Gender Pay Gap
ReportTMF UK

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Gender Pay Gap Report — TMF UKIntroduction

Operating in 85 jurisdictions, TMF Group celebrates
the international talent that makes us who we are. Ourteams are as diverse as the countries and culturesthat we work in. Approximately 60% of our global
workforce are women, coming from all walks of life andprofessional backgrounds.

At a global level, TMF has a number of initiatives in place
to better support women in the workplace:••
As an employer that supports equal opportunities for all,
we are genuinely concerned with accelerating gender
parity in the workplace.
We push forward and look to make a difference,championing and moulding a diverse working
environment through policies and recruitment initiatives
designed to be gender inclusive and equal, and to foster
an open and friendly climate for all of our employees towork in.

••
••
•

We continuously look to better ourselves as a company– giving both men and women the tools they need tosucceed in their career paths, evolving to adapt to thediverse needs and expectations of today’s modernworkforce.
TMF is proud of our multicultural, global team, inparticular the high-calibre female leaders we haveacross our business. They bring with them different andunique styles of management and operating, to help
create the diversity we need to be a successful business.

A global diversity and inclusion (D&I) lead, with local
D&I leads in each of our markets, to enhance ourability to address D&I topics
A bespoke mentoring program for women, withdedicated cohorts, to support our female talentpipeline
Talent review processes that identify female talent
for succession planning
Training on unconscious bias to help create a fruitfulclimate for equal opportunity
Regular profiling of women in the organisation,highlighting female achievement
Gender is confirmed as a priority topic for D&I
activities
A Women at TMF Yammer community, for debate
and knowledge sharing about women’s experiencesat TMF GroupAngelica Thijssen
Chief HR Officer

Gender Pay Gap Report — TMF UK

3

Message from Ben Fielding
Managing Director, UK and Ireland

Diversity and inclusivity are becoming increasingly
important factors when it comes to positioning
a company and creating an appealing workingenvironment. Building a diverse workforce where all
employees feel comfortable, however they identify,represents a huge plus for companies such as TMF,
where we want to attract and retain the best talent.
Addressing any gender pay gap is one part of creatingthat environment.
I became Managing Director of the UK&I business inJanuary 2021, and identified diversity and inclusion as
an important are of focus. This report and analysis of
the data provide a great opportunity to help us improve
our decision making going forward.
The employee population of the UK part of the businessis 58 per cent female and 42 per cent male. Themanagement team is split across UK and Ireland andcomprises 62.5% women and 37.5% men.
We have now grown to over 250 people in the UK, so thisis the first time we have made our data on gender pay
gap public. Insights from our report include:••••

Our local population is predominantly female: 69 percent.
Our attraction of candidates is well balanced - wemade 86 hires in the year to April 2020, 53 per centbeing female.
Our retention of female leaders is strong and we
successfully retain women in senior roles.
We also look for talent internally throughpromotions. In the year to April 2020, we had a goodbalance, with 44 per cent of all promotions being forwomen.

Our report also highlights some priority areas we wantto address. While our population is majority female, ourmost senior role holders are predominantly male, andthis is reflected in our gender pay gap data.

Exploring the data in more detail, we see that thepopulation of global role holders differs to that of thegeneral UK and local population. Such roles can bebased anywhere globally, and the UK hosts a highproportion of them. We see that there are more men (58per cent) than women (42 per cent) occupying global
positions and, of these, men hold the most senior roles.
At TMF in the UK, we have established actions that
support women in the workplace, such as providing
enhanced maternity pay and supporting global diversity
and inclusion programmes, but we know we can domore.
This year, as part of our return to the office programme(post Covid-19 restrictions), we asked our employees
what they wanted TMF’s return to the office to look like.
They told us they favoured a hybrid approach, and we’ve
committed to that. This gives our staff members, maleand female, greater flexibility to balance their work andhome lives. We’re making job candidates aware of thistoo by sharing our approach to hybrid working in our roleadvertisements, so we can continue to attract a morediverse workforce.
Furthermore, we’ve set up a diversity and inclusioncommittee for the UK, led by me and the local diversityand inclusion leads for this market. One of the strands ofthis committee is gender pay. This group will lead on theactions coming out of this report and report up to the UKcommittee and the Global Diversity and Inclusion Lead.

