Pfizer Inc. (NYSE:PFE) stated today that, for the third year in a row, a recognized compensation expert confirmed equitable pay practices for employees at Pfizer.
The study assessed pay for gender worldwide and for minorities in the United States based on compensation data, including base pay, merit increases and bonuses. The study measured the difference between similar groups of employees when adjusting for factors such as role, grade, job level, experience, and location.
The results indicate that Pfizer compensates female colleagues greater than 99% (99.4%; up from 99.3% in 2020) of what male colleagues are paid across the globe. Additionally, in the United States, minorities are paid at dollar for dollar parity (100% in 2021; up from 99.8% in 2020) of the pay of non- minorities. This is the first time since Pfizer started analyzing its pay practices that the company has achieved 100% U.S. parity with respect to race. Colleagues whose pay is determined by a collective bargaining agreement were not included in the study. Pfizer’s Executive Leadership Team was included in this analysis.
For the second consecutive year, Pfizer is also releasing median pay gaps for women globally and minorities in the United States. Median pay gaps measure the difference between the middle-paid employee from one group against the other and generally reflect representation across organizational levels. For example, if one group is heavily represented in lower paid roles, the median pay for this group will be lower.
Pfizer’s median pay for women globally is 100.2% (up from 99.6% in 2020) of the median pay of males, and the median pay for minorities in the United States is 85.5% (which is aligned to 2020’s result of 85.7%) of the median pay for non-minorities. The existence of a median pay gap signifies a need to increase representation in senior roles. The company expects the gaps to narrow as it continues to make progress with increasing representation of minorities in senior -level roles.
Pfizer’s 2025 Opportunity Parity goals represent the company’s commitment to increasing representation of women and minorities at senior -level positions of the organization. Progress made from June 2019 to December 2021 towards different aspects of its 2025 Opportunity Parity Goals are highlighted below.
|2025 Opportunity Parity Goal||To Date (Through 2021)|
|By 2025, Pfizer aims to achieve global workforce parity of 47% for women at the Vice President (VP) level and above.||VP+ Female representation has increased to 42% in 2021 from 33% in 2019.Global female representation has increased at all global job levels from 2019 – 2021.|
|By 2025, Pfizer aims to achieve parity at the VP+ level for U.S. minorities by increasing its minority representation|
from 19% to 32%.
|VP+ U.S. Minority representation has increased to 25% in 2021 from 19% in 2019.U.S. Minority representation has increased at all job levels from 2019 – 2021.|
“We believe that pay equity and opportunity parity across gender and race are foundational to continue to make Pfizer an amazing place to work for all colleagues and creating a culture where our Equity value is a reality,” said Payal Sahni Becher, Executive Vice President, Chief People Experience Officer, Pfizer. “While the results from our efforts show that we remain on track to meeting our 2025 Opportunity Parity goals, we still have work to do. We will continue to advance our important efforts in pay equity and opportunity parity in support of greater diversity, equity and inclusion. ”
About Pfizer: Breakthroughs That Change Patients’ Lives
At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products, including innovative medicines and vaccines. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world’s premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 170 years, we have worked to make a difference for all who rely on us.