The annual report of PwC, a professional services giant, reveals that Black, Asian and ethnic minority workers (BAME) that are working in their firm in the United Kingdom earn around 13% less than their white colleagues.
PwC explained that while BAME workers statistically earned less, it could partly be caused by the fact that majority of the said workers were employed in junior and admin roles.
In a report, the firm stated that it had reported the figures in an attempt to “shine the spotlight on ethnicity in the workplace and encourage organisations to take action.”
The group has offices around the world and employs almost around 18,000 people in the United Kingdom. Kevin Ellis, its chairman, stated: “We need to start looking beyond the narrow lens of gender. Otherwise, true workplace diversity won’t be achieved.”
Over the summer, the issue regarding pay gaps has been a hot political potato after the BBC coming under fire when it was disclosed that male presenters were earning well above their female colleagues.
Starting April 2018, firms that are employing more than 250 people will be required to reveal the mean and median bonus gap as well as its mean and median gender pay gap in terms of hourly pay.
They will also have to report the proportion of females and males that are receiving a bonus and the proportion of females and males in each pay quartile.
PwC reported that its BAME pay gap is presently at 12.8% and the BAME bonus gap is at 35.4%.
“The more transparent we are with our diversity and social mobility data, the more we hold ourselves accountable to achieving real change,” Ellis added.
He emphasized that BAME and non-BAME employees were compensated the same for doing equivalent job functions.
“Our priority is to do all we can to retain our junior BAME talent and improve rates of progression to senior management levels,” said Ellis.
“We are also talking to our BAME employees to understand their sense of working at PwC to see if there are any barriers we can address.”
PwC reported record revenues for the year of £3.60bn. However, the firm also said that Brexit had dented profits which had seen senior partners take a pay cut.
Profits fell by 1% to £822m, contributing to an 8% decrease in profits distributed to each of the 953 equity partners of the firm. This brought the average profit per partner down an average of £52,000 resulting to £652,000 per partner.