Savills reveals circa 20% ethnicity pay gap
Savills has revealed a mean hourly ethnic pay gap of 19.59% as it publishes its first ethnicity pay gap report.
The agent has become the latest in a small but growing list of real estate firms that is choosing to voluntarily publish their ethnicity pay gaps.
Colliers announced a mean pay gap of 20.4% earlier this month, JLL a gap of 16.3% in September, Cushman & Wakefield a mean gap of 29.4% in March last year, and CBRE a mean gap of 15.44% in July 2020.
Savills has revealed a mean hourly ethnic pay gap of 19.59% as it publishes its first ethnicity pay gap report.
The agent has become the latest in a small but growing list of real estate firms that is choosing to voluntarily publish their ethnicity pay gaps.
Colliers announced a mean pay gap of 20.4% earlier this month, JLL a gap of 16.3% in September, Cushman & Wakefield a mean gap of 29.4% in March last year, and CBRE a mean gap of 15.44% in July 2020.
Savills’ report also shows a mean bonus pay gap of 56.84% and that just 3.83% of minority ethnic staff are employed in its upper pay quartile. The largest percentage (12.41%) of ethnic minority staff are in the lower middle quartile.
Savills UK managing director Richard Rees said: “This is our first ethnicity pay gap report and the figures that we have published this week show we still have a lot of work to do to address the representation of minority ethnic employees at Savills, especially at senior levels. We are at the early stages of our journey and are developing strong foundations on which we can grow into a more diverse and inclusive organisation.”
The firm said it was undertaking a number of initiatives to try to close the gap, including increasing the diversity of applicants through the engagement of specialist recruitment platforms and requiring retained agencies to provide a shortlist of diversified candidates, building a long-term pipeline of business leaders through its graduate and apprentice schemes, removing entry barriers and providing application coaching sessions, providing structured leadership and management training programmes, and delivering reverse mentoring for UK board members and staff.
“We are continually reviewing these so we can successfully close the ethnicity pay gap and create an environment to allow every member of the Savills family to be the best they can be,” added Rees.
Click here to read the report in full >>
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