Gender pay
gap report2023Foreword
The Economist Group is committed to championing diversity,
equity and inclusion. As an organisation dedicated to fostering anenvironment that values and respects the unique contributionsof every colleague, we recognise that tracking and analysing key
metrics is fundamental to achieving meaningful change.
At the forefront of our efforts is the thorough analysis of ourgender pay gap, a pivotal measure that compares the average payof women and men across the organisation, irrespective of theirroles. This goes beyond equal pay, which looks at the average payof women and men for the same (or similar) work.
In our seventh year of reporting, based on a snapshot date ofApril 5th 2023, we are pleased to share significant improvements innarrowing our gender pay gap. Our UK data shows that our gender
pay gap has shrunk by 4.1 percentage points at the median(from 20.4% to 16.3%) and 4.2 percentage points at the mean(from 21% to 16.8%) compared with April 2022. These figures markthe lowest disparities recorded since the mandatory reporting
began in 2017. Additionally, the proportion of women in senior roles
continues to grow.
We acknowledge that there is still more work to be done,
particularly in ensuring that this progress is sustained and reflected
globally at The Economist Group, as we remain dedicated toeliminating the gender pay gap. With determination, we willcontinue in our pursuit of a workplace that thrives on inclusivity
and equality for all.

Lara Boro

Chief executive
March 2024

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The Economist Group gender pay gap report 2023

Introduction
In accordance with the statutory requirements set forth by the
UK government, organisations employing 250 or more colleagues
are required to report annually on their gender pay gaps. The snapshot
date of April 5th, set by the government, serves as a standardised
reference point for all reporting organisations, ensuring a consistentand comparable analysis of gender pay gaps.
The gender pay gap is calculated by comparing the average pay
between women and men across the organisation, irrespective of
their roles. This differs from equal pay, which evaluates the average
pay for women and men undertaking the same (or similar) work.
It is important to note that a positive gender pay gap does not
imply that women receive lower pay than men for the same job.
Instead, it indicates that, on average, men tend to hold higherpaying positions than women.
The purpose of this report is to highlight the underlying causes of
the gender pay gap, the factors affecting it and to track our progressover time. It is also the opportunity to articulate the measures weare implementing to address gender pay differences.
In compliance with gender pay gap reporting requirements, genderis presented in a binary manner, recognising only men and women.
The data used in this report is derived from our colleagues’ records,
and we acknowledge that it may not accurately capture the gender
identities of trans and non-binary colleagues, as well as otherdiverse identities.

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The Economist Group gender pay gap report 2023

1. The UK gender pay gap(as per UK government reporting guidelines)
On the snapshot date of April 5th 2023, the Group
employed 893 colleagues in the UK, comprising
463 women (52%) and 430 men (48%).
Our median gender pay gap has been reduced by
4.1 points. It is calculated by ranking all women in
the organisation by their hourly pay, from thelowest to the highest, doing the same for men,and comparing the hourly pay of the woman in the
middle with that of the man in the middle.
Additionally, our mean gender pay gap has been
reduced by 4.2 points. It is calculated by adding
together the hourly pay rates of all women and dividing
it by the number of women, doing the same for men,and looking at the difference between the two.

Gender pay gap
Women’s hourly pay rate* vs men’s
Median
2017

18

Mean
19

20

21

22

23

Men’s pay

2017

18

19

20

21

22

23

Women’s pay

19.3%
lower

20.4%
22.4% lower
lower

Women’s pay

16.3%
lower

29.5% 29.2% 29.5%
lower lower lower

Men’s pay

16.8%
18.7%
lower
lower 21.0%
22.1%
lower
lower

32.5%
lower

29.3% 30.0%
lower lower*The hourly rate for UK government reporting purposes includes salary, allowances and variable pay paid in April
Source: The Economist Group

Since the mandatory reporting began in 2017, theaverage hourly rates for women have experienced agrowth rate approximately three times faster thanthat observed for men. This is mainly due to theshift in the proportions of women and men in thehighest pay quartile. Consequently, these figures
mark the lowest disparities recorded since the startof the reporting.

