Investment consultancy Redington has revealed a number of initiatives it carried out to close its gender pay gap within a year, moving from 21.6% to 0.2%.
From April 2018, it became compulsory for firms with more than 250 employees to disclose their gender pay gap and financial services was revealed to have the highest pay gap of any sector.
The industry average of 26.2%, although some asset managers this year revealed pay gaps as high as 49%.
To move its gender pay gap from 21.6% to 0.2% Redington made several changes including launching a return to work programme, widening its recruitment pool and hiring school leavers and graduates with non-financial themed degrees.
The return to work programme, launched in partnership with The Return Hub, helps female professionals back into the workplace after a career break.
Four out of five women hired by the firm in the first year of the scheme have gone on to have full-time roles at Redington.
It was such a success, Redington has since expanded the scheme to include ex-military personnel.
Lastly, the organisation has changed its remuneration process to remove unconscious bias when deciding bonuses and pay rises.
Mitesh Sheth, chief executive of Redington, said he wanted to ensure the firm was giving staff equal opportunities, which he felt led to better decisions and better understanding of clients.
"When I became CEO two years ago I wanted to lead a company that was inclusive, diverse and fair. As part of that, we thought it was incredibly important to close the gender pay gap and remove any unconscious bias we had within the firm.
"This is not about positive discrimination; it is about making sure both women and men have an equal opportunity here at Redington," he commented.
"Not only do I believe this the right thing to do, I also think it will help us make better decisions and allows us to better represent and understand our clients.
"While we are incredibly proud of the huge progress we have taken over the past year, we are continually striving for better. We are still on a journey to ensure full equality across all diversities, eliminating biases and prejudices that may influence that.
"We are not there yet but we will keep looking to improve until we are."
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