Currys : Gender Pay Report 2022

Gender Pay

Report 2022

We help everyone enjoy amazing technology.

Currys

Currys Group Limited (previously DSG Retail Ltd)

Currys Retail Limited (previously The Carphone Warehouse Ltd)

*As measured by our engagement partners, Glint

Introduction.

Inclusion and Diversity matters deeply to me. It's obviously the right thing to do as a member of our society, but it's also the right thing to do as a business. After all, our Vision is to help 'everyone' enjoy amazing technology. And to achieve that, we've got to be for 'everyone' ourselves, and make sure our colleagues reflect our customers and communities.

Once again, we're reporting on the progress we've made during a unique period of time in the workplace. The ongoing disruption caused by the pandemic makes it tricky to make direct comparisons between this year's data and last. But even in these times, we know we're making progress in creating an even more inclusive and diverse culture.

Our colleagues are our magic ingredient and together, we're making this an ever-better place to work. I say that with confidence because, despite the challenges brought about by the pandemic, our latest colleague engagement survey shows that when it comes to engagement, we're bucking the global trend. We're now two points above the external global benchmark and four points above the external retail benchmark*.

And now, as one team and one business, united by one brand - Currys - we're better positioned than ever before to bring our vision to life. When we come together amazing things happen. It's that energy and determination that make our diverse colleagues amazing and help us keep more customers for life.

Our annual Gender Pay report provides us with a great opportunity to reflect on the progress we have made to create an even more diverse and inclusive culture. And, like Alex, I believe there's a lot to celebrate.

I'm really pleased to see that despite the challenges of accurately measuring pay/bonus data during a period where 39% colleagues were furloughed, our median pay gap remains well below the national average. Throughout this pandemic, we have continued to invest in our colleagues and build a diverse and inclusive place to work where everyone can thrive. For example, we've:

• • engaged with thousands of colleagues through inclusion campaigns.

• • listened and responded to colleague feedback that inspired the creation of a new Equality, Inclusion & Diversity Dignity at Work Policy.

• • continued to invest in colleague and manager capability with new learning modules designed to increase awareness and understanding and help managers create a more inclusive environment.

• • worked even more closely with our existing partners such as 'Everywoman' and 'Business in The Community' to provide access to the knowledge and expertise that is helping us build an inclusive and diverse culture.

• • created new partnerships. We're very proud to say we're a founding member of 'Diversity In Retail' and are currently investing in our internal talent pipelines through participation in their Board Readiness, Ethnic Future Leaders and Senior Women Leadership programmes.

Great progress, but we also know that there's more we can - and need - to do. And we will. As we look to the future, be under no doubt that we will continually strive to find new ways to create a culture where everyone feels that they belong.

Our results explained.

Currys overall results.

The pandemic continues to impact on our reportable pay gap data:

In accordance with UK regulations, we have not included any colleagues who were on furlough leave on 5th April 2021 in our pay gap reporting. The furloughed population represents 39% of our workforce and consists of predominantly store colleagues who are in the lower pay quartiles.

In October 2021 we officially moved to our new brand - Currys - allowing us to unite through one single employer. In April 2021 we still existed as two entities and so are required to report our results as Currys Group Limited (previously DSG Retail Ltd) and Currys Retail Limited (previously The Carphone Warehouse Ltd). As we work towards the same inclusion and diversity objectives, our results as a combined company are shown on this page.

During the equivalent reporting period for last year's report, 60% of our workforce were excluded due to furlough leave and this has led to fluctuations in our results year on year.

Gender Pay & Bonus Gap.

In addition to the impact of the furlough scheme, the landscape of our two legal entities has shifted in the reporting period due to the closure of 500 Carphone Warehouse stores in 2020, resulting in a number of Carphone Warehouse colleagues being redeployed to DSG Retail Ltd or taking redundancy.

Difference between men and women

Mean (average)Median (mid point)

Gender Pay Gap

0.2%

8.2%

Our pay gap has reduced since April 2020

Gender Bonus Gap

27.8%

20.1%

Overall, our median pay gap, at 8.2%, has improved from last year (11.7%) as has our mean pay gap, at 0.2% (4.8% in the prior year). Our median is below the national average of 15.4%*. We believe the median to be a more representative measure of the pay gap as it is not affected by outliers at the top or bottom of the pay range.

Adjusted Bonus Gap

15.9%

8.7%

(FTE)

Across much of our business, we pay a standard rate for each role regardless of gender and this helps in reducing our gap, however we currently have a higher percentage of men in more senior positions. These positions have higher salaries which contribute towards the Gender Pay Gap. This also leads to fewer women represented in the higher pay quartiles.

Fewer colleagues received a bonus overall, but proportionately more women:

Pay Quartiles.

The percentage of colleagues receiving a bonus in the reporting period to April 2021 decreased due to non-payment of an annual bonus to our Corporate and Supply Chain colleagues. 95% of all bonuses paid during this period were made to colleagues in our retail teams. Overall, proportionately more women (67.9%) than men (63.8%) received a bonus.

These charts show our gender pay results as a percentage of men and women arranged into four quartile bands.

The bonus gap is driven by the impact of more women working part time:

Lower Quartile 32.6%

Lower Middle Quartile 26.2%

Year on year our median Gender Bonus Gap decreased from 22.9% to 20.1%, while the mean increased from 25.7% to 27.8%.

It is important to remember that the Gender Bonus Gap calculation, as per guidance, is not adjusted to reflect part-time earnings. While we have a higher proportion of women than men earning a bonus overall, the potential amount of bonus earnings is lower for women on average as 85% of women across our retail teams work part time compared to 71% of men. This then results in a bonus gap, even though our colleagues are paid the same hourly rate and have the same bonus opportunities.

73.8%

The mean and median bonus gaps are also a result of higher pay and bonus opportunities available to senior colleagues, where we have proportionately more men.

FemaleMale

* Office for National Statistics - Annual Survey of Hours and Earnings (ASHE) 2021.

Gender Pay Report | 2022

Currys Retail Limited.

Gender Pay & Bonus Gap.

These charts show our gender pay results as a percentage of men and women employees arranged into four quartile bands.

Pay Quartiles.

Difference between men and women

Gender Pay GapGender Bonus Gap

Lower Quartile

Mean (average)Median (mid point)

6.3% 38.9%

3.1% 15.1%

Lower Middle Quartile

61.7%

45.3%

38.8%

61.9%