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The Economist Group gender pay gap report 2023

1. The UK gender pay gap (as per UK government reporting guidelines)

Pay quartiles
Pay quartiles are calculated by ranking all womenand men in the organisation based on their pay, fromthe lowest to the highest, dividing them into four
equal groups, and looking at the gender ratio withineach of those groups.

Proportion of women in the top andlower pay quartiles* over time, %Proportion of women and men in eachpay quartile*, 2023, %70

Topquartile

38%

60

62%

50

Top quartile
Upper-middle
quartile

49%

51%

24%
2017

Lower-middle
quartile

53%

47%

38%

40
30
20

18

19

20

21

22

Lower quartile

62%

23
70

61% 6050
40

Lowerquartile

61%

30

39%

20
2017

18

19

20

21

22

23

*Based on hourly pay rates in April
Source: The Economist GroupThe proportion of women and men in our lower quartileis showing minimal change compared with 2017, withwomen still prominently represented. However, ashift has occurred in the lower-middle quartile, where
the percentage of women, initially at 58% in 2017,
is now at 53%. In the upper-middle quartile, thegender distribution has maintained a balanced ratio
when compared with the start of the reporting.

This achievement carries added significance given
the limited openings at that level. New hires in thatquartile represent, on average, only 15% of ourannual new hires.
This collective progress means that women now
make up 44% of the highest-paid half of ourworkforce, compared with 36% of it in 2017.

The most significant improvement is in the top
quartile, where the proportion of women has
progressed from 24% in 2017 to 38%.

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The Economist Group gender pay gap report 2023

1. The UK gender pay gap (as per UK government reporting guidelines)

Bonus pay gap
The bonus pay gap is calculated by comparing
the total bonus payments made to men over the
12 months leading up to the snapshot date withthose made to women.

Proportion of women and men who received
bonus pay*, 2023, %Women’s bonus pay† vs men’s
Median
2017

18

19

20

21

22

23
Men’s bonus
Women’s bonus

7.4%
lower

71.5%
Women

70.7%

11.7%
lower

15.7%
lower

Men

25.6%
26.9%
lower
lower

*Based on bonus received during the 2022/23 tax year
†The bonus gap calculation excludes colleagues who did notreceive a bonus payment at all during the 2022/23 tax year
Source: The Economist Group

Two primary factors contribute to our bonus gap.
First, Company bonuses are tied to salaries, and men
tend to hold higher-paying positions than women.
Second, a higher proportion of men are employedin sales positions, where commissions, on average,
surpass bonus amounts.
Because our top positions of CEO and editor-inchief are held by women, and these positions are
the highest earners in terms of Company bonuses,
shares and dividends, our mean bonus gap is smaller
than the median. Nevertheless, it’s important tohighlight that the difference between the two bonus
gap figures has narrowed compared with last year.
Our median bonus gap has been reduced from 42%
to 11.7%, marking the lowest point since 2018.

38.3%
lower

42.0%
lower

8.9%
higher

Mean
2017

18

19

20

21

22

23

0.0%
lower 1.7%
lower

Men’s bonus
Women’s bonus

26.4%
lower

29.0%
lower

46.8%
48.4%
lower
lower

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The Economist Group gender pay gap report 2023

1. The UK gender pay gap (as per UK government reporting guidelines)

Understanding the underlying data

Gender pay gap in ordinary pay*
Women’s pay vs men’s
Mean
2017

18

19

20

21

22

23
Men’s pay

Women’s pay
15%
18% lower
lower
22% 21%
lower
lower

33%
35% lower
lower

29%
lower

*The ordinary pay gap as defined for UK government reporting purposes
includes salary and allowances but excludes variable pay, which is different
to the hourly pay rate used for the gender pay gap calculation
Source: The Economist GroupThe gender pay gap figures include variable pay suchas bonuses and commissions paid in April. If variable
pay were excluded, our ordinary pay gap (which
includes salary and fixed allowances only) shows
improvement by 3 percentage points at the mean(from 18% to 15%) and 2 percentage points at themedian (from 18% to 16%). Our focus in this area has
resulted in a consistent reduction in fixed pay gap
each year since the start of the reporting, amounting
to 20 percentage points reduction overall.

