Revolut, Checkout.com and Quantexa, alongside a majority of the best-funded UK tech companies, have reported a wider gender pay gap than the national average.
Just four out of twenty companies, including energy provider Octopus Energy, dog food brand Butternut Box, autonomous vehicles startup Wayve and neobank Monzo, posted smaller pay gaps than the UK average, according to company filings.
That figure stood at 8.4% in 2024, the FT reported, meaning that women are paid 91.6p for every £1 earned by their male counterparts.
While a pay gap — the difference in median hourly pay for men and women as a percentage of men’s median pay — doesn’t necessarily mean a company pays women less for the same jobs as men, it does point to a lack of women in the highest-paid roles at startups.
While the pay gaps at 11 of the UK tech companies Sifted analysed have improved on figures from last year, the filings come as the business world rapidly retreats from diversity, equity and inclusion (DEI) policies, following a push by US president Trump to scrap them.
A number of top US companies have dropped DEI from annual reports since Trump’s election and two of the UK’s top financial regulators culled plans to impose stricter rules for diversity and inclusion in March.
Pet insurance ManyPets was the worst performing company Sifted analysed — a position it held for the second year running — paying women 51.8p for every £1 earned by men. Neobanks Zopa and Atom Bank had the second and third worst pay gaps.
Games company Improbable — which pivoted to become a venture builder last year — and fintech Teya hadn’t submitted pay gap data by the deadline on Saturday, according to the government website.
Men dominate best paid roles
The gender pay gap filings this year show a snapshot of a company on April 5 2024. The figures are self-reported but companies with over 250 employees have been required by law to submit gender pay gap data since 2018.
Seven of the UK’s best-funded tech companies had fewer than 25% of roles in the highest pay quartile occupied by women.
Fintech Thought Machine and chip maker Pragmatic had the lowest proportion of women in top paid roles. Octopus and Butternut Box had the highest percentage of women in the best earning jobs.
ManyPets saw the biggest improvement to its gender pay gap, reducing it to 48.2%, down from 57% the previous year.
The findings tally with figures reported in Atomico’s State of European Tech 2024, which used data from salary tracker Ravio and found that there was a gender pay gap in pretty much every department at startups across Europe, including engineering, finance, operations, sales, marketing, product and people.
Tech’s gender gap also extends to funding. Between 2021-2024, all-women founding teams raised low single digit percentages of total funding at all stages from pre-seed and Series B, according to Atomico’s report.
Read the orginal article: https://sifted.eu/articles/gender-pay-gap-uk-tech-news/
