Our 2024 Gender Pay Gap report

To align with our business strategic priorities, we believe it is essential to have an inclusive culture, where colleagues with diversity of background and thought are able to contribute towards our organisational success, and where our Practitioners are able support and advise a wide range of clients. 

An overview of the key aspects of our I&D Strategy follows our 2024 Gender Pay Gap results within this report. Please find our statutory Gender Pay Gap data at the bottom of this report.

Having colleagues who reflect the diversity of our communities is of course the right thing to do, but we also believe that this makes sound business sense. Reflecting the diversity of our actual and potential client base is critical if we are to continue to compete and successfully grow our business in the future. 

However, the Financial and Professional Services sectors still have challenges with diversity, particularly in senior roles, which has resulted in them making slower progress than other sectors with measures like the Gender Pay Gap. This is particularly acute in Financial Services.

It is worth noting that a high Gender Pay Gap does not mean that colleagues are paid unfairly. It could mean that there are more males occupying more senior, higher paid roles. The reality is that it is harder to impact diversity in senior roles in these sectors in the short to medium term due to a number of legacy factors such as: 

• The Financial and Professional Services sectors have traditionally attracted a higher number of males. It is becoming more diverse, but this is still the case. 
• Higher paid senior roles are usually underpinned by expertise developed over a long career and through established client relationships. 
• There is low colleague turnover in senior roles.

Through our Inclusion & Diversity (I&D) strategy, we are undertaking a wide range of activities which are focused on improving diversity not just in our business, but the wider Financial and Professional Services sectors. Please see the 'Our strategy' section below for more details.

We continue to see good progress on our gender pay gap results across all measures, with similar trends over both the short and medium term, showing that our I&D strategy is making a difference.

The gender pay gap is defined as the difference in average earnings (mean and median) between females and males, regardless of the seniority of their role. Unlike equal pay, which refers to paying females and males the same amount for the same or similar work. At Evelyn Partners Group we are confident that the checks we have in place ensure we pay colleagues fairly (equal pay for the same or similar work).

In April 2025 Evelyn Partners Group Financial Services (FS) and Professional Services (PS) businesses were separated. In addition to sharing the gender pay gap results for April 2024, we are providing approximate results for Evelyn Partners (FS only) business across all metrics, for comparison purposes.

Median Gender Pay Gap

Most companies focus on the Median Gender Pay Gap (Median GPG), as it removes the impact of extreme outliers giving more consistent and comparable reporting from one year to the next. The median bonus gap is the difference between the median bonus pay of females and the median bonus pay of males, expressed as a percentage.

Evelyn Partners Group (includes FS & PS) Median GPG has continued to improve. We achieved 20.6% for 2024, down over the last five years by 14% points, from 35% in 2019, the previous year (2023) Median GPG was 22.3%.

We have been able to work out what the Evelyn Partners (FS only) Median GPG results would have been in April 2024 which is 23.8% (approx.). This is higher than the combined business results because the GPG results for the PS business are lower than for the FS business, as the Professional Services sector generally has greater diversity than Financial Services.

Please note that having a gender pay gap does not mean that colleagues are paid unfairly, but rather because more males occupy more senior, higher paid roles. This is because of legacy factors described earlier in the report.

Median Gender Pay Gap comparisons

Like us, most companies are due to publish their GPG for 2024 in early April 2025, so at point of publishing we only have 2023 data to compare to for some comparisons.

Given that Evelyn Partners Group was a combination of Financial and Professional Services in April 2024, our median GPG results tend to sit in-between these two sectors. Professional Services sector generally has greater diversity than Financial Services, which has a positive impact on our Group GPG.

When looking at Evelyn Partners (FS only) business direct competition our GPG result 23.8% (approx.) compares well with Rathbones 32%, RBC Brewin Dolphins’ 32% and Quilter’s 30%, which is encouraging.

Gender Bonus Gap

In addition to our Gender Pay Gap, we report our Gender Bonus Gap. The median bonus gap is the difference between the median bonus pay of females and the median bonus pay of males, expressed as a percentage.

