Pay equity is key to hiring and retaining top-tier, diverse talent and rewarding performance consistent with our Leadership Standards. We rely on our people to succeed in the digital era. To foster an equitable culture, we continuously evaluate market conditions and rigorously review pay recommendations across the firm as part of our annual compensation process each year.
In recent years, we’ve expanded on those efforts to assess pay at Citi when comparing women to men and U.S. minorities to non-minorities. Beginning in the United States, the United Kingdom and Germany, we conducted an analysis focusing on a number of factors including job function, job level and geography. We found that women are paid on average 99% of what men are paid, and minorities are paid on average 99% of what non-minorities are paid.
During compensation cycles, we are making appropriate increases to help close the gaps for both women and U.S. minorities.
We will also continue to adjust compensation for other individuals where the analysis determined increases are warranted. We are committed to continuing to review compensation for pay equity and will continue this analysis in all other countries and jurisdictions where our employees work.
Pay equity is an imperative. Data consistently points to a pay gap among men and women, and minorities and non-minorities employees, across industries. At Citi, our continuing focus on pay equity brings us closer to being the employer of choice for individuals of diverse backgrounds.
An Update on our 2022 Pay Equity Results
Citi’s 2022 results 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 U.S. minorities and non-minorities. Following the review, appropriate pay adjustments were made as part of Citi’s 2022 compensation cycle. Citi’s 2022 raw gap analysis showed that the median pay for women globally is more than 77% of the median for men, up from 74% in 2020 and 73% in 2019; the median pay for U.S. minorities was more than 97% of the median for non-minorities, which is up from 96% in 2021, and 94% in 2020 and 2019. By increasing representation of women and U.S. minorities in higher-compensated roles, we can continue to work toward closing the raw pay gaps.
While there’s been progress, we know there is more work to be done, and we continue to evolve our businesses practices to close the pay gap. Some of these efforts include working with our inclusion networks to strengthen our talent pipelines, providing internal mobility opportunities for our colleagues, expanding salary structures and bonus guidelines, and continuing to evaluate our compensation programs globally. We’re committed to driving transparency and industry-leading practices around pay equity, and we’ll continue to disclose our progress annually through our ESG reporting.
Source: citigroup.com
