This year, we'd like to specifically report on four major axes:
Inclusion and Diversity mean many things for us, from the 82 nationalities that interact in our offices every day, our proportion of women in all management levels to the development of our LGBT+ community. We continue executing our I&D strategy focused on five aspects: engaging our leaders, building common awareness for all, filling our talent pipeline, embedding I&D into our business operations and developing our external footprint. We power this action plan with a systematic data-driven approach, which has enabled us to set priorities—such as the notions of gender balance and inclusiveness—and enable all dimensions of individual characteristics to be accepted, respected and valued. To advance our strategy successfully, we plan to combine actions and work on the pillars in a mutually beneficial manner.
The overall gender pay gap in Luxembourg is less than 5% according to the EU statistics and PwC is a great contributor to that. Our latest gender pay gap analysis performed by a third party resulted in a 0.3% pay difference related to gender only. Nevertheless, results show that the pay gap is not due to gender, but due to the promotion cycle.
Indeed, the talent cycle can be slower for women compared to men, and the proportion of women in our workforce decreases with age, experience, seniority and position. This remains the case despite having designed a workplace where both HR and remuneration policies are proven to be gender equal. The promotion cycle appears as the critical moment where we need to focus our attention with robust processes, real time data and to involve inclusion conscious roles to minimise these differences. It led us to deploy a new dynamic tool that will show in real time the impact of decided promotions and detect or react in due time for our next assessment cycle.
In our 2020 Annual Review, our Be Well, Work Well initiative was introduced, which is a pragmatic and solution-driven programme offering a range of concrete tools, actions and objectives to ensure that wellbeing is implemented in our work culture. We adapted our programme to the specific pandemic situation.
Our commitment to training and professional development is part of our people promise. Future-focused growth and development is one of the five pillars of our New Employment Deal. Our total training hours for the Firm amount to 165,303. This averages to 58 hours per employee per year.