11% pay rise for lower grade staff
Clydesdale Bank sets targets to close gender gap
Debbie Crosbie: the most senior female at the bank
CYBG, owner of Clydesdale and Yorkshire banks, has announced new targets for closing the pay and seniority gaps between men and women.
In its first time gender pay gap, published with its annual report and accounts, it has revealed that women are paid on average 37% less than men, driven largely by the higher number of men in senior roles.
Women represent the majority of the workforce and 63% of the bank’s lowest paid staff and will benefit from the bank’s decision to raise the minimum salary for full time workers by 11% to £17,000.
As part of its wider inclusion strategy, the bank is working to build strong female representation at all levels within the organisation.
In March, CYBG signed up to the Government’s Women in Finance Charter and has committed to reaching a target of 40% 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 says it has already made good progress in promoting a more diverse population, particularly at senior levels with 30% of the executive leadership team and 25% of the board now female, along with 35% of all senior managers.
Debbie Crosbie, executive director and chief operating officer, is the most senior female at the bank.
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 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.
Ms Guthrie 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 is led by Enda Johnson, group corporate development director, and brings together colleagues of all genders to develop the targets and policies.