2024 UK Gender Pay Gap Report Statement

At Magnit, we value diversity in all its dimensions and strive to build a culture where inclusion and belonging are embedded into every part of our organization. Our core value, Value Diversity, reflects our commitment to fairness, equity, and creating an environment where all individuals can thrive—regardless of gender or background. This annual report provides an overview of Magnit’s gender pay gap in the United Kingdom. It is important to start by differentiating between equal pay and the gender pay gap:

• Equal pay ensures that men and women receive the same compensation for the same or similar work.
• The gender pay gap measures the overall difference in earnings between men and women across the organization, regardless of role or level.

Overview of Pay Gaps in 2024

The data presented in this report reflects the gender pay gap for all Magnit employees in the United Kingdom as of 2024. In 2024, women’s mean hourly pay gap is 14% lower, reflecting differences in average earnings between men and women. Although the gender pay gap of Staff employees is greater than Billable employees, the mean hourly pay gap is still influenced by billable employees, whose pay rates are set directly by our clients. A breakdown by employee type is provided below for further insight.

The distribution of men and women across different pay quartiles also plays a significant role. While men remain more concentrated in the upper quartile, a positive shift is seen in the upper middle quartile, where the number of women represented increased by 10%. This progress could contribute to an improvement in a balanced pay distribution by narrowing the overall gap in future reports.

The median hourly pay gap, which assesses the midpoint of all earnings when employees’ wages are lined up from lowest to highest, is now 18% compared to 30% in 2023. A change in the median could be attributed to the significant changes in the number of women represented in the lower, lower-middle, and upper-middle quartiles.

Bonus Pay Analysis

Regarding bonuses, a slightly higher proportion of men (34%) received bonuses than women (31%), a small decline in parity from last year. While women’s average (mean) bonus was 11% lower than men’s, the median bonus for women was actually 23% higher, showing a wider spread in bonus amounts and a positive shift for many women earners.

The data below shows the hourly and bonus pay gaps for all Magnit employees in the UK, followed by the proportion of employees at each level of the organization.

Understanding Our Workforce Composition

Magnit’s workforce includes two distinct groups:

• Staff employees: Permanent employees of Magnit
• Billable workers: Contingent workers placed at client sites, where clients set pay and bonus structures

Understanding these figures requires recognizing Magnit’s unique workforce composition. As a provider of workforce management solutions, we support two key employee groups: our core staff, who are Magnit permanent employees, and our billable workforce, comprised of contingent workers placed at client sites. While we manage administrative aspects, client organizations ultimately determine pay and incentives for billable workers. This distinction significantly impacts our overall gender pay gap analysis.

Magnit remains committed to tracking progress, increasing transparency, and actively supporting initiatives that promote gender equity. We will continue to invest in inclusive hiring practices, development opportunities, and culture-building strategies that ensure all employees, across all levels and roles, can thrive and succeed.

Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of Magnit and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.