19.04.2024
We’re committed to making our organisation a great place to work for everyone, and one way we’re tackling this is by setting targets for ethnicity representation.
Closing the ethnicity pay gap
Several factors affect our ethnicity pay gap. Currently, our median ethnicity pay gap is 23.15 per cent, and reflects the higher number of white senior leaders.
This also impacts the proportion of white and ethnic minority employees receiving a bonus, as more ethnic minority employees were in the six-month probation period and therefore ineligible.
We’ve taken steps to implement change within the organisation, including signing the Race at Work Charter in 2019. As well as raising awareness, this holds us accountable for things like supporting career progression, capturing accurate ethnicity data and appointing an executive sponsor for race.
As an award-winning apprentice employer, our apprenticeship schemes are another way we’re increasing the number of opportunities for candidates both in-house and within the local ethnically diverse area of Croydon.
Read our diversity pay gap report
Setting new targets
In late 2020 we set targets to increase representation of ethnic minority employees across the organisation and at senior management level. Black employees are currently the most underrepresented at 6.7 per cent.
By December 2023 we aim to:
- increase ethnic minority representation across the organisation to 30 per cent, including 15 black new starters
- increase ethnic minority representation within senior manager roles to 25 per cent, equating to six new or promoted employees
Building female leaders
Our median gender pay gap increased from 13.39 per cent in 2019 to 15.71 per cent in 2020. This is due to a lack of female senior positions, and a high concentration of men in highly paid roles including our investment, risk and IT teams.
While this is disappointing, we know that this pay gap reflects gender imbalances inherent in the sector, and remain committed to improving female representation across the organisation.
We hit our Women in Finance Charter target of 40 per cent early in October 2019, and in August 2020 reached 42.4 per cent. Our new target is 45 per cent by 2023 and we’re confident we can achieve this.
We continue to hire more women at junior levels to build our talent pipeline for the future which, in the short term, will widen our pay gap at lower levels.
