At Oodle we don't just finance cars, we finance people, and to do that well, we want our people to reflect the customers we serve. Our latest gender pay gap report shows an increase compared with last year. This is not the direction we wanted to see, and we are committed to understanding and addressing the factors behind it.
Like many organisations, our mean and median pay gap are driven by how women and men are represented across different roles and pay levels. In this reporting year, women are underrepresented in the upper pay quartile and overrepresented in the lower middle quartile. This reflects the structure of our workforce, which includes a predominately male technology function, where salaries are typically higher.
We have continued to see strong female representation at senior levels, with females representing 47% of leadership roles and 50% of our Executive team. Alongside this, we are investing in targeted actions as part of our Diversity, Equity and inclusion (DEI) strategy, including:
Partnering with MeVitae, to help us better understand who we attract, hire and retain
Participating in the 10,000 Black Interns programme which resulted in a permanent hire within our Engineering team
Continuing our membership with Automotive 30% club and Onvero (formerly ENEI)
Awarded a Silver TIDE award from Onvero due to our sustained impact on DEI
Sponsoring the Women and Diversity in Credit Awards, reflecting our ambition to be leaders on inclusion within the credit and financial services industry
We recognise that meaningful progress takes time, and while we are frustrated with the pace of change, we remain committed to embedding DEI into every aspect of our organisation.
What is gender pay?
Gender pay is the measure of the difference between pay for all women within a business compared to pay for all men. The statistics can be affected by a range of factors, including the different number of males and females across all roles within the organisation.
This is different from equal pay, which focuses on whether males and females are equally compensated for performing the same or similar work.
The gender pay gap is measured both by the mean and median:
What is the Mean?
The mean gender pay gap is the difference between the average hourly rate of pay for females, compared to the average hourly rate of pay for males, within a company.
What is the Median?
The median represents the middle point of a population. If you lined up all the females at a company and all the males, the median pay gap is the difference between the hourly rate of pay for the middle female compared to the hourly rate of pay for the middle male
Oodle's Pay Gap
Oodle’s Pay Quartiles
What are Pay Quartiles?
The pay quartiles in this report show the distribution of men and women when they are ranked in order of hourly pay (for example, the upper quartile = top 25% of earners).
Pay quartiles:
Since our last report we have seen an increase of females within the lower middle quartile, which has contributed to an increase in our overall gender pay gap. Representation of females in the upper pay quartile has remained static. We recognise further action is needed, particularly within technology roles, which make up a significant proportion of the upper quartile.
Our data shows that we still have more to do, and we remain focused on long term improvements to increase representation across the organisation. Some of the key areas we will continue to invest in are:
Continuing to develop our mentoring scheme, which now includes reverse mentoring, to support career development and increase leadership awareness
Providing a suite of development programs accessible to all colleagues
Delivering internal and external training on DEI topics to strengthen psychological safety and create a workplace where all employees can thrive
Using data insights to monitor the inclusivity of our culture, inform decision making and enable targeted actions
Enabling our DEI networks to continue to share lived experiences with the Executive team
Requiring diverse shortlists for both senior and technology role
Actively participating in the 30% Automotive Club and Women in Finance Charter
These initiatives reflect our ongoing commitment to creating a more inclusive and equitable workplace. We know there is still work to do, we remain focused on driving meaningful change to close the gender pay gap further.
Women in Finance Charter