During the last year we have strived to reduce our 2017 Gender Gap results and we are very pleased to announce that our hard work and determination has paid off.

As MotoNovians, we take great pride in promoting diversity and inclusion in the workplace. We also like to be an open and transparent bunch, which means no exceptions when it comes to our Gender Pay Gap information.

During the last year we have strived to reduce our 2017 Gender Gap results and we are very pleased to announce that our hard work and determination has paid off.

 

The Results 

The percentages are determined by calculating the mean* and median** (averages) for the hourly pay for both men and women in the company. The reduction in the pay gap results between 2017 and 2018 show a movement towards a more balanced gender pay result.

Mean and median gender pay gap, hourly rate. At the time of producing our gender pay gap data in 2018 we had 729 employees.

 

MNF pay gap results
  2017 2018
Mean 35% 27%
Median 32% 20%

 

 



 

 

These results include MotoNovo Finance results, as we are a Division of the FirstRand London Branch. 

The last year has not only been a good news story for MotoNovo, our parent company FirstRand (London Branch) has also seen some great improvements in their gender pay gap data:

FirstRand (London Branch) pay gap results
  2017 2018
Mean 38% 31%
Median 37% 21%

 

 

 

 

These results include MotoNovo Finance results, as we are a Division of the FirstRand London Branch. 

 

Bonus gap 

Our bonus scheme at MNF is based on the performance of individuals in their specific role and the achievement of objectives as set by a line manager, as well as company profit. Although more women than men received a bonus in 2018, there is still disparity between the overall average amount received between men and women. The reason for this gap is down to lower representation of women in senior roles and this is something we are very keen to address in the coming years.

As well as a monetary bonus we look to reward and recognise our teams in other ways such our annual MotoNovoWay Event, celebrating the hard work of Teams and individuals, from ‘Rookie of the Year’ to ‘Support Team of the Year’.

 

MNF bonus gap results
  2017 2018
Mean 77% 70%
Median 56% 32%

 

 

 

 

 

 

FirstRand (London Branch) bonus gap
  2017 2018
Mean 72% 66%
Median 56% 36%

 

 

 

 

 

So, how have we reduced the gap at MotoNovo?

  • We reviewed our recruitment process to ensure all procedures are consistent and fair, as well as introducing a competency framework to guarantee we are hiring the best candidate for the role, regardless of gender.
  • We introduced Pay Benchmarking, ensuring we remain impartial and have an accurate idea of pay information to help us make informed remuneration decisions.
  • In 2017 we introduced our #everyonematters project, which encouraged MotoNovians to join together and promote diversity and inclusion at MNF. This helped us to establish exactly what MotoNovo staff would like to see by recognising and celebrating a number of cultural events. This is the start of an on-going project to promote diversity and inclusion throughout MotoNovo Finance.
  • The Talent Planning and Retention Team was formed, helping us to attract and retain the very best talent in the industry, as well as improving career progression plans and continuously promoting gender diversity across the business.

 

Despite our efforts, our gender pay gap is still currently higher than the UK average and the industry average for the Financial sector. From analysing the results we can put this down to a lower representation of women in Senior Level Roles, we are more committed than ever to see this statistic grow over the next 24 months.

 


Goals for 2018/19:

  • Strive for a senior management population that is 30% female by 2020 (the Executive Committee and their Direct Reports).
  • Maintain a 50/50 gender split across the business.             
  • Continue to close the gender pay gap year on year.

 

Plans in the pipeline:

  • Introduce a Flexible working scheme for all departments to ensure all policies are family friendly.
  • Develop a new grading framework which takes into account the skills and responsibilities associated with every role so we can be sure we are paying the correct wage for all our employees.

 

*Mean: The total sum of the entire list is divided by the number of items in the list, i.e. the total sum of male/female salaries will be divided by the number of males/females in the company.

**Median: The data is arranged in order from smallest to largest, the median is the middle number.