showcase the achievements of women in our business through a monthly blog series, “Women in Finance.”
• Inclusive Recruitment: Our talent acquisition team employs gender-neutral language in job adverts, proactively reaches out to diverse candidate pools, and monitors selection processes to remove potential barriers.
• Flexible Working: We promote flexible working arrangements to support employees with personal commitments, encouraging them to remain in or return to the workforce. We are also reviewing our benefits package and introducing flexible benefits, including enhanced maternity provisions.
• Learning and Development: We have further developed our learning and development programs, including succession planning and internal academies, to support the development of future female talent.