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. 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.
Our most recent pay practices review, conducted in March 2021, found that total actual compensation for both women and U.S. employees from underrepresented ethnic/racial backgrounds is, on average, more than 100% of their respective counterparts. This analysis was adjusted for certain factors, including geography, level and job.
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 data for equal pay, and now are pleased to share our median pay. To support understanding of the differences, please see the following definitions:
Equal pay is about paying employees, regardless of gender or race/ethnicity, comparably for doing the same/similar work. BNY Mellon conducts ongoing and consistent reviews of pay levels across all comparable roles in the business to ensure men, women and employees from underrepresented racial/ethnic backgrounds are paid equally to their counterparts for doing jobs that require similar levels of experience and skill. Pay in this analysis is statistically adjusted for certain factors, including job level, geography and job function.
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.) In this analysis, pay is unadjusted, meaning that we do not statistically adjust for any factors like job, geography or job level.
In 2020, BNY Mellon’s unadjusted global median pay for women was 91.3% of the unadjusted global median pay for men and is slightly improved from the prior year when the unadjusted global median pay for women relative to men was 90.7%.
In 2020, BNY Mellon’s unadjusted US median pay for racially underrepresented employees was 91.7% of the unadjusted median pay for other employees, improving from 87.0% in 2019.
For more information about diversity, equity and inclusion at BNY Mellon, please visit us at www.bnymellon.com/diversity.