Deloitte reveals 17.8% gender pay gap
As Deloitte posts 6% growth for its 2014/15 fee income, it reveals pay gap data for the first time
THE GENDER PAY GAP at Deloitte is 17.8%, the firm has revealed for the first time in its UK annual results in which its revenues climbed 6%.
Deloitte’s pay gap stands at around 1.3% below the national figure, and the gap represents the difference between total pay for men compared to women. It follows the publication of PwC’s pay gap in 2014, which stands at 15.1%.
However, the gap between male and female pay at each grade is significantly lower, at 1.5%. This, Deloitte senior partner and chief executive David Sproul (pictured) states, shows that the issue it faces is recruiting more women at higher grades.
“We are determined to improve the retention of women within our firm and our representation of women in senior positions,” said Sproul.
“We believe that without a representative share of senior female employees average pay will never truly equalise. This is something we are working very hard to resolve.”
Deloitte is undertaking a number of steps to resolve the issue, Sproul added, including a return to work initiative.
The firm posted a 6.4% increase in revenues to £2.71bn for the y/e 31 May 2015, up from £2.55bn a year earlier.
A large chunk of the £160m fee growth came from the firm’s consulting division, which was up 10.5% to £687m. Financial advisory grew 9% to £462m. Tax saw fees up 5% to £590m, while Deloitte’s Swiss practice upped revenues to £267m – a 13% increase.
The latest figures show that consulting fees have caught up with audit fees. Audit was static for Deloitte, up just 0.3% to £708m (from £706m). The latest Accountancy Age Top 50+50 survey, sponsored by Wolters Kluwer, shows that the consulting fees of both KPMG and EY eclipse those of audit.
Despite headwinds from the Chinese economy and continuing problems in the Eurozone, Sproul was optimistic about the “positive” outlook for the UK economy, adding that Deloitte’s latest financial year had started well.
“The uncertainty which stalked the early years of economic recovery has diminished but not disappeared… However, our new financial year has started brightly and we are optimistic that overall, the outlook remains positive for the UK in an evolving global economy.”