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The Economist Group gender pay gap report 2023

1. The UK gender pay gap (as per UK government reporting guidelines)

Talent acquisition and attrition
Changes in talent acquisition and attrition cansignificantly impact our data. When we look at thegender pay gap* for our joiners and leavers between
April 2022 and April 2023, we observe that themedian pay gap of the colleagues joining us (20%)
was narrower than that of the colleagues leaving us(36%). This is because the women who have joined
us have higher pay than those who have left, and themen who have joined us have lower pay than those
who have left.
Gender pay gap*
		Mean		Median
Leavers		29%		36%Joiners		17%		20%
*Based on hourly pay rates in April

However, we continue to recruit a higher numberof women in lower-paid roles than in senior roles,
whereas men are more evenly distributed acrossthe four quartiles. Regrettably, there hasn’t been
improvement in this area since last year, and
it is imperative that we maintain our focus onaddressing this disparity.

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The Economist Group gender pay gap report 2023

2. Global employment and salary patterns

We go over and above our statutory requirements by publicly
reporting our data at a global level. The following section compares
the earnings of our female and male colleagues across our Group,irrespective of their roles, wherever they are based.

Main locations
Employment distribution across The Economist Group, 2023, %New York 7
Gurugram

16

Singapore

3 Hong Kong
6

Birmingham 5
London13

50

Other locations

Source: The Economist Group

Global gender balance

Global fixed gender pay gap

Women and men employment distribution
across The Economist Group, 2023, %Women’s earnings* vs men’s
Mean
2017

18

19

20

21

22

23
Men’s pay

53%

47%
Women’s pay

19% 19%20%
lower lower
21%
lower
22%
lower
lower
Source: The Economist Group

916% 16%lower lower*Based on annual base salaries, adjusted for purchasing power parity-PPP
Source: The Economist GroupThe Economist Group gender pay gap report 2023

2. Global employment and salary patterns

Global salary distribution
Employment distribution across each salaryquartile* for women and men, 2023, %Proportion of women in the top andlower salary quartiles* over time, %70

Topquartile

60

41%

59%
50

Top quartile

41% 4034%Upper-middle
51%
quartile

30

49%

20
2017

18

19

20

21

22

23

70

Lower-middle
55%
quartile

45%

Lower quartile

62%

63% 60
50

40

Lower
quartile

63%

30

37%

20
2017

18

19

20

21

22

23

*Based on annual base salaries, PPP-adjusted
Source: The Economist Group10The Economist Group gender pay gap report 2023

3. Actions taken to improve diversity,
equity and inclusion globally
While this report focused on gender, we are committed to an inclusive
environment for all our colleagues regardless of gender, race, religious
beliefs, disability, sexual orientation, age, or marital status. This section
outlines the initiatives undertaken within The Economist Group to
improve diversity, equity and inclusion.
The editorial team at The Economist takes independent measuresappropriate for the newsroom, such as intensifying the search fortalent from a wider range of backgrounds.

Talent acquisition

RewardWe use tools to make job descriptions gender
neutral and a range of job boards to ensure thatroles are marketed and accessible to diverse
candidates. We not only rely on candidates toapply but actively source them, building pipelines
with a mixture of direct applicants and sourced
ones. We’ve established partnerships, especiallyin the technology sector, like our collaboration
with GirlCode in the UK. Shortlists must be genderbalanced and include one or more candidates froman underrepresented group with the company. Our
external partners, such as search firms, must adhere
to our diverse shortlist requirements.

To improve transparency, we support managers
so they can discuss decisions about performanceand reward. They are offered both in-person
briefings and online training sessions, guiding themon conducting performance reviews and utilisingtechniques for performance assessment throughour rating system. Additionally, we will introduce
a course in 2024 to assist managers in navigating
challenging conversations effectively.

