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CP Pharmaceuticals – April 5th 2023
What is the Gender Pay Gap?
The gender pay gap is calculated as the difference between average hourly earnings (excluding overtime) of men and women as a proportion of men’s average hourly earnings (excluding overtime). It is different from equal pay, which is the difference in pay between a man and a woman who carry out the same or similar role or work of equal value in a company.
What is Measured?
• Mean (average) and median gender pay gap for hourly pay and bonus pay
• Percentage of men and women in each hourly pay quarter
• Percentage of men and women receiving bonus pay
We’ve used the calculations set out in the reporting regulations and taken pay data from our 346 employees who were in our employment on the snapshot date of 5th April 2023.
Under the legislative guidelines we include Ordinary Pay which includes basic pay, as well as pay for annual leave, shift pay and allowances. It doesn’t include overtime, redundancy/termination payments, back pay, pay in lieu or statutory pay. We also have removed any salary sacrifice deductions.
Pay Quartiles
Gender Pay Gap
| Mean Gender Pay Gap | 17.1% |
| Median Gender Pay Gap | 5.1% |
Pay Quartiles
| Male | Female | |
| Upper | 69% | 31% |
| Upper Middle | 52.4% | 47.6% |
| Lower Middle | 44.6% | 55.4% |
| Lower | 52.4% | 47.6% |
Gender Bonus Pay Gap
Gender Bonus Pay Gap
| Male | Female | |
| Proportion receiving bonus | 21% | 29% |
| Mean | 72% |
| Median | 37.5% |
Understanding the Gap?
The analysis of our Gender Pay and Bonus Gap figures for 2023 tells us that, rather than being driven by a pay issue, our pay and bonus gaps continue to be driven by the structure of our work force.
The Company still has more men than women in senior positions attracting higher pay grades and eligibility for bonus. With some changes within our senior management team taking place in 2024, we expect to see a reduction in the gap moving forward.
The Company also has departments that are typically underrepresented by females, such as Engineering.
How CP Pharmaceuticals is addressing the Gender Pay Gap
The last few years has seen us make positive progress to close the gap and we are pleased with the results.
The company has introduced new flexible employment policies, including flexi-time and hybrid working. These are absolutely necessary if we are going to support and encourage women to work in our business, particularly in more senior roles.
By analysing our recruitment statistics, we are able to see that since the 2022 snapshot date, 57.5% of new recruits were female.
CP Pharmaceuticals is an equal opportunities employer and is totally committed to equality of opportunity and diversity at all stages of the employee lifecycle. We employ the right people to fill our roles, regardless of sex, age, race, religion, disability, sexual orientation, ethnic origin, gender reassignment or marital status. We know that by continuing to adopt this approach we will succeed in driving down the gender pay gap.
As a company we will also continue our efforts to develop more women in management roles by continually striving for insight into any barriers which may exist and addressing them where needed.
Our action plan
The Company has different areas in the business that have historically attracted a higher proportion of females or males. We have been pro-actively examining the drivers behind this and the barriers to female progression, which will help us to see where and how we can effect change. The recruitment and selection processes and exit interviews will continue to be reviewed to understand why we attract or retain fewer female senior leaders than male, and the company will then look to action the findings.
I can confirm the information and data reported is accurate as of the snapshot date of 5th April 2023.
Signed by the Managing Director
