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

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 started in 2022, reflects our commitment to transparently sharing information. It also is a tangible representation of holding 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 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 73 percent of the median for men, globally, and median pay for BIPOC employees is 95 percent of the median for white US employees. This review does not account for individual job levels, locations or functions. Instead, it reflects the differences in representation for each group throughout the organization. So, for example, it tells us that the woman paid at the median of all women globally is in a lower paid job than the median man. This reflects the distribution of women and men based on job levels, locations, and functions – not whether they are paid fairly for the role they are performing.

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

• To avoid perpetuating pay discrimination, we do not ask for compensation history or details of current compensation during the recruiting process.
• We include the pay range (the salary that we reasonably expect to pay for the position) for all US-based job opportunities.
• We maintain a structured and transparent job posting process, resulting in the vast majority of managing director and above roles being filled through a competitive process.
• We also established a policy intended to build more objectivity into the promotion process, which requires that all promotions for employees at the assistant vice president and above levels be achieved via a competitive application 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.