Career development
Promoting equal opportunities for careerdevelopment and advancement remains a key
focus. We have mapped out our roles across 11 job
families, sharing this information with colleagues
through the intranet and interactive briefings. This
comprehensive framework is introduced to all
new hires. Guidance on using this framework to
support career development is incorporated into the
management development programme, conductedperiodically throughout the year.
Our learning experience platform is accessible toall colleagues, empowering them to self-assess,develop and receive feedback on the skills necessary
for advancing their careers. The majority of ourinternal learning initiatives follow a blended
learning approach, providing participants withpre and post-event content through this platform.
Teams are encouraged to design their own learning
programmes within the platform, fostering careerdevelopment and knowledge-sharing.

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People managers across the organisation havediversity targets integrated into their annual bonus
objectives. Specifically, 5% of their bonus potential
is tied to achieving a target reduction in the global
gender pay gap within their business units. Another
5% of their bonus potential is tied to achievinga specific improvement in the ethnic mix for
key locations.

Training programmes
Diversity, equity and inclusion training sessions
continue to be delivered. Our hiring managers
receive comprehensive tools and training to ensurea fair and inclusive recruitment process. They learn
to recognise and mitigate unconscious bias, foster
diversity, and create a more inclusive workforce. Hiring
managers are introduced to a standardised hiring
process designed to minimise bias at every stage, fromwriting job descriptions and conducting candidate
evaluations, to navigating the interview stage.

The Economist Group gender pay gap report 2023

3. Actions taken to improve diversity and inclusion globally

Affinity groups

Enhanced paternity leave

Our affinity group events build and promote
understanding in different areas of diversity andinclusion to help drive meaningful change within theorganisation. These events provide a safe space forcolleagues to connect with one another, share theirexperiences and build a sense of community.

In September 2018, we enhanced our paternity leave
policy, providing two months of fully paid leave
across all our offices. We anticipated that generous
paternity leave with no loss of income would
encourage our colleagues to take more time off.
This policy has proven to be successful. Colleagues,
on average, take seven weeks of paternity leave,
and about 80% of those taking paternity leave makefull use of their two months’ entitlement. This shift
in behaviour addresses perceived barriers to taking
leave and fosters a true cultural change, ultimately
leading to more gender equality in the workplace.

To strengthen engagement with the affinity groups
and increase awareness within the company, we
have implemented a series of initiatives. These
include hosting monthly meetings to encourage
collaboration, securing new executive sponsors,
and reinforcing the missions and statements of ouraffinity groups to colleagues. Notably, we held aglobal inclusion week in October, featuring various
activities, such as a cultural celebration and wellness
fair. We recently launched a new colleague interview
series that focuses on creating an open community
where colleagues share their stories, experiences
and learn how to thrive in a corporate workspacefrom other members.

Flexible working
Flexible working can contribute to improving
gender diversity in the workplace by achieving abetter work-life balance, addressing barriers that
disproportionately affect women and supportingcolleagues’ diverse needs. In addition to our policyof two days a week in the office, colleagues are able
to work remotely from any location for up to five
weeks a year. Also, this past summer marked thesecond year in which colleagues across the Group
enjoyed Fridays off in August.

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Colleague feedback
With a strong participation rate of 80%, ourengagement survey provides valuable insights into
how our colleagues perceive our priorities and areasof improvement. The latest results indicate thatcolleagues value the efforts that we are making to
improve diversity and inclusion in the workplace,and that we are moving in a positive direction.
However, colleagues also feel that further efforts areneeded in broadening our perspective on diversity
and addressing the challenges posed by our global
presence with offices worldwide.

Tracking progress
We continue to proactively set clear goals toincrease equity in opportunities. Quarterly reports
containing gender and ethnicity metrics are provided
to our business leaders, empowering them to adapt
and refine our inclusion strategy effectively.

The Economist Group gender pay gap report 2023

I confirm our data has been calculated according
to the requirements of the Equality Act 2010
(Gender Pay Gap Information) Regulations 2017.

Kristin Anderson
Chief people officer
March 2024

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The Economist Group gender pay gap report 2023

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