Key Pay Equity Commitment
Building a fair pay structure.
Key is committed to pay equity across our entire workforce. As of February 2022 at Key, women earn on average more than 99% of what their male teammates earn, and people of color earn on average more than 99% of what their white teammates earn, after taking into account an employee’s job. Our analysis is based on total compensation (base salary and all discretionary incentives) covering all teammates eligible for discretionary incentive, other than our Executive Leadership Team whose pay is set by our Board of Directors.
Moving forward we will report our pay parity measures annually and will continue to evolve our disclosure as the landscape develops.
How we support pay equity
Key’s commitment to pay equity is foundational to our culture, which is supported through our policies and practices in the following ways:
- We maintain a formal compensation structure to establish pay on the basis of objective factors, including external market survey data, required education and experience. We regularly review this structure in light of market trends and internal equity.
- We have a pay-for-performance philosophy in which pay decisions are based on the assessment of individual performance, business unit performance and the performance of Key. These decisions also consider performance against risk expectations and whether an employee has exhibited behaviors consistent with our values.
- As part of our year-end compensation process, we complete a pay practice review by race/ethnicity and gender to make sure pay and performance are aligned.If disparities are found, adjustments are made as warranted.
- In compliance with various state and local laws and as part of Key’s long-standing commitment to equal employment opportunity, we do not seek current base compensation information from applicants, regardless of location, or consider an applicant’s compensation history when formulating an offer. Key also provides salary range information when requested by applicants, supporting greater pay transparency during the hiring process, and further enhancing practices that support pay equity and fairness.
- We continually assess and enhance our practices and engage third-party partners to consult on our pay equity analysis and practices as needed. The framework used to analyze pay discrepancies has been in place for more than 10 years, but it has evolved over time to become even more comprehensive. As a result, we believe our practices are an effective control to monitor and address pay inequities.
Consistent with our long-standing commitment to diversity, equity and inclusion, in 2021, Key is publicly committed to increase people of color representation in senior leadership and executive roles by 25% by 2025, and 50% by 2030. These targets are not quotas, but Board-approved continuous improvement measures, as we work to raise the bar not only for ourselves, but for the financial services industry as a whole.