At TSB, we believe that businesses need to reflect the communities they serve. Only then, will they build the right business models, with the right culture that truly delivers for customers.
TSB was one of the first financial services companies to publish its gender pay gap in our ‘Gender Balance Matters’ report Gender Balance Matters Report openly highlighting what needs to change at TSB, and encouraging others across the industry to follow suit and challenge the status quo.
Since we published our gender pay gap figures, we have put in place key initiatives to start to tackle the causes of gender imbalance at TSB.
Our strategy for gender balance is focused on three key areas:
- Attract more women to financial services and TSB.
- Inclusion, by looking at our flexible working policies to make sure they are family friendly and easy to follow.
- Support gender balanced progression at TSB.
When we signed up to the HMT Treasury Women in Finance Charter in September 2016, we had 40% female representation at senior levels (Grade F. As of the 30th September 2019, we have had 38% female representation in senior management. We continue to have a commitment for between 45-55% of our senior roles to held by women. Following an internal review, our target deliver date on this objective has moved from 2020 to 2025. We continue to measure progress towards the 45-55% objective on a regular basis. However, immediately we have made progress in a number of areas:
- Not only have we hit the Government’s target for 33% of boards to be made up of women, we‘ve exceeded it with a board that is 36% female.
- Something we're really passionate about at TSB is breaking down barriers and helping to create a balanced and transparent culture. A big part of that is helping talented people develop their career, which was also one of our key actions from our Gender Pay Gap Report.
- In 2019, we launched our Aspiring Women network, not only because it's the right thing to do; but it's absolutely vital for the culture and success of TSB. Research shows having an inclusive and diverse workforce has tangible and direct benefits. The Network for female Partners focuses on different aspects of how to develop and grow; how to create an impact, why being business savvy is important, networking and unconscious bias.
Our pledges to HM Treasury Women in Finance Charter
As a signatory of the Charter we have committed to:
- To continue to have an Executive Sponsor for Gender Balance who is responsible and accountable for gender diversity and inclusion.
- To set gender balance ranges for the number of men and women we will aim to have at senior manager level. These are:
- 45-55% of our top 150 Partners are female
- 45-55% of our Partners in a senior manager position and above are female.
- To annually publish our progress towards these long-term gender balance ranges.
- For our balance ranges to be included in our Banking Executive Committee members' balanced scorecards (performance agreements at TSB).