Evelyn Partners Group (FS & PS) median gender bonus gap has continued to improve. We achieved 33.3% for 2024, down over the last five years by 31% points, from 64% in 2019, the previous year (2023) median gender bonus gap was 39.3%.

We have been able to work out what the FS business Median Bonus Gap results would have been in April 2024 which is 35.5% (approx.). This is higher than the combined business results because the results for the PS business are lower than for the FS business, as the Professional Services sector generally has greater diversity than Financial Services.

As with the median pay gap, this does not mean that colleagues are paid unfairly. It reflects that more males occupying more senior, higher paid roles. This is because of legacy factors described earlier in the report.

Gender Pay Gap % of colleagues paid a bonus

As part of the GPG we report on the percentage of females and males paid a bonus. For Evelyn Partners Group (FS & PS) in April 2024 the percentage of females who were awarded a bonus was 79.3%, higher than for males, where the number was 77.1%. This demonstrates the fairness of approach we have in respect to reward.

We have been able to work out what the Evelyn Partners (FS only) percentage of females receiving a bonus would have been in April 2024 which is 85.3% (approx.), higher than for males at 83.4% (approx.).

This is higher than the combined business results because the results for the PS business are lower for both males and females than for the FS business, as the PS sector does not always pay a bonus for more junior roles.

Gender Mix

As part of our GPG reporting, we publish the mix of females and males at different pay levels (pay quartiles) across the organisation. Pay directly equates to the seniority of roles within the organisation.

As a result of our I&D strategy, Evelyn Partners Group (FS & PS) we have increased the percentage of females in the most senior roles (higher pay quartiles) year-on-year. The percentage of females in our upper pay quartile increased by 0.7% from 26.4% to 27.1% year-on-year.

We are committed to continuing to make progress on increasing the diversity of colleagues across the organisation, particularly at a senior level. However, bearing in mind the previously referenced legacy factors, we must also ensure that we are realistic in our ambitions.

We have been able to work out what the Evelyn Partners (FS only) percentage of females in our upper pay quartile results would have been in April 2024 which is 23.5% (approx.).

This is lower than the combined business results because the results for the PS business are lower than for the FS business, as the Professional Services sector generally has greater diversity than Financial Services.

Our I&D Strategy 

Our I&D strategy can be simply summarised as: ‘to have a business which is both inclusive and diverse, reflecting our clients and broader society’.

Many things influence inclusion and diversity, but the key things we are focusing on are as follows: 

• Accreditations and Industry Standards – benchmarking our I&D strategy and progress
• Measurement of culture and diversity – cultural colleague feedback and monitoring our diversity
• Culture and values – continuing to develop and embed an inclusive culture
• Colleague involvement – I&D Committee, Colleague Networks Groups, and Inclusion Champions
• Recruitment – ensuring we have a diverse candidate pool and remove bias from the recruitment process
• Learning and Development – including cultural training
• Benefits – comprehensive and competitive
• Policies – reviewed and benchmarked
• Communities – encouraging more diversity in Financial and Professional Services 

Inclusive Employers Standard

We believe it is important to have an independent and expert measure on how much progress we are making in relation to our I&D strategy. I am pleased that at the end of 2023 we were awarded the silver accreditation, which reflects our commitment to embedding workplace inclusion and diversity, and the additional improvements we have made as a business since our last accreditation in 2022 where we achieved bronze status. This is an impressive result, and I am incredibly proud to see how far we’ve come, but there is still more we can all do to create an inclusive culture.

The standard required us to evidence what we were currently doing and looks for companies to demonstrate that inclusion is integral to their organisation. We have received action focussed feedback on how we can continue to progress on our journey, which has informed our continued activity in 2024 and 2025. We will continue to undertake regular reviews of our I&D strategy with the aim of achieving a gold accreditation in the future.

Women in Finance Charter

The Women in Finance Charter is a pledge for gender balance across Financial Services. The Charter, in short, asks Financial Services firms to commit to implement four key industry standards:

• Having one member of the senior executive team who is responsible and accountable for gender diversity and inclusion;
• Setting internal targets for gender diversity in senior management.
• Publishing progress annually against these targets; and
• Having an intention to ensure the pay of the senior executive team is linked to delivery against these internal targets on gender diversity.

