Savills makes solid progress in pay gap reduction

• Gender hourly rate pay gap has reduced by 8% (2.09 percentage points)

• Ethnicity pay gap has reduced across all metrics

Savills UK has this week published its gender and ethnicity pay gap report for 2022, which looks at Savills UK business as at April 2022.

Savills UK reports that the mean gender hourly pay gap for its business has improved and reduced by 8% (2.09 percentage points), from 26.03% in 2021 to 23.94% in 2022. The median gender hourly pay gap has also reduced and therefore improved from 25.42% in 2021 to 21.76% in 2022.

The number of women in the Upper pay quartile has increased by 4% (or 1 percentage point) from 26% in 2021 to 27%. The mean gender bonus pay gap for the UK business is in line year on year at 70.42% in 2022 (69.96% in 2021).

In addition, the continued investment into schools outreach, coaching and training, and partnerships, has led to an increase in the proportion of minority ethnic employees in Savills UK business, and a reduction in the real estate advisor’s ethnicity pay gap. Reflecting this the mean ethnicity hourly pay gap in Savills UK business has reduced by 23% (5.35 percentage points) from 24.17% in 2021 to 18.72% and the median ethnicity hourly pay gap has reduced from 20.74% in 2021 to 19.39%. The mean and median ethnicity bonus gap has also reduced from 70.91% in 2021 to 66.80% and 62.50% in 2021 to 50.0%, respectively.

The programmes Savills has developed for undergraduate and apprenticeship schemes have been widely recognised as market leading and Savills is proud to hold The Times Graduate Employer of Choice for Property for 17 consecutive years and to have been awarded the Times Graduate Recruitment Award. Savills is ranked 1st overall in both the RateMyPlacement award for undergraduate employers and the RateMyApprenticeship awards for Apprenticeship Employers in 2022-2023 reinforcing the importance and commitment we have placed in ensuring that our most junior employees are being supported in the right ways.

Siân Tunney, Savills UK board director and co-chair of the firm’s gender diversity group, comments: “We are encouraged by the numbers. We are constantly learning and are focussed on those initiatives which are making the greatest difference to our employees, providing coaching and support for women at all stages of their career.

“We work to provide tailored support for women, whether they are preparing for promotion, returning to work from maternity leave or dealing with the challenges of the Menopause.”

Matt Salter, chair of the Savills Ethnicity Group, says: “It is incredibly important to continue to invest into the right programs, the right training and the right partnerships to help us close the ethnicity pay gap. We must also continue to raise awareness of the various career opportunities within real estate to a wide ranging audience in order to increase the diversity of both backgrounds and thought across the company. We have made some good progress and we remain dedicated to increasing ethnic diversity at all levels through a focused approach to help people advance their career journey at Savills and by also attracting outside talent.”

Chanelle Gray, UK head of diversity & inclusion at Savills, says: “We are really passionate about closing the gap and the results are showing we are moving in the right direction. Through a combination of strategic efforts from our leadership, our working groups, and the wider business, we are really starting to see the dial turn both within Savills and throughout the property industry. I’m really excited about what comes next.”

The report, titled ‘Attract, Develop, Lead: Savills gender and ethnicity pay gap report 2022’ can be viewed here.