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:
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.
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.
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:
women campaign – many talented women left financial services due to cultural challenges and TSB is launching a recruitment campaign aimed at attracting them back.
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.
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.
We will talk about gender balance in a
- 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.”
Notes to editors
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
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
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%
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