Ben Fielding
Manging Director, UK & Ireland

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Gender Pay Gap Report — TMF UK

Gender Pay Gap

Reporting explained
The gender pay gap requires all legal entities (of more than 250 employees) to calculate the difference between theaverage (mean and median) earnings of men and women. For TMF Group, this includes TMF Global Services (UK) Ltd.
For the purposes of this report, the data snapshot of employee data was taken on 5 April 2020. The bonus-related data
includes payments effective in the year to date to 5 April 2020.

Gender breakdown by job band
TMF uses job bands (from 1 to Executive Committee) to classify roles by means of level of seniority. Aligned to eachjob band is a market-based pay band range which is used to determine an appropriate salary. A summary of thepopulation of employees, by gender and seniority, is shown below.

Non-Manager

6775%

2225%Total

Management
responsibilities

8054%
46%

68

154112

FemaleSenior Management /Leadership

Exec7Male28%

1872%

00%

4100%

42%

58%

FemaleMaleGender Pay Gap Report — TMF UK

5Calculating the percentage of men andwomen in each hourly pay quarter
Q1

Q2

Q3

Q4

78%

52
1522%

47
1773%
27%

3856%

30

1744%

25%

5075%

FemaleThe data shows that while there are more women
employed at TMF UK, there is a significant trend of
women being paid more in the lower three quartiles,
with men dominant in the upper quartile. Thiscorresponds with there being more men in moresenior positions who are likely to receive a higher
rate of hourly pay, and therefore be in the upperquartile. Further analysis is required to explore
comparable roles within job bands to gain a deeper
insight into the causes.

Male

Calculating the mean (average) gender pay
gap using hourly pay
Gender pay gap %: Female vs Male
Q1-4%

Q2-6%

Q3

3%

Q415%

There is an identifiable gap in terms of averagehourly pay between men and women, with womenbeing paid more in the lower three quartiles and asignificant (15%) weight towards men in the upper
quartile. Again, this reflects TMF’s population ofmen holding more of the senior roles compared towomen.

6Gender Pay Gap Report — TMF UK

Calculating the percentage of men andwomen receiving bonus pay

The bonus data in this report mainly relates to adiscreet performance-based scheme, in which
eligibility is dependent on the role held and payment
based on performance. Of the employees who werepaid bonuses, 18 UK employees were paid under
this scheme. Five of these were female and 13 weremale.

All headcount154112

FemaleMale

6.5%

There are also ad-hoc payments for schemes suchas ‘Win-Together’, which is a payment for teams
rather than individuals, and a referral bonus for newhires. 80% of such payments were paid to women.

Calculating the mean (average) gender
pay gap using bonus pay

Average pay gap
male vs. female:

85%

22.3%

% (wo)men receiving bonus pay / total (wo)men

Calculating the median gender pay gap
using bonus pay

Median gender pay gap
using bonus pay:77%

Gender Pay Gap Report — TMF UK

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Our commitment to being aninclusive and diverse employer
Action Plan
To help address our gender pay gap, we are initiating a number of measures, for the short term and longer term. Key toaddressing the gap is having a detailed understanding of the causes of our gender pay gap and, therefore, the areas ofpriority.

1

Continue to analyse the gender pay gap data in more detail to explore comparisons within job bands
and levels of seniority with gender.

2

We have set up a D&I action group within the UK, with a working group focused on gender pay. This
group will take forward the actions coming out of this report and will be accountable to the UK D&I
Committee and the Global D&I Lead. We will share the available data with this action group.

3

Monitor the gender pay gap as part of business as usual, bringing awareness to key pay decision
makers in the UK and at a global level.

4

Review the governance of pay decision making (who makes pay decisions) and the reference data used
(gender pay gap data), to ensure better-informed decisions that address gender pay gaps.

5

Explore local versus group data to identify trends and influences, working with group pay decision
makers to bring their attention to this report and these data.

6A new global approach to the pay review process, with a more structured approach, using data toaddress pay gaps, including gender-related pay gaps.

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