Gender Pay Gap report and Women in Finance Charter
"Since last year, we have reduced our gender pay gap from 31.33% to 29.23% and continue to press ahead with our plans to reduce it further. Women make up almost two-thirds of our workforce and while they are spread across junior and senior roles, proportionally we have more females in junior roles. We are extremely proud of the number of women we employ and of the flexible and part-time employment opportunities we provide and recognise that this attracts more women to junior roles and for some, this suits their lifestyle choices and commitments outside of work. We regularly benchmark our pay and grading approach to ensure that we pay our roles proportionately to the skills, experience and responsibility required of them regardless of who occupies them. In 2016 we signed up to the Women in Finance Charter and are committed to reaching our target of 33% of women in senior positions by 2021. The Women in Finance Charter is so important and integral to our ways of working at Principality, as there is a clear link to one of our core values of ‘Doing the right thing’, that it only seemed right to make our CEO the accountable executive. For us, the charter is a positive step in continuing to achieve a balanced workforce and we believe that by making diversity a business deliverable, it will bring an enhanced level of focus to drive change.
When we signed up to the Charter in 2016, 23% of our senior leadership team was made up of females. As of July 2018, that figure has increased to 28% which in turn helps with the Gender Pay Gap. Although this represents a significant step in the right direction and places us firmly on target to meet our deadline, we still have work to do as we deliver our Diversity and Inclusion strategy.
Our focus in the first two years of our strategy roll-out has been to embed our diversity and inclusion approach throughout our organisation. We’ve worked hard to educate our colleagues through a programme of education and awareness and we promote the benefits of having a workforce that reflects the communities we serve. We know this not only enhances our service to our Members but also creates a culture which enables all colleagues to reach their full potential. In recognition of the change we continue to drive in our culture, we’re delighted to have been recognised as a Great Place to Work in 2018.
2019-2021 will see our Diversity and Inclusion strategy move into the next phase. I am excited that we are taking a multi-faceted approach starting with recruitment and running right through to colleague development, talent and succession planning and our flexible working approach to continue to build our inclusive culture. I confirm that the information contained in Principality’s gender pay report is accurate.”
Chief People Officer
- 6th largest UK building society
- A mutual building society, owned by and run for the benefit of our 500,000 members
- Over 150 years' experience
- Taking care of over £10 billion of our customers' assets
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Principality. Where home matters.