Gender Pay Gap Reporting UK
At Boston Scientific diversity is a core value, and we are dedicated to fostering an inclusive environment where each person has the opportunity to reach their full potential.
Our compensation programmes (“Total Rewards Programs”) help us to attract, motivate and reward our employees. Our programmes include base pay, bonus pay, shares, health and wellness, learning and career development, retirement and other reward and recognition programmes.
At Boston Scientific, providing equal pay for equal work is rooted in our values and essential to attract and retain a diverse and engaged workforce. We are committed to ensuring all compensation decisions are made without bias. For example, we offer consistent compensation programmes that are market-driven; our pay structures and bonus targets are driven by performance and benchmarked against the market. In addition, our annual pay review process is performance-based, ensuring managers set and review compensation in a way that is gender neutral.
We are determined to reduce the gender pay gap and continue to take concrete steps to support the professional development of women at Boston Scientific. The information published on these pages sets out the gender pay gap pertaining to our UK (excluding Northern Ireland) workforce, as required by UK legislation.
Equal pay refers to a legal requirement that male and female employees who are engaged in equal or similar work or work of equal value must receive equal pay and other workplace benefits.
The gender pay gap is a broader measure of the difference in the average earnings of men and women – regardless of the nature of their work – across an organisation, a business sector, an entire industry or the economy as a whole.
How we are addressing gender pay imbalances?
We are confident that men and women are largely paid equally for doing similar jobs as we have undertaken significant global pay equity studies since 2014, and annually since 2016. These studies, conducted by an independent third party, considered factors not required for this legislative disclosure – location, job level, job grade, time with Boston Scientific and time in the role. The analysis of these results shows that there are no statistically significant issues regarding equal pay between men and women for similar jobs in the UK. Should there be issues identified in any future analysis, we have well-established processes in place to address these cases.
The imbalances highlighted by the UK Gender Pay Gap are largely due to the higher number of men being employed in senior, higher paid positions than women.
We are committed to taking action to reduce the structural gap. In 2017, Chairman and CEO Mike Mahoney joined 150 CEOs of the world’s leading companies to sign the CEO Action for Diversity and Inclusion Pledge, the largest CEO-driven business commitment to advance Diversity, Equity and Inclusion in the workplace. Leaders who sign the pledge commit to making their workplaces a trusting environment where complex and sometimes difficult conversations about diversity, equity and inclusion can occur.
It’s hard to be free of an inherent bias, but the first step is to recognise that we each have them, me included.
And then to do something about it.
EVP and President EMEA
In 2020, we launched our ambitious 3Up diversity goals. The goals include increasing the global representation of women to 43% at the supervisor and manager level. Currently this figure stands at 38.1% globally and 37.1% within the Europe, Middle East and Africa (EMEA) region. 3Up will result in many additional diverse hires to drive us closer to creating a more diverse workforce within BSC.
In the UK, as across the company, we have several initiatives in place aimed at encouraging and supporting more women to apply for and succeed in leadership positions. For example,
- Boston Scientific sponsors Employee Resource Groups (ERGs) that foster a diverse and inclusive work environment. The Company sponsors a Women’s Network ERG with more than 22 local chapters around the world. The Women’s Network was developed to attract, develop, inspire and retain female professional talent and enable BSC to be an employer of choice for women. In EMEA, we officially launched our local chapter called “LeadHer”, on International Women’s Day in March 2019. LeadHer provides tools and resources, and sponsors events and activities aimed at supporting the advancement and development of women. LeadHer has a presence in the UK and across nine other countries within the region, with strong support from senior management and currently has 525 active members.
- Managers are trained to improve coaching and development of all employees and our workforce is educated on inclusion. Trainings include mandatory unconscious bias for all UK people managers and employees to help them recognise and minimise bias blind spots and engage in more open and honest conversations with employees.
- The EMEA Diversity and Inclusion Council develops gender strategies for the region.
- A gender-balanced slate of candidates is required for manager positions and above; where at least 50% of candidates should be female where possible.
- Hiring managers and interviewers are asked to refrain from asking about pay history during the hiring process to help mitigate against inherited gender pay inequalities.
- An internal pipeline of female talent is underway through targeted development and succession planning.
The company offers a variety of benefits and services to support life/work integration including sabbaticals, additional vacation, childcare vouchers, and flexible working arrangements, where possible.