Gender Pay Gap report and Women in Finance Charter
2016 saw Principality first report on our Gender Pay Gap figures and also sign up to the Women in Finance Charter. You can find out more in the sections below.
Gender Pay Gap
As of 2023, Principality has reported Gender Pay Gap (GPG) figures for 7 years, and this year we’re reporting a mean gender pay gap of 24.62%, representing a reduction from the previous year’s figure of 26.79%. Our GPG figure has continued on a downward trend over the last four years, and we’re extremely pleased to be able to report a 2.17% reduction this year.
Across the organisation, gender representation has improved, as detailed in the Women in Finance section below. As in previous years, our overall, gender split is 59% female to 41% male, with higher male representation in senior roles and higher female representation in junior roles. These colleague demographics continue to be influenced by higher numbers of women choosing part-time work, which Principality has always been proud to support.
The introduction of our Hybrid Working policy in 2022 highlights our commitment to ensuring colleagues have access to the right working locations and environments to suit them and provides greater opportunity for colleagues to get the right balance between work life and home life.
The overall well-being of our colleagues has remained a key focus for us throughout 2023, and we have continued to invest in projects and programmes which help us to maintain this focus. This time last year we announced our accreditation with the Real Living Wage Foundation, and joined many other businesses in committing to a fair rate of pay which meets everyday needs. We are looking forward to continuing this partnership, driving fairness in our pay structures and ensuring colleagues are supported.
Gender Pay Gap Report Download PDF
I confirm that the information contained in Principality’s Gender Pay Report is accurate.
Chief People Officer
Women in Finance Charter
In 2016 we signed up to the Women in Finance Charter and are committed to increasing the presence of all under-represented groups in our senior leadership positions. Both our CEO, Julie-Ann Haines, and our Chair, Sally Jones-Evans are instrumental in role-modelling women in leadership positions from the top down, one of our key commitments as signatories.
We originally set a target of 33% of women in senior positions by 2021 and made good progress towards achieving this target. One of our strategic goals is to be part of a “Fairer Society”, with diversity and inclusion integral to our ways of working here at Principality. The Women in Finance Charter is vital in providing focus and measuring our progress. With that in mind, we decided to stretch our goal and to provide even more focus and vigour in achieving what we firmly believe is the right thing to do. As a result, we have extended our target to at least 40% of women in senior roles, with a further commitment to a minimum of 40% of either gender by 2030.
When we signed up to the Charter in July 2016, we had 23% female representation. As of September 2023, we had 40%* female representation in senior leadership roles which represents the achievement of our target for 2030, ahead of schedule. We recognise that we still have work to do, both to maintain this percentage and to ensure this is distributed across the different grades of our senior leaders. We will continue to review and evolve the actions we have already put in place and are confident we will achieve this.
*rounded up from 39.6%
We have implemented a number of actions, which include broadening our application reach to attract the best talent available, enhancing our Paid parental leave policy, and seeking specialist external developmental support for our colleagues.
These steps are part of our broader diversity and inclusion strategy designed and taken to accelerate and improve our focus on under-representation across our organisation. We are confident that they will contribute to the improvement of both our Gender Pay Gap and Women in Finance Reporting over the coming years.
We are developing our external networks to learn from others and share best practice. Our commitment to becoming a more inclusive place to work is starting to be recognised, and we will continue to strive toward our ambition of having an impact beyond our scale.