08 February 2021

TSB outlines plan to improve diversity and inclusion in its workforce

TSB today announced new plans to shape its workforce to better reflect the UK population and strengthen its approach to diversity and inclusion.

For the first time, TSB is setting comprehensive goals for overall Black, Asian and Minority Ethnic (BAME), Black ethnic groups, LGBT+, Female and Disability representation.

Creating a “truly inclusive workplace” is one of the key areas of TSB’s responsible business strategy – the ‘Do What Matters’ plan, launched last year.

To deliver its new targets, the bank aims to increase BAME representation from 11% to 14% by 2025, and representation from Black ethnic groups from 1.5% to 3% over the same period. Amongst the bank’s senior leadership, BAME representation will rise from 7% to 10%. TSB has also committed to increasing racial and ethnic participation in the boardroom - signing up to the CBI Change the Race Ratio charter.

For LGBT+ staff and staff with a disability, TSB’s data shows that its workforce is already representative of wider society and it will ensure it continues to meet this goal.

Achieving gender balance remains a core commitment for TSB with 40% of senior leaders now female - a leading position in UK financial services where the average industry representation is 33%*. TSB has committed to at least maintaining this senior female representation in the coming years, while broadening the overall diversity of its teams.

Debbie Crosbie, TSB’s Chief Executive Officer, said: “Becoming a truly diverse and inclusive business is crucial to helping TSB innovate and deliver for our customers, and it’s the right thing to do. Our targets cover all aspects of diversity and we will create a truly inclusive environment where our colleagues can thrive.”

These goals will be achieved through a comprehensive plan of activity to attract, develop, and retain diverse individuals. This includes:

  • TSB manager programme to create inclusive leaders - with all TSB managers trained in mental health awareness and inclusive decision-making.
  • Reverse mentoring – bringing diverse perspectives and ideas to each member of the bank’s Executive Committee.
  • Workplace adjustment passport – launched in 2020, this provides best practice for supporting people who have a disability, need support while recovering from an illness or even preventing health issues.
  • Partnering with Moving Ahead to champion a culture of sponsorship and mentoring for women at TSB.

Lord Bilimoria, CBI President and Chair of Change the Race Ratio, said: “I’m delighted that TSB has signed up to the Change the Race Ratio campaign and committed to increasing racial and ethnic participation across senior leadership positions. Seeing one of Britain’s most recognisable banking brands take such a vital step is so important and one all TSB staff and customers can rightly be proud of.

“We know that business has a key role to play in society, not just in delivering the jobs and growth that our economy depends on, but driving lasting change. It’s not enough to stand on the sidelines and ask for better representation of the customers we serve and communities we operate in. We must be ready to hold ourselves, and our own companies, to account if we want to see diverse and inclusive workplaces thrive across the country.”

Meera Roy-Chowdhury, of Business in the Community (BITC), said: “As signatories to the Race at Work Charter and Race Campaign members, BITC is working with TSB to improve equality of opportunity in the workplace. TSB’s participation in the BITC Mentoring Circles programme for Black, Asian and Minority Ethnic employees is one way that we collaborate to support and facilitate the progression of diverse talent. It’s really positive today to see that TSB is setting measures to promote an integrated approach to inclusion and working with colleagues to make sure they’re removing barriers.”

Targets Across TSB

Workforce
representation
UK population
(ONS)
Current TSB TSB outcome by 2025, at least
Black, Asian, Minority ethnic groups 14% 11% 14%
Black ethnic groups 3% 1.5% 3%
Colleagues who identify as LGBT+  3% 7%* 3%
Colleagues who disclose a disability 19% 20%* 19%

Targets for Senior Leadership

Workforce representation Current TSB TSB outcome by 2025, at least
Female representation 40% 40%
Black, Asian, Minority ethnic groups 7% 10%

*HM Treasury Women in Finance Charter Annual Review (June 2020)

Media Contacts

Supreet Thomas
Head of Communications  
07519 502 123 
supreet.thomas@tsb.co.uk

Joseph Eyre
Senior Media Relations Manager 
07483 432 546
joseph.eyre@tsb.co.uk 

Notes to editors

The action plan can be found here.