Evelyn Partners is committed to working towards greater female representation within our industry, particularly within senior management roles.

When we signed up to the Charter in June 2022, we had 26% female representation in senior management and our target was 30% by December 2025. As of June 2024, we have 27% female representation in senior management. However, the next time we update with our progress will be June 2025, which will be Evelyn Partners (FS only) business and therefore we anticipate we will have to agree a new target.

Culture - gathering colleague feedback 

We undertake regular Colleague Pulse Surveys (CPS), usually twice a year. the feedback we get from our colleagues is incredibly important and directly informs the evolution of our I&D strategy.  

Within our CPS, in addition to a range of questions on colleague engagement, we have specific questions relating to our culture and whether colleagues feel Evelyn Partners is an inclusive place to work. The questions include whether our colleagues understand and believe in our values, whether they feel they are treated fairly, whether colleagues feel they can be their true selves at work, whether their contribution is valued and whether there are equal opportunities at Evelyn Partners.  

Colleagues also have the opportunity within the CPS to make additional comments which provide further insight. We are proud that the questions relating to our values and culture are consistently some of the highest scoring within our survey, however we continue to strive for improvement based on the insight that the survey gives us. 

Monitoring diversity

We measure a range of key performance indicators relating to diversity at every stage of the colleague journey. This includes diversity within candidate pools and new starters, the diversity across the organisation in total and at different levels of seniority, and within different teams and committees. To support this, the majority of our colleagues generously opt to voluntarily provide us with their personal profile data which allows us to look at this across different types of diversity in addition to gender, including ethnicity, social background and sexual orientation, to name just a few. 

Having diversity across our colleagues is important, but having diversity without an inclusive culture means that the business may not be benefitting from the diversity they have. Colleagues need to be their true selves in the workplace if a business is to benefit from their diversity of thought and background. So having a culture which is inclusive is at least as important as having diversity.

As part of our I&D Strategy we are committed to continuing to develop and embed an inclusive culture. An important part of this is our values, which are: 

• Personal — we treat you as an individual
• Partnership — we go further together
• Performance — we strive for more 

To ensure we embed our values within the business and that clear expectations are set, all colleagues are appraised on their behaviours, this assessment is underpinned by our values and forms 25% of everyone’s annual discretionary bonus.  

Inclusion and Diversity Committee 

Our Inclusion and Diversity Committee was established mid-2020 with a primary purpose to provide a forum by which colleagues can contribute ideas to I&D strategy development and identify ways in which colleagues can be engaged in executing and supporting the I&D agenda across the organisation. 

Colleague Network Groups

Along with our colleague Network Groups, who are empowered to arrange inclusion events and activities across a wide range of topics. We now have several Network Groups bringing together underrepresented groups for support and allyship: 

• Gender Equality
• Family
• Proud
• Social Mobility
• Able
• RaRE – Race, Religion and Ethnicity 

Inclusion Champions

Inclusion Champions help us achieve our ambition of creating a more inclusive culture by being role models for inclusive behaviours and reducing, or removing, the bias and discrimination that our colleagues may face. They do this by spreading awareness about Network events and promoting inclusive behaviour in the team(s) around them. Our Inclusion Champions support the execution of the I&D strategy across our office footprint, ensuring all colleagues, no matter where they are, have an opportunity to be involved.

Allyship

We have emphasised the importance and role of allyship from male colleagues in our communications. For International Women’s Day this year we hosted a session with Jeremy Stockdale, Founder of Ylead, which supports and challenges leaders to find purpose in creating welcoming and nurturing environments. 

Recruitment

We have focused on attracting a diverse range of candidates by developing a Employee Value Proposition (EVP) which represents our culture, values and I&D ambitions. This is being leveraged within our recruitment website and other forms of candidate communications.  

The language within our job adverts and job descriptions is reviewed to ensure we're using inclusive language and have the best chance of attracting candidates from diverse backgrounds.

