Diversity, equality, and inclusion are things that we hold dear at Nokia. We have taken many steps to make them a reality in our workplace and have made meaningful progress. Today, I am extremely pleased to announce another step forward: closing the unexplained pay gap.
In almost all walks of life, including the technology sector, too many women are paid less than men. Nokia is not immune to this reality. A recent pay equity analysis we conducted with Mercer, a consulting firm with deep expertise in human resources issues, found a small but statistically significant ‘unexplained pay gap’ in the company – a gap that cannot be explained by factors that drive pay at Nokia, such as performance, experience, job grade, or location.
This is wrong. So, I have authorized a special budget to address our unexplained pay gap this year – in fact by July 1. The clear majority of the beneficiaries will be women. But we have also uncovered some unexplained pay gaps for men, and these cases will be fixed as well. In addition, we plan to hold annual pay equity reviews to ensure that the gaps that we close, stay closed.
The special budget that we are devoting to closing this gap is not insignificant. It will cost us. But the cost of inaction would be far higher. It would hurt our ability to attract and retain great people and to bring the diverse perspectives needed to ensure the success of our business. It would also not be consistent with our values. Doing what is right is not always easy, but that does not change the fact that it is right. And, right is what we will do.
That is why we will not stop with unexplained pay gaps. We will carry on fighting for inclusivity and diversity across every part of our company. We owe it to our current and future employees, of whatever gender or any other identity, to drive change and, where possible, to lead the entire technology industry. And that is exactly what we will do.
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