Outokumpu first in the stainless steel industry as a certified Fair Pay Workplace
Outokumpu Oyj
Press release
March 8, 2024 at 12.00 am EEST
Outokumpu first in the stainless steel industry as a certified Fair Pay Workplace
Outokumpu, the global leader in sustainable stainless steel, has been certified by Fair Pay Workplace (FPW) for its efforts to create sustainable fair pay across the company – employing 8,500 people in almost 30 countries. Outokumpu has high ambition on diversity, equity, and inclusion, and is committed to full equality in compensation.
At the end of 2023, women in Outokumpu earned 0.986 EUR for every 1 EUR earned by men (a gap of 1,4%), up from 0.97 EUR in 2022. These numbers consider the compensation from similar job positions, qualifications, and experience. Without taking these explanatory factors into account, women earned 1.13 EUR for 1 EUR earned by men on average. This reflects the structural differences in gender by type of job – men dominate the labor force at the mills while the proportion of women is higher in office jobs. As a comparison, the overall gender pay gap in the EU was 12.7% in 2022*. Outokumpu is the first in the stainless steel industry and one of the very few companies in Europe to receive the official verification by FPW.
“Pay equity is an integral part of Outokumpu’s diversity, equity and inclusion targets defined in 2022 and approved by the Outokumpu Board of Directors. We have invested in pay equity for many years and have worked with FPW to review and independently verify the impact of our efforts to achieve true equal pay between genders. Now we have reached a point where we can guarantee systematic and transparent measurement and action to ensure pay equity today and in the future. Pay equity is not a one-time fix, but we must constantly monitor it in order not to drift back towards the inequities still prevailing in our labor markets. We are extremely proud to be Fair Pay Workplace certified – however, not forgetting the further work still to be done,” says Johann Steiner, Executive Vice President for Sustainability, People and Communications at Outokumpu.
Fair Pay Workplace certification is based upon a transparent and trusted set of rules and standards of measurement, built by leading independent industry experts across academia, law, and business, to differentiate organizations dedicated to meaningful pay equity. FPW certification program partners with the world's leading companies across industries on their journey to achieve equal pay for equal work, attract and retain the best talent, and build an equitable future for all.
“All employees deserve to have a fair and equitable experience at work, and we know equitable pay is a central part of the mission. The certification serves as tangible evidence of our dedication to fostering an environment where everyone is treated equally and is provided with the opportunity to thrive. The annual re-certification is also a promise to be consistent with our efforts over time”, Steiner continues.
*) Eurostat gender pay gap statistics
Read more on Outokumpu’s commitment to diversity, equity and inclusion from our Annual Report 2023
More information:
Päivi Allenius, SVP – Communications and Brand, tel. +358 40 753 7374 or Outokumpu media phone +358 40 351 9840, e-mail media(at)outokumpu.com
Outokumpu Oyj
About Fair Pay Workplace
Launched in 2020, Fair Pay Workplace, backed by Syndio technology platform, certifies organizations that comply with a set of pay equity rules and standards set forth by an alliance of experts from forward-thinking corporations, academia, human resources, and the legal field. Visit Fair Pay Workplace to learn more.
Outokumpu is the global leader in stainless steel. The foundation of our business is our ability to tailor stainless steel into any form and for almost any purpose. Stainless steel is sustainable, durable and designed to last forever. Our customers use it to create civilization’s basic structures and its most famous landmarks as well as products for households and various industries. Outokumpu employs approximately 8,500 professionals in close to 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq Helsinki. www.outokumpu.com
