CYBG publishes first ever Gender Pay Gap report – links targets for gender diversity to executive remuneration
19 December 2017
CYBG, owner of Clydesdale Bank and Yorkshire Banks, has for the first time reported its gender pay gap within its Annual Report and Accounts published today (Tuesday 19 December) and revealed the Bank’s targets to improve gender diversity at senior levels, are to be linked to executive remuneration.
The Bank’s Gender Pay Report provides a view of the overall mean and median gender pay and bonus gap based on figures for April 2017 and bonus paid in the previous 12 months. The report illustrates the difference between the average pay for men in comparison to women across the organisation.
CYBG’s gender pay gap currently sits at 37 per cent, driven largely by the higher number of men in senior roles, compared to their female counterparts. As of September 2017, whilst 37 per cent of employees in the top pay quartile are women compared to 63 per cent are male.
CYBG has recently agreed that the minimum salary for full time will increase by 11% to £17,000. This is a significant increase for the Bank’s staff in lower grades and will help close the gender pay gap given the higher proportion of women in the Bank’s lowest pay quartile.
As part of its wider inclusion strategy, the Bank is working to build strong female representation at all levels within the organisation.
In March 2017, CYBG signed up to the Government’s Women in Finance Charter and has committed to reaching a target of 40 per cent of females in senior management roles by 2020, with a long-term ambition to reach a 50:50 balance in senior management levels.
The Bank is also now including new measures in its Long-Term Incentive Plan for senior executives, which for the first time, links part of senior executives’ performance related pay to reaching higher levels of diversity at senior levels in the organisation.
CYBG has already made good progress in promoting a more diverse population, particularly at senior levels – 30 per cent of the Bank’s executive leadership team and 25 per cent of the Bank’s Board are female, along with 35 per cent of all senior managers.
Speaking about CYBG’s approach to inclusion, Kate Guthrie, Group Human Resources Director, said: “Inclusivity and diversity are at the heart of our business – we are a people-led business and are determined to make CYBG a brilliant, rewarding and inclusive place to work.
“The publication of our first ever Gender Pay Report is an important milestone in our drive to create stronger gender diversity across the business and have greater representation of women at senior levels across all parts of the Bank.
“We’ve introduced a target of 40% females in senior management roles by 2020 and are now formally linking senior executives reward to the delivery of our inclusion targets. But we won’t stop there – ultimately, we want to achieve a 50:50 gender balance in senior management roles.
“We are working hard to improve our gender pay gap and in addition to setting targets we are also making flexible working easier, investing in our talent and succession programmes and taking a sustainable and effective approach to our long-term recruitment planning.”
CYBG has also committed to undertake a bi-annual Equal Pay Audit, where gender distribution of performance, base pay, allowances and bonus paid to staff are reviewed.
Kate added: “Inclusion must be part of our DNA and our new our performance management framework has been designed with this in mind. Where pay gaps do exist, we are confident these are not gender related. We are proud that we already have a strong female presence right across our business, including at senior level.
“However, we are not complacent and recognise the importance of inclusion in the workplace, which is why we have a robust strategy in place and are ensuring that inclusion is helping create a positive culture within CYBG.”
The Bank has a dedicated Colleague Networking Group established to address issues around gender equality within CYBG. The group, led by Enda Johnson, Group Corporate Development Director, is called BALANCE and brings together colleagues of all genders to develop the targets and policies that are helping us to change in order to better reflect the the communities we serve.Read the Inclusion and Gender Pay Gap Report 2017 (PDF, 49 KB
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