Update on Citi's Global Pay Equity
By Sara Wechter, Head of Human Resources January 15, 2020 09:00 AM
Citi's work to champion equality is reflected in our decision to be transparent about the results of our pay equity review and our unadjusted or "raw" pay gap.
As a reminder, the pay equity review is a measure of "like for like" – comparing the compensation of women to men and US minorities and non-minorities when adjusting for factors such as job function, level and geography. The raw gap measures the difference in median total compensation when we don't adjust for any factors. The existence of a raw pay gap reflects a need to increase representation of women and US minorities in senior and higher-paying roles.
We looked at both numbers again this year and found that, on an adjusted basis, women globally are paid on average more than 99% of what men are paid at Citi and there was no statistically significant difference in adjusted compensation for US minorities and non-minorities. Following our review, we made appropriate pay adjustments as part of this year's compensation cycle.
This year's raw gap analysis showed that the median pay for women globally is better than 73% of the median for men, up from 71% last year, and that the median pay for US minorities is 94% of the median for non-minorities, up from 93% last year. Continuing to reduce our raw pay gap requires that we make progress on our representation goals – to increase representation at the Assistant Vice President through Managing Director levels to at least 40% for women globally and 8% for Black employees in the US by the end of 2021 – which we are committed to doing.
Our work to address both measures is continuous and the pace of change is likely to vary from year to year. As people come in and out of the firm, as our colleagues are promoted and as market dynamics change, these reviews are important measures of how we're doing on our commitment to pay colleagues equitably for their work and of the progress we're making to increase diversity at more senior levels at Citi.
We are innovating how we recruit and develop talent, are using data more effectively to diagnose our pain points and areas of opportunity and have increased accountability for our representation goals among people managers – all with an eye toward attracting and retaining top-tier talent for Citi and enhancing diversity. But we have much more work to do. I challenge each of us to continue to look for ways to make Citi an even more inclusive and equitable workplace.