Secure Trust Bank Group reports fifth set of Gender Pay Gap figures
As an organisation we remain dedicated to creating an environment where all our people feel respected, can confidently be themselves and fulfil their work ambitions and potential.
The biggest driver of our gender pay gap remains the shape of our workforce. Like many organisations we have a predominance of women at the more junior levels and fewer women in senior leadership roles. Whilst external benchmarks clearly demonstrate that we are making significant progress in on our Diversity and Inclusion (D&I) agenda this has been slow to impact our Gender Pay Gap figures.
We continue to use the expertise of a number of external organisations to guide our progress and this has led to us being named a UK Best Workplace for Women and receiving the Employers Network for Diversity and Inclusion (ENEI) Silver TIDE mark for our approach to and progress on D&I. We also completed Business in the Community's (BiTC) Responsible Business Tracker for the first time in 2021. This comprehensive audit measures to what extent companies make a positive contribution to society and indicated that on D&I STB is ahead of the average for the cohort of companies which took part in the 2021 Tracker. This external recognition is also supported by feedback received from colleagues via our annual employee engagement survey which provided positive responses in relation to fair treatment within our organisation.
The highlights below give an overview of progress made in 2021 and what is coming up in 2022. Whilst this shows positive momentum, we are committed to maintaining our focus on improving our workforce diversity at all levels over the long term and achieving our ambition of becoming a fully inclusive workplace.
Key actions we are taking to address our GPG
- Maintained partnerships with BiTC, Everywoman and ENEI to understand and embed best practice in relation to progressing our inclusion agenda
- Launched a new enhanced HR system to enable more robust data to be gathered so that we can track progress and set targets
- Supported National Inclusion Week which helped to raise awareness of D&I amongst our workforce
- Recruited a team of voluntary 'Inclusioneers' to support our vision by championing diversity and Inclusion and maintaining a dialogue on important issues
- Carried out focus groups, facilitated by BiTC, to gather feedback and drive progress in D&I and wellbeing at Secure Trust Bank Group
- Maintained our 'Blazing my Trail' personal growth programme which is designed to help colleagues build confidence, plan their progression and make it happen
- Launched a new Workwise flexible working policy which means that the vast majority of roles now have the option to balance working from home and the office
- Made a number of senior appointments which have improved our gender diversity at Board and Executive Committee level
- Increased the proportion of internal promotions for women, particularly for more senior roles, representing a 'closing of the gap'
- Continued work to ensure gender balanced candidate pools, including the use of a technology solution to remove any gender bias from