Pay equity disclosure
Our employees are key to our long-term performance. They drive our strategy, innovate better ways to serve our clients and act as custodians of our reputation. We believe that an inclusive and diverse culture where all employees feel valued, engaged and empowered makes State Street a more desirable place to work, and helps us to attract key talent and retain employees as they grow in their careers.
Our commitment to transparency and accountability
As part of our commitment to transparency and accountability, we have disclosed information about our pay equity process and results annually since 2022.
How we promote pay equity
Our annual Pay Equity Review process compares pay between “like-for-like” roles, adjusting for factors such as job level, location and job function that make one role different from another (the “adjusted pay gap”).
Our most recent Pay Equity Review process1, completed in April 2024, found that there is less than one percent difference between (i) men and women, globally, and between (ii) BIPOC2 employees and white employees in the US.
Our Median Pay Gap
We also conduct a global Median Pay Gap Analysis, which measures differences in the median pay across our employee base, without adjusting for factors designed to create a like-for-like comparison (the “unadjusted” pay gap).
Our most recent Median Pay Gap Analysis found that the median pay for women is 74 percent of the median for men, globally, and the median pay for BIPOC employees is 95 percent of the median for white US employees.
Hiring and promotion
- To avoid perpetuating pay discrimination, we do not ask for compensation history or details of current compensation during the recruiting process.
- In a further step in the evolution of our pay practices to advance our pay equity efforts, beginning in early 2023, we included the pay range (the salary that we reasonably expect to pay for the position) for all US-based job opportunities posted in both internal and external job postings, and are working toward expanding this practice globally.
- And in late 2023, we established a policy intended to build more objectivity into the promotion process, which requires that all promotions for employees at the AVP+ level will be achieved via the job posting process throughout the year, meaning that all promotions at these levels will now be achieved through a competitive application process.
Training
- We make training available to all employees on recognizing unconscious bias and maintaining and strengthening an inclusive culture. We also provide training to all managers on making fair and consistent compensation decisions, and developing and applying inclusive management behaviors.
Benefits
- We offer parental and caretaker support benefits that provide aid through life’s important events, because we know that parents and other caretakers face barriers to career advancement as they manage the demands of their personal and professional lives.
Contact us to find out more about our commitment to global inclusion and diversity, and to developing our people.