TSB’s Pay Gap 2022

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 2022 TSB’s mean gender pay gap had decreased by 2.3% to 29.5% and the median had reduced by 1.9% to 23.7%. TSB's pay gap is predominantly driven by the make-up of our workforce where overall in April 2022 63% of all colleagues were women and 41% of senior leadership roles were held by women. Since April 2022 that has increased to 42%.
 
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.
 
Understanding TSB’s Ethnicity Pay Gap
 
For the second year, TSB has published the Ethnicity Pay Gap. As at April 2022 TSB’s mean Ethnicity Pay Gap increased by 1.9% to 1.2%, and the median pay gap increased by 5.2% to 13.1%.
 
Overall, we have more Black, Asian and minority ethnic colleagues at all levels of TSB than in 2021 (12% compared with 11%). However more Black, Asian and minority ethnic colleagues have joined in lower grade roles than higher grade roles. This means that although the workforce and leadership teams are more diverse, the average pay for Black, Asian and minority ethnic colleagues has decreased and the pay gap has increased. See the report attached for more detail on the action we’re taking to attract talent from under represented backgrounds at levels of TSB, and proactively address any barriers to career progression for current colleagues.