Revolutionary leadership under pressure from staff to close the glaring pay gap
London-based fintech Revolut shocked staff over its handling of its first report on the gender pay gap, which revealed women in the company earn on average 31% less than men per hour.
The $ 33 billion startup held a company-wide public meeting on Friday, but did not directly address the gender report. General manager Nik Storonsky was giving a presentation at the meeting, prompting some employees to suggest that the leadership had “blocked[ed]”The agenda report, Sifted heard.
“There has been a lot of internal anger that the gender pay gap was not on the agenda,” an insider said.
The report, which is mandatory for all UK companies with more than 250 employees, shows Revolut has one of the worst gender pay gaps in the space. Revolut UK paid women 69 pence for every £ 1 they paid men in April 2020 – double the gap compared to rival Starling Bank, where women earned 84 pence for every £ 1 their male colleagues won last year.
The latest figures available for Monzo, in 2019, showed he was paying women 80 pence for every £ 1 he paid men; measuring by the median hourly wage.
It is illegal for employers to discriminate on the basis of sex, so large gaps like this are usually caused by a lack of women in managerial positions, especially among engineers.
The results – and her exclusion from the town hall agenda – prompted staff to voice their anger in a Slack channel exclusively for female staff.
Revolut’s internal communications manager then intervened to deal with the complaints:
“Hi team, weird to see so much anger directed here,” she wrote, adding that now was not “the time.” [for sending] sarcastic comments to each other on the women’s channel.
However, she acknowledged their general frustration with the findings of the reports.
When approached for comment, a spokesperson for Revolut told Sifted:
“We are firmly committed to increasing the proportion of women in our leadership and senior management and to encouraging and recruiting more women into higher paying positions. To do this, we have launched a Women in Leadership Program, we examine where and how to recruit to attract more female applicants, and we are committed to having an inclusive workplace where everyone can be successful.
Staff will also have the opportunity to discuss the report next week in a company-wide open session.
It can provide a platform for expressing long-standing frustrations. In May, Glassdoor asked staff about diversity and inclusion metrics at top startups, including Revolut – which Mark near the bottom with just 3.5 out of 5.
Sifted also recently mapped the Revolut leadership team, which included two women.
Startups and their pay gaps
The declaration of pay gaps between men and women has been mandatory since 2017 for established companies. This resulted in the creation of a national pay gap database, updated annually.
The results have consistently shown that fintech startups are among the worst offenders in the startup world. A report of Financial news in 2019 found the gender pay gap at major UK FinTech companies to be worse than in investment banking.
Revolut, which was required to file for the first time in 2020, is no exception.
Earlier this year, Sifted analyzed pay gaps at other large startups in the UK, many of which are faring worse than the national average.
Among those who failed in 2019 were GoCardless, Gymshark, and Wise.