Davy has largest gender pay gap among finance firms and insurers

Davy has 700 employees and 43pc are women. Photo: Niall Carson

Sarah Collins

A number of Irish-based financial and insurance firms have revealed gender pay gaps of between 18pc and 48pc, in favour of men.

Men were paid more than women, on average, in eight financial firms that have published their gender pay-gap reports so far, due to more men in higher-paid senior jobs.

The gaps in bonus payments were even wider, ranging up to 69pc, in favour of men.

Stockbroker Davy had the highest average pay gap in favour of men, at 47.9pc. That means that for every €100 men earned, women earned €52.10.

When looking at the median, or middle point between the highest and lowest salaries, the gap shrank to 29.4pc. The bonus gap was 68.4pc (52.3pc in median terms).

Median figures are less affected by extreme values at either end of the pay scale.

Davy employs 700 people in Ireland, 43pc of them female.

“Our gender pay gap arises because fewer senior positions within the firm and within the industry segments of which we are part, are held by women; a position Davy is committed to addressing as a key strategic priority,” Davy said in its report.

“When this data was taken (June 2022) only 12pc (37) of the total female population were represented in the upper quartile of hourly pay.”

Goodbody stockbrokers had a slightly lower pay gap at 41pc – 46pc in median terms.

The majority State-owned AIB bank saw the lowest gender pay gap among the group of eight firms, at 18.4pc (14.4 in median terms). The bank does not pay bonuses.

From this month, companies with more than 250 staff need to report differences in average hourly pay and bonuses across their Irish workforce, as of a snapshot date in June.

While the results don’t indicate that men and women are paid differently for the same role – which is illegal – the data can show where there are large numbers of either gender entrenched in certain jobs or pay scales.

In Barclays Ireland, men were paid 33.9pc more than women, on average per hour – falling to 19.9pc in median terms). The bonus gap was 61.7pc – 33.3pc in median terms).

“The gender pay gap is driven by the higher proportion of men in more senior roles, which tend to be more highly paid,” Barclays said in its report.

Insurer FBD had a pay gap of 27pc – 20pc in median terms – and a bonus gap of 41pc, or 6pc in median terms.

At global insurer AIG’s two Irish branches, the pay gap was 26.5pc in favour of men and 25pc in median terms. The bonus gap was 48pc – 33pc median.

Bank of Ireland’s gender pay gap was 20.5pc – 17.1pc in median terms. It marks a three-point improvement on the previous year, when the bank published the data voluntarily.

New Ireland Assurance had an average hourly pay gap of 27pc – 20pc median – and a bonus gap of 41pc – 6pc median.

Rewards consultant Oliver Coakley, who has carried out research on Ireland’s gender pay gaps, said firms need to “understand the true root causes [of the gaps] and look at their recruitment processes”.