When recruiting we target having at least half of the candidates put forward coming from diverse backgrounds, to give ourselves the best opportunity of the right person for the role, being from a diverse background. 

Induction

Our induction for new joiners focuses on our purpose and values, ensuring all colleagues understand our culture and how important I&D is within our business.

Ongoing mandatory training

A wide range of training and development is available to our colleagues to support an inclusive culture, including interview skills and leadership development, to name a few. Specifically in 2024 we have undertaken mandatory training including Harassment Prevention, Conscious Inclusion, Microaggressions and Anti-Sexual Harassment training. 

Women in Leadership

Attracting and retaining female colleagues is key to maintaining a talent pipeline into senior roles. In 2024, we continued our Women in Leadership Series in partnership with our Executive Committee for female colleagues to network, share their views and to hear from external senior leaders. Topics covered range from managing your career to imposter syndrome and influencing. 

We regularly review and benchmark all of our benefits to ensure they are competitive compared to the market and support our I&D ambitions. Our suite of benefits include:

• Pension Scheme, including enhanced Company pension contributions,
• Income Protection
• Life Assurance
• Private Medical Insurance
• Holiday
• Employee Assistance Programme
• Eyecare and eye tests
• Long Service Award
• Money Health (financial guidance)

Optional benefits which include

• Private Medical Insurance for family members
• Critical Illness Insurance
• Travel Insurance
• Dental Insurance
• Partner Life Assurance
• Health Cash Plan
• Health Assessments
• Personal Accident Cover
• Additional holiday

Other

• Cycle to work scheme
• Season ticket loans
• MyGym discounts
• Will Writing discounts
• Mortgage Advice
• Give as you earn

Policies

We have a comprehensive suite of policies which have been developed and annually reviewed to ensure we are doing all that we can as a Company to support our I&D ambitions, they include:

• Equality, Diversity and Inclusion Policy
• Family Leave Policy
• Flexible Working Policy
• Hybrid Working Policy
• Dignity at Work (Anti-Bullying and Harassment) Policy
• Dignity at Work (Anti-Sexual Harassment) Policy

For example as part of our Family Leave Policy we offer 26 weeks enhanced and shared Parental Pay, as well as Adoption Leave so colleagues are supported when choosing to have a family. We offer hybrid and flexible working and monitor colleagues' return to work closely so we can provide support.

We understand that increasing diversity in senior roles and closing our GPG is not something we will achieve overnight given the challenges which exist in attracting people from diverse backgrounds into the Financial and Professional services sectors. As such, we are investing and supporting charities that encourage females and underrepresented groups from all backgrounds to consider careers in Financial and Professional Services.

We participate in industry initiatives such as 10,000 Black Interns, GAIN (Girls Are Investors) and We Can Be, to enable our role models to showcase their stories and mentor young people through internships, who typically would not be exposed to these types of careers.

Our corporate charity partner, Career Ready, aim to boost social mobility by empowering young people and giving their talents a platform to flourish from. They work with young people, schools, and colleges who face the barriers in education and employment which cause their talents to often go undiscovered. Career Ready boost social mobility by delivering a structured programme of mentoring and a paid internship, masterclasses, and workplace visits for young people from under-represented backgrounds. which provides a number of volunteering opportunities for our colleagues.

Background

All UK firms with 250 or more employees are required to report their gender pay gap analysis on an annual basis using the following metrics: 

• mean gender pay gap 
• median gender pay gap 
• mean bonus gender pay gap 
• median bonus gender pay gap 
• proportion of men and women receiving bonuses
• proportion of men and women in each pay quartile  

The data provided here relates to the twelve months preceding 5 April 2024.

In the interests of transparency, we are going beyond the mandatory requirements set out in the Government’s gender pay gap reporting legislation and once again publishing figures covering all of Evelyn Partners colleagues. 

Following internal restructuring and rationalising of employing entities, most of our colleagues are now employed by Evelyn Partners Services Limited, which means we only have one entity that employees over 250 colleagues.