Tag: Gender Pay Gap Report 2024

Introduction

At Tag we strive to create a working environment where everyone is treated equally regardless of gender, ethnicity, age, religion, sexual orientation, or disability. We pride ourselves on creating a diverse and balanced workforce, as we believe this is a true representation of Tag’s values, work, and ethos. As of April 2024 52%, of our UK workforce were male and 48% were female. The ratio for females in leadership roles was 48%; this was consistent with the results in 2023.

Results

The gender pay gap is defined as the difference between the average earnings of all full pay relevant employee’s men and women in an organisation. This is a separate issue to equal pay, which is the legal requirement for people carrying out the same or similar work to be paid equally, regardless of gender.

We have seen the gender pay gap remain relatively stable from 2023 to 2024, whilst it marginally increased on the year before. Year-on-year comparisons for bonus pay gap has regrettably grown, with the mean bonus gap being 29% in favour of men. Tag is driving to maintain and improve our pay equity through various measures consciously and continuously.

The bonus pay gap has significantly improved year on year because bonuses represent a greater share of overall remuneration in senior roles, which are now more equally held by men and women and we remain committed to improving the gender imbalance at our most senior levels and creating an environment where more women can progress into leadership positions, through our career development and succession planning.

Over the past years Tag has also implemented several other strategies to improve equality in the business, the most impactful being enhanced gender equality family friendly policies, including fully paid family leave; 6 months for maternity; adoption; shared parental leave and 4 weeks for paternity leave.

We are committed to maintaining and building upon our strategies to address the gender pay gap, these include targeted leadership, talent and acquisition and salary review initiatives for women, as well as building further upon our family friendly policies which empower both men and women to achieve work-life balance and remain in the workplace.

Overall Analysis

Gender Pay Gap

GPG has slightly increased in the mean (9.33%-12.41%) and the median has also increased by a small margin (5.13%-6.40%) compared to the 2023 figures.

Compared to the massive improvement we made in 2023, this slight increase is due to natural fluctuation in the workforce. Tag’s DE&I initiatives continue to be a priority and we regularly review them to ensure they are delivering significant positive impact to the business.

Gender Bonus Gap

The gender bonus gap mean has changed from 29.85% last year in favour of females to 28.79% in favour of males this year. The median bonus gap has improved, however in 2024 we closed the bonus gap to 3.37% in favour of females compared to last year where the median bonus gap was 22.42% in favour of the same (F/M); demonstrating that fewer females received higher bonus payments on average in 2024 than their male counterparts did in 2023.