Target Group has reported its lowest ever gender pay gap, with the figure falling to 18.34% as the firm continues efforts to improve representation and pay parity.
The Newport-based provider of digital transformation, software and business process outsourcing said the mean gender pay gap has reduced again from 19.58% last year, continuing a downward trend from around 29% almost two years ago.
The latest figure places Target Group well below the wider UK finance and insurance sector, where the gender pay gap typically ranges between 27% and 30%. Across the sector, women earn roughly 78p for every £1 earned by men.
The business has also increased female representation across senior roles. Women now account for 42% of senior leaders at Target Group, up from 30% in 2020.
Internal career progression has also contributed to the shift, with women accounting for 65% of all internal promotions within the business during 2025.
The company said it continues to invest in initiatives aimed at improving gender equality across the organisation, including women’s networks, mentoring and professional development programmes designed to increase confidence, capability and visibility.
Target Group has set a long-term ambition to close the gender pay gap entirely by 2030.
Melanie Spencer, growth director at Target, said: “Across Target, tremendous progress continues to be made in improving representation, progression and opportunity. Closing the gender pay gap to a record low is real proof of this.
“Our longevity and success as a business and our longstanding partnerships with major financial institutions is undoubtedly down to the skills and expertise of our talented team.
“Our ability to deliver the cutting-edge capabilities and high levels of service we are known for relies on us attracting and retaining great talent, which is why it is so important that we continue to recognise and reward all employees fairly.”
Gareth Roach, chief people officer at Target, added: “Over the last couple of years, we’ve focused on building balanced teams at every level of the business rather than chasing quick wins.
“The consistent reduction in the pay gap over three reporting cycles shows this long-term approach is clearly working. While we are really proud of how far we have come, we know there’s still more we want to achieve.
“We have very clear priorities to expand development, mentoring and leadership opportunities for women, while continuing to strengthen our inclusive hiring and promotion practices. We want to continue building a supportive and flexible culture for everyone – setting clear goals and staying transparent about our progress.
“The success we are seeing in closing the gender pay gap is down to the effort and commitment of teams right across Target, and I thank everyone.”
