Pay equity disclosure

Attracting and retaining high-quality talent is critical to State Street’s business success.

State Street has an unwavering commitment to creating a workplace in which our employees feel valued, respected, and engaged. An inclusive workplace where everyone feels a sense of belonging drives value for our clients, employees, shareholders, and communities.

Our commitment to transparency and accountability

At State Street, we believe that pay equity is important to all of our stakeholders, including current and prospective employees, clients, investors, and those in the communities where we live and work. Our annual disclosure, which we first published in 2022, reflects our commitment to transparently sharing information. It also is a tangible representation of how we hold ourselves accountable for attracting and retaining the best talent by creating a workplace where everyone feels valued and respected.
 

Pay equity process

We conduct two analyses as part of our global pay equity process. Our most recent “adjusted” pay gap review¹  found that there is less than one percent difference in pay between (i) men and women, globally, and (ii) BIPOC²  employees and white employees in the US when we account for similar roles.

We also conducted a global “unadjusted” pay gap review, which found that median pay for women is 78 percent of the median for men, globally, and median pay for BIPOC employees is 94 percent of the median for white US employees. This measure is influenced by workforce composition, including the relative representation of women and men across job levels, roles, locations and functions. Because compensation varies significantly by job level and role, differences in representation across higher- and lower-paid roles can affect the overall median pay comparison. As a result, the unadjusted gap provides a view into workforce representation and career progression patterns across the organization, while the adjusted gap helps assess whether employees in comparable roles are paid equitably.

We will continue to monitor pay outcomes and remain committed to attracting and retaining the best talent. Some of the ways by which we achieve this are as follows:

Hiring, mobility and promotion

• We do not ask for compensation history or details of current compensation during the recruiting process to avoid perpetuating pay discrimination.
• We include the pay range (the salary that we reasonably expect to pay for the position) for all US-based job opportunities and continue to expand pay transparency practices to other countries.
• We prioritize internal mobility through our internal talent marketplace, promoting available internal opportunities and matching employees to open roles based on skills, resulting in approximately 50 percent of open roles being filled by internal candidates.
• We maintain a structured and transparent job posting process and require that all promotions to vice president and above roles be achieved via a competitive application process to build more objectivity into the promotion process.
  

Training
We train managers responsible for making compensation decisions to do so on a fair and consistent basis. All employees receive regular training about the importance of State Street’s policies of fostering an inclusive environment and against discrimination in the workplace, and we offer a wide range of voluntary training and learning opportunities that explore recognizing and avoiding unconscious bias and further maintaining and strengthening our inclusive culture.

Benefits
Because we know that parents and other caregivers face barriers to career advancement as they manage the demands of their personal and professional lives, we offer family-friendly benefits including parental and caregiver support benefits, and family formation benefits, like fertility and adoption/surrogacy reimbursements.

Contact us to learn more about our commitment to attracting and retaining the best talent.