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.
When we signed up to the Charter in September 2016 we had 40% female representation at senior levels (Grade F+). As of the 30 September 2018 we have 39% female representation in senior management.
TSB believes that we should be the catalyst for change in the industry. That is why in July 2017, TSB was one of the first financial services companies to publish its gender pay gap in our ‘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 four key areas, as outlined in our Gender Balance Matters report:
- Attract more women to financial services and TSB
- Break down barriers for women
- Policies that deliver a sustainable long-lasting gender balanced and transparent culture
- Measure Partners’ experience and key metrics
And so far our approach to gender balance seems to be working:
We have created the most diverse leadership team in SME banking by appointing eight female executives out of an eleven strong team, and promoted some of our female talent to key Executive and senior leadership roles (including Treasurer and Chief Information Security Officer).
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 40% female.
Despite not being a FTSE 100 company, we have already met the Hampton-Alexander target for executives and their direct reports to be 33% female.
And, as part of our commitment to the HM Treasury’s Women in Finance Charter, we’ve made a commitment to have between 45-55% of our senior roles held by women – making us one of the most ambitious organisations on gender balance in financial services.
But there is still more for us to do.
For more information on how TSB is tackling gender imbalance take a look at our Gender Balance Matters report.
Our pledges to women in finance
As a signatory of HMT's charter we have made four pledges:
To continue to have an Executive Sponsor for Gender Balance who is responsible and accountable for gender diversity and inclusion. Helen Rose, our Chief Operating Officer, has held this position since TSB's launch in 2013.
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).