18 July 2017

Three simple changes will help the UK build a gender balanced workplace

TSB urges companies to come clean and publish more than just their gender pay data to tackle the imbalance head on

TSB is tackling gender imbalance head-on and calling on the rest of UK business to build a more balanced workforce that lasts for the long term. TSB is making this stand in response to the government requirement introduced this year for all companies with more than 250 staff to publish their gender mean pay gap.

Firstly, companies need to change the way they publish their gender pay data. TSB is calling for change:

1. Businesses must come clean on the reasons for their gender pay gap – companies shouldn’t just report on the figures, they need to identify the root cause. At TSB this means analysing the data to identify the impact pay differences and the composition of our workforce has on our gender pay gap.

2. Companies must act to address the causes of their pay gaps – TSB believes that all businesses should share three signature actions to address the key reasons for the pay gap. At TSB, this means taking steps to ensure gender balance in senior roles.

3. Businesses must be held to account on the progress they are making by reporting annually on those signature actions and include within their report, over time, a rolling five year trend which shows the progress they are making. TSB is committed to doing this.

Secondly, TSB has launched three signature actions to tackle gender balance head-on:

1. Attract more women into financial services and, more specifically, TSB:

  • Returning women campaign – many talented women left financial services due to cultural challenges and TSB is launching a recruitment campaign aimed at attracting them back.
  • Gender balanced shortlists – such shortlists have been used for external recruitment at senior levels for almost two years, helping TSB increase the number of women in senior management roles. This will be extended to all levels in TSB ensuring an equal share of the best possible men and women for the role.

2. We will do more to support gender balanced progression at TSB:

  • Partners for partners – women often find the transition back to work difficult. Programmes which support people during key moments in life help prevent people leaving. That’s why TSB has set up a programme which pairs those going on parental leave with a ‘buddy’ who has been through the same or similar experience.
  • Talent championing – in addition to existing mentoring programmes for Partners, regardless of gender, each Bank Executive Committee member will champion additional female partners from recognised ‘rising stars’. This approach will be used to drive better internal succession planning for women to reach executive roles.

3. We will talk about gender balance in a transparent way:

  • Data alone does not drive change – this is why TSB is going beyond the regulatory requirements to publish data by providing a full analysis of the core drivers for the Bank’s gender pay gap and the actions being taken to tackle them.

TSB has identified a mean gender pay gap of 31%. Analysis of what’s caused that gap has shown that TSB doesn’t have an equal pay issue. The gap is caused by the structure of the workforce with more men in senior management roles and more women in non-senior management roles1. TSB is committed to tackling this imbalance head on.

Helen Rose, Chief Operating Officer and Executive Sponsor for Gender at TSB, says: “This is a really important issue. We welcome this requirement for companies to report their data, because the pace of change by UK business has been far too slow. Companies need to be brave, need to come clean about the issues they face and what they’re doing to fix it. Only then will we build a more balanced UK workforce that lasts for the long term.”

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Notes to editors

TSB does not have a pay gap issue

We are confident that TSB’s gender pay gap is not a pay issue; we know this because our approach to pay is gender neutral by design and our analysis shows that our pay gap is driven by the structure of our workforce. 

Just one percentage point of TSB’s mean pay gap is due to the difference in pay between men and women within each grade. 

The remaining 30 percentage points are a direct result of the make-up of our workforce.  There are two reasons for this:

 

  • TSB has a significantly higher proportion of women (69%) than men (31%) at non-senior management roles
  • TSB has a higher number of men (59%) than women (41%) in our senior management roles.   

We’ve calculated that if TSB achieved a 50:50 gender mix in our non-senior management roles, our mean pay gap would reduce by 23 percentage points to 8%. And if we also had a 50:50 gender mix in our senior management grades our mean pay gap would reduce by a further seven percentage points to one percent.

For more information: See our article and Gender Balance report

TSB has already exceeded the Government’s target of 33% of boards being made up of women and meeting the Hampton-Alexander target for executives and their direct reports to be 33% female. 

About TSB

TSB was built to bring more competition to UK banking and ultimately make banking better for all UK consumers. TSB only serves local customers and local businesses, to help fuel local economies, because communities thriving across Britain is a good thing for all of us.

We have a simple, straightforward and transparent banking model and make clear on our website how we operate and make money. We offer the products and services people tell us they want, with none of the funny stuff people normally associate with traditional banks.

Our five million customers appear to notice: TSB is Britain’s most recommended high street bank and was recently identified as one of the top 10 big companies to work for and a Great Place To Work.

For further information about TSB Bank plc, please visit our website