IKO Gender Pay Gap Data
5th April 2020
What is the Gender Pay Gap?
The Gender Pay Gap is the difference between the average pay and bonuses of all men and women across an organisation.
The Gender Pay Gap does not measure equal pay, which relates to what women and men are paid for performing equal work. At IKO we are confident that men and women are paid equally and fairly throughout our organisation. We continually review our practices to ensure fairness and equality in all of our activities, including those around reward and remuneration.
IKO 2020 Gender Pay Report
2020 was a challenging year for all. The IKO family were no different prioritising health and wellbeing and agilely adopting new ways of working. We did not, however, lose sight of the goal we had set ourselves of reducing the gender pay gap at IKO. We are delighted to report that the average gender pay gap at the snapshot date of 5th April 2020 has reduced to 18% from 26.5%
The The Gender Pay Gap Data for IKO PLC on 5th April 2020 is as follows:
A message from Anthony Carlyle our Group Managing Director:
“The progress we have made in 2020 has been very positive and clearly demonstrates IKO is determined to understand the causes of any pay gaps in our business, and that we are committed to highlighting any issues that need to be addressed.
Whilst the picture is getting better, we also appreciate there is much more to do. We will continue our effort to identify and remove pay inequality within the business, and expect further improvement in 2021 and beyond”.
Understanding the Gap
As is typical of many manufacturing companies, our workforce is comprised of considerably more men than women. Our employees are 82% male and 18% female which shows a 3% increase in female employees employed at IKO.
Women in Senior Leadership roles IKO have made progress with the promotion of two females to the board of directors increasing female representation at board level to 28%.
Manufacturing industry stereotypes Production and engineering manufacturing is a traditionally male dominated industry with shift rotation patterns that bring with it shift premiums and production bonuses.
High retention rates On 5th April 2020 IKO employed 310 people throughout the country with 80% of them being male. IKO have a high retention rate therefore building a more diverse workforce will remain an ongoing strategy.
Our Commitment to Closing the Gap
We are pleased with the 8.5% reduction in our gender pay gap but we know we can continue to do more. Our long term goal is to attract more women into male dominated roles. We will utilise every opportunity for our senior female staff to act as role models and mentors to help us shatter the traditional stereotype described above and showcase our inclusive work environment.
We will continue to review our recruitment polices working with the optimum agencies and partners, who share our vision by, ensuring we have an equal amount of female to male candidates for each role.
IKO will continue its links with local schools, colleges and youth zones to attract a more diverse workforce to IKO for 2021 and beyond.
We will also continue to focus our drive to increase diversity by developing and promoting from within.
By offering employees support throughout their employee cycle at IKO this includes family friendly policies for those at IKO wanting to start families and returning to work after starting a family, as a company offering the best support to enable the continuation of their employment.
IKO have successfully closed the pay gap by 10.5% since 2018 so we believe that our current practises and continuous review of the present business climate are the steps in the right direction.
We remain committed to ensuring fairness and equality across the business.