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TSB’s Gender Pay Gap 2020

At TSB we are creating a truly inclusive workplace. That means building a diverse and balanced workforce that reflects the customers and communities we serve. And achieving gender balance and addressing the underlying causes of the gender pay gap is a core commitment for TSB.

Understanding TSB’s gender pay gap

As at April 20201 TSB’s median gender pay gap had increased by 0.3% and the mean by 1.8%. This small increase was driven by structural changes to TSB in 2019 and early 2020, including insourcing our technology function.

We’re confident that TSB’s gender pay gap is not an equal 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 to a very large extent by the structure of our workforce. We also regularly analyse and monitor our pay to make sure our male and female colleagues are treated equally.

For TSB, the gender pay gap is impacted by the number of women employed in non-senior management, more junior roles. That’s because TSB employs significantly more women (67%) than men (33%) in non-senior management roles. If the Bank achieved a 50:50 gender mix at non-senior levels, we estimate the mean pay gap could reduce by around 22 percentage points to 11%.

Female representation in senior roles also impacts TSB’s gender pay gap. By the end of 2020, TSB is proud to have increased the number of senior roles held by women to 40%.

TSB paid a flat bonus payment to all colleagues in the year to April 2019, so a direct comparison of the bonus gap is not possible. However, the bonus pay gap was smaller at April 2020 than 2018, a continued decrease from 2017 (-9.6ppts mean, -4.7ppts median 2017 to 2020).

Building diverse teams

Our roadmap to truly diverse teams and gender balance includes:

  • Planning for diverse teams in our organisation design
    • We work with clear principles through our organisation design processes to design roles and structures with diversity in mind
  • Attracting women to TSB
    • We work with our recruitment partners and channels to reach and attract female talent to TSB, including those returning after a period out of the workplace
    • We require gender balanced shortlists for all senior roles
    • We are happy to talk flexible working with all existing and potential colleagues
  • Creating a TSB for everyone through our behaviours, policies and ways of working
    • All managers at TSB will have completed training in inclusive behaviours by the end of 2021
    • We actively support all colleagues with the flexibility they need to manage the restrictions and implications of the current pandemic, and are using these experiences to design future ways of working
    • We continue to review our policies. In 2020 we launched a new Carer’s policy providing up to 70 hours paid leave to support those combining caring responsibilities with work
  • Developing our people to build diverse teams
    • In 2021 we will be partnering with Moving Ahead2 to improve our mentoring and sponsorship programmes
    • We aim to have gender balance on all talent development programmes including: apprenticeships, mentoring programmes and senior talent programmes
    • Our Aspiring Women’s network focuses on mentoring and support for women across TSB

TSB confirms the published gender pay gap reporting is accurate and signed by the Chief Finance Officer, Ralph Coates

1 The snapshot date for companies and charities is 5th April. TSB pays monthly, and hence the reporting period for pay, based on the snapshot date is April 2020. Reporting period for bonus is the 12 months prior (April 2019 – March 2020).
2 Moving Ahead