Diversity, equity and inclusion are values interwoven into our company’s purpose and culture, and these values inform our compensation principles. To that end, pay equity is a priority.
At BNY Mellon, we are committed to providing equal pay for equal work (pay equity). We periodically conduct pay practice reviews to assess, globally, how women are paid compared to men and, in the U.S., how employees from underrepresented ethnic/racial backgrounds are paid compared to their white counterparts for doing the same/similar work. In this adjusted median pay gap analysis, we account for legitimate factors, including geography, level and job.
Our most recent pay practices review based on 2021 total compensation data (which includes incentive compensation paid in early 2022) found that compensation for both women globally and U.S. employees from underrepresented ethnic/racial backgrounds, are on average,100% of their respective counterparts.
We are continuing our periodic pay practice reviews and will make any adjustments, as appropriate, to continue to pay our employees equitably.
We have historically shared adjusted pay gap data and last year began to share our unadjusted/median pay data, which we are pleased to share again. In this analysis, pay is unadjusted, meaning that we do not adjust pay for any factors like job, geography or job level.
Unadjusted/median pay compares the 50th percentile of pay of the defined group (women or racial/ethnic group) against the 50th percentile of pay for the comparison group (men or majority group). The median pay of each population is calculated by ordering all employee compensation from largest to smallest and drawing a line in the middle such that 50% of employees are on either side of the line.
Based on 2021 total compensation data, BNY Mellon’s unadjusted global median pay for women was 93.6% of the unadjusted global median pay for men and is improved from the prior year when the unadjusted global median pay for women relative to men was 91.3%.
Based on 2021 total compensation data, BNY Mellon’s unadjusted US median pay for racially underrepresented employees was 95.9% of the unadjusted median pay for other employees, improving from 91.7% in 2020.
For more information about diversity, equity and inclusion at BNY Mellon, please visit us at www.bnymellon.com/diversity.