UK companies with 250 or more employees are legally required to calculate and report their gender pay gap figures and this is the seventh year of mandatory reporting. Our data covers all UK employees of McKinsey & Company, including Partners and Senior Partners.
The gender pay gap is the difference in the average hourly wage of all men and women across a workforce. It is not the same as unequal pay (paying men and women differently for performing the same work). Within our firm, men and women with the same performance and experience in equivalent roles are paid equally.
2023 figures
This year our mean (average) hourly pay gap is 25.8%, which is lower than 2022 by 6.4%. Analysis suggests that the decrease in the mean pay gap has been largely driven by new joiners.
The reduction in gap from 2022 has also been due to the significant increase in employee numbers in the more junior grades.
Proportion of employees who received bonus pay:
Male 94.0%
Female 93.4%
2023 pay quartiles
| Quartile | Male | Female |
| Upper | 71.2% | 28.8% |
| Upper middle | 51.6% | 48.4% |
| Lower middle | 49.7% | 50.3% |
| Lower | 38.8% | 61.2% |
Looking ahead
Although we are pleased to see the reduction in our mean pay gap, we know we have more work to do. Closing the gap takes time and achieving gender parity remains a top priority. Our research has consistently demonstrated the performance benefits of a diverse workforce. We know that being open to different perspectives helps us to better understand and support our clients, innovate, and manage risk.
A core part of our approach is parity in recruiting. 50% of our recruits into the UK office in 2023 were women, reflecting our ongoing commitment to attract new talented women to the firm.
We also remain fully committed to developing and retaining talented women. Based on our own data, we seek to support women at every step of their career journey – particularly at key inflection points. We are working to scale the programmes and initiatives that have proven successful and are also innovating new approaches.
As with last year, we continue to support new parents, including our programme to enable colleagues to successfully transition back to work after parental leave. We continue to raise awareness of perimenopause and menopause support in the workplace. And through our affinity networks and communities we are exploring intersectional identities and experiences as we seek to enable every member of our diverse community of women to thrive.
I confirm the data reported is accurate.
Dianna Herrmann
(Director of People, UK, Ireland and Israel)
