News: Citi strives to bridge the 29% pay gap between men and women

#Diversity

Citi strives to bridge the 29% pay gap between men and women

The company also aims to increase the representation of women in leadership positions by 40 percent.
Citi strives to bridge the 29% pay gap between men and women

According to a blog post by Citi's Head of HR,  Sara Wechter, the company has set targets aroud gender diversity and representation at the top level.

Citi revealed that while calculating the unadjusted pay gap for women, the company found that the median pay for women globally at the financial services firm is 29% lesser than the median pay for men. The same median pay for US minorities was found to be 7 percent lesser than the median pay for non-minorities.

This ‘unadjusted’ pay is the difference in median total compensation when factors such as job function, level, and geography are not adjusted.

Wechter wrote in her blog post, “Our goal is to increase the representation of women and U.S. minorities in senior and higher-paying roles at Citi. That is how we will reduce the difference in our raw pay gap numbers over time."

Citi is setting the goal of increasing the women representation at the Assistant Vice President through Managing Director levels to at least 40 percent for women globally and eight percent for Black employees in the U.S. by the end of 2021.

The company plans to focus on targeted recruitment, development and retention, and improved promotional paths and processes to achieve diversity goals.

On last year’s review, Wechter wrote: “Like last year, our review adjusted pay to account for a number of factors to make the comparisons meaningful, including job function, level, and geography. On this adjusted basis, we found that women globally are paid on average 99 percent of what men are paid at Citi.

Currently, more than 50 percent of Citi’s workforce globally comprises women and more than 45 percent of its U.S. workforce are minorities. More than 80 percent of the workforce has participated in unconscious bias training, while the senior leaders are accountable for diversity goals.

Topics: Diversity

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