At Baxi Heating UK Ltd, part of the BDR Thermea Group, we are committed to our values every day. We are working together to create an environment at work that is fully inclusive for our colleagues, customers, and the communities in which we serve.
One element of achieving the above is a continued focus on reducing the pay gap between men and women. We have made significant progress over the last 5 years, with mean pay reducing from 21.5% to 7.3% during that period and a reduction from 14.3% to 7.3% in the last year alone.
One of our challenges was the number of women in senior management positions, and this reporting year we have seen that change by 30%. We have 35% of our senior management positions are now women, which is in line with the BDR Group’s aspiration of 35% of women in key positions. We have also seen that women's and men's bonus payments are now aligned and due to the increase of women in senior roles, 61.6% of women were awarded a bonus in 2021/2022 versus 34.8% in 2020/2021.
We know that businesses that have a diverse senior management team perform better than those that don't and by continued focus and succession planning we will continue to broaden the management team so that it is representative of the society we live in.
Attracting, developing, nurturing, and retaining talented women is important to us as a business. Recruitment is undoubtedly a vital part of improving gender representation within middle and senior management. We now include multiple women in shortlists for recruitment and aim to shortlist mixed gender qualified candidates. We have made significant inroads to advertising more roles directly on social media platforms such as LinkedIn to encourage a wider audience for vacancies and a more diverse talent pool.
But recruitment is only one element. We also need to look internally, and make sure we’re creating the right environment to nurture and develop talented women who are already employed by Baxi Heating UK Ltd.
Some of the ways we can do that is to create a pipeline of future leaders and role models for the women in our workforce and in 2023 we are delighted to say that we are a founding member of the 'Construction Industry Campaign' to support more women to join and have a career within construction.
We have also completed an equal pay audit to identify where men and women are doing equal work and addressed any differentials as part of this exercise. We have also reviewed some of our lowest graded positions and have plans to evaluate these against our external benchmarks in 2023 and look to address pay as part of that activity.
Our previous profit related bonus scheme lapsed during 2021 but a new company wide employee bonus scheme was launched for 2022 with the intention to share in the collective success of the business and to recognise exceptional performance, as well as helping us to attract and retain talented and diverse staff.