Women in finance
In July 2016, we were delighted to announce that we signed the Women in Finance Charter. The Women in Finance Charter is so important and integral to our ways of working that it only seemed right to make the CEO the accountable executive.
We see this as a positive step in continuing to achieve a balanced workforce and believe that by making diversity a business issue it will bring a new level of focus to drive change. A diverse workforce will not only enhance our service to our customers but also create the right culture to enable all colleagues to reach their full potential. One of our core values at the Principality is “Doing the right thing”, and part of that means challenging the things that need to change, both internally and externally. We continue to take positive steps to ensure that women are representing our business at all levels, from clear succession plans for more senior roles to promoting careers in financial services to the next generation of talent.
What are we currently doing?
After signing up to the Charter, we developed our 5 year Diversity and Inclusion strategy that was signed off the executive team and endorsed by the Board. We have built this into our existing People programme with clear goals set, alongside an action plan, which will help us report progress annually. The primary focus of the first year of the 5 year plan has been on raising awareness, including education around Diversity and Inclusion.
Culture & Values
We have refreshed the behaviours that sit behind the values and have recently relaunched these with a company-wide campaign to promote a culture that supports diversity and inclusion.
Getting the right people, into the right roles, at the right time. This includes the monitoring and analysis of MI throughout the recruitment and selection process relating to gender of applicants, along with the job advert rewording and full redesign of our careers webpage to become more inclusive.
Succession plans categorised by gender
Strong succession plans with robust development programs for colleagues and management supported by management skills and leadership pathways programmes to ensure our talent pipeline is resilient with no elements of unconscious bias.
Development and mentoring programmes
Programmes with mentors both within the business and externally to provide experienced guidance to help colleagues. In addition, we have recently engaged with a third party to deliver unconscious bias and diversity & inclusion training for 120 colleagues within the Society, including all defined senior management, HR/L&D and the marketing team.
Career development programmes targeted for women provided by a Welsh charity, Chwarae Teg, whose focus is to help women achieve and prosper have seen over 90 colleagues attend.
Flexible working arrangement
We offer opportunities to apply for a range of flexible working arrangements to ensure we can support colleagues fully.
We actively promote and support diversity related networking groups throughout the organisation. We have also established a formal Diversity & Inclusion working group to ensure that diversity and inclusion becomes part of the Society’s DNA.
Representation at all levels
We are very proud of our Women in Finance and were pleased to announce the appointment to the board of Julie-Ann Haines, Customer Director in 2016.
We are aiming for a third of our senior leadership team to be female by 2021. We currently are at 23% and are confident that with our People programme action plans and the focus that the Women in Finance Charter gives, we will meet the 33% target that we have set. Year 2 of our 5 year plan focuses on expanding our training and education programme to the rest of the business; increasing the MI that we track and monitor to allow us to research underrepresented groups and use our recruitment activity to address this; ensure all of our People policies are transparent and showcase our commitment to Diversity and Inclusion and to develop and support the growth of our Employee Network Groups.
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