For the first time, some 9,000 UK companies employing over 250 people had to compulsorily report figures highlighting their gender pay situation by midnight on April 4, 2018.

IBI looked at the figures for the three leading yacht-builders – Fairline Yachts, Princess Yachts International and Sunseeker International.

Note: ‘Mean’ = average level and ‘Median’ = middle level

Princess Yachts International Gender Pay Gap Report 2017

In a statement about its findings, Princess Yachts told IBI: “Princess Yachts has always been committed to creating a working environment that allows every employee, regardless of their gender, to achieve their full potential.”

Difference in hourly rate:

  • Women’s mean hourly rate is 5.8% lower than men’s (In other words, when comparing mean hourly rates, women earn 94p for every £1 that men earn)
  • Women’s median hourly rate is 16.2% lower than men’s. (When comparing median hourly rates, women earn 84p for every £1 that men earn)

Proportion of women in each pay quartile:

  • Top quartile (highest paid) – 4.7% of the top quartile are women and 95.3% men
  • Upper middle quartile – 2.3% of the upper middle quartile are women and 97.7% men
  • Lower middle quartile – 2.5% of the lower middle quartile are women and 97.5% men
  • Lower quartile (lowest paid) – 10.2% of the lower quartile are women and 89.8% men

Who received bonus pay:

  • 18.3% of women and 90.1% of men

Difference in bonus pay:

  • Women’s mean bonus pay is 5.9% lower than men’s
  • Women’s median bonus pay is 15.4% lower than men’s

Antony Sheriff, executive chairman, said about the Gender Pay Gap Report 2017: “As a business we strive to recruit and reward employees based on their suitability for the role, their qualifications and their performance – rather than their gender. We recognise that, alongside the majority of other companies in the marine industry, the majority of our workforce is male, but we continually work hard to review our employment, pay and bonus processes to ensure equality across both gender and pay bands within the business.

“We wholeheartedly welcome the new regulations and see this as an opportunity to further invest in the men and women who work so hard to make this company such a success.”

Fairline Yachts Gender Pay Gap Report 2017

  • Women’s mean hourly rate is 2% higher than men’s and the median rate is 3% lower
  • Top salary quartile has 93% men and 7% women
  • Upper middle salary quartile has 98% men and 2% women
  • Lower middle salary quartile has 100% men and 0% women
  • Lower salary quartile has 92% men and 8% women
  • Women’s bonus pay is 100% lower (mean) and 100% lower (median) than men’s
  • 2% of men and 0% of women received bonus pay

Fairline said in a stataement: “Our success depends on securing the best talent. Gender balance in the workplace is an essential element enabling us to build the best team possible. The increasing complexity of our business demands that we have the right talent in the right place at the right time. Research has proven that companies achieving gender balance, especially at leadership levels, yield more positive results. This issue matters to both men and women and is essential to the fulfilment of our company’s values.”

Sunseeker International Gender Pay Gap Report 2017

Difference in hourly rate:

  • Women’s mean hourly rate is 1.7% higher than men’s. (In other words, when comparing mean hourly rates women earn £1.02 for every £1 that men earn)
  • Women’s median hourly rate is 0.7% higher than men’s. (When comparing median hourly rates women earn £1.01 for every £1 that men earn)

Proportion of women in each pay quartile:

  • Top quartile (highest paid) – 7.5% of the top quartile are women and 92.5% men
  • Upper middle quartile – 3.6% of the upper middle quartile are women and 96.4% men
  • Lower middle quartile –  1.6% of the lower middle quartile are women and 98.4% men
  • Lower quartile (lowest paid) – 8% of the lower quartile are women and 92% men

Who received bonus pay:

  • 89.5% of women and 90.7% of men

Difference in bonus pay:

  • Women’s mean bonus pay is 23.1% higher than men’s
  • Women’s median bonus pay is 62.2% higher than men’s