A note from Helen Rose, Chief Operating Officer, TSB
Since we launched TSB onto high streets in 2013, our focus has been on creating a different type of bank. We've done this in part by establishing an inclusive culture and working towards a fair representation of men and women at every level and in every part of the bank.
Today, we are reaffirming that commitment.
Our pledges to women in finance
Born out of the Government backed Women in Finance review, which TSB contributed to and was named as a case study, HM Treasury recently announced the Women in Finance Charter, which aims to make financial services firms accountable for tackling low representation of women at senior level. Banking is an industry in need of a long-term gender balanced culture and so, as the 'Executive Sponsor for Gender' at TSB, I'm really pleased to see this issue fixed firmly on the Government's agenda.
So, how will TSB promote gender inclusion in accordance with the Charter? Well, we will commit to its four pledges by:
- Continuing to appoint one member of our senior executive team who is responsible and accountable for gender diversity and inclusion - something we've had in place for a long time now.
- Setting a gender balance range of between 45% and 55% for the number of men and women we will aim to have at senior manager level and above.
- Publishing progress towards long-term gender balance at TSB annually on our website.
- Ensuring TSB's Banking Executive Committee members are individually responsible for working towards achieving our gender balance range. Formal responsibility for this will be included in the executives' 'balanced scorecards' (a type of performance agreement with the Bank).
Creating a long-term sustainable culture
It's really important to TSB that signing the Charter supports our vision of creating a sustainable and inclusive culture that runs all the way through the bank. Creating a culture that is inclusive of gender, background, or education, leads to a sustainable and balanced workforce. A workforce who make better decisions and reflect the customers and communities we serve, we know that to change culture for the long-term you have to focus on every level, and only then can you fix the pipeline at the top of a business. That's why we are creating an aspirational gender balance range for how many men and women we believe should hold senior management roles at TSB.
The good news is that we are already performing well in this area: 31 per cent of our Executive Committee is female - well above the 14 per cent average seen across the UK banking sector. And the culture and initiatives that we've already put in place have seen the number of female senior managers increase from 34 per cent in 2014 to almost 40 per cent today.
But it's not just about equipping women with the right skills to progress within TSB. That's why we focus on ensuring the initiatives we put in place can be gender neutral so all TSB Partners benefit from them.
I've said before that businesses that have a good balance of men and women are more successful. It's simply good practice to make sure we have the right mix.
Gender balance is something I'm very passionate about, and I will continue to drive inclusion from the top throughout TSB. While there is still more to do, the signing of the Charter is important for the financial services industry as a whole, and is an important step towards ensuring everyone in the industry can reach their full potential.
Find out more about why gender balance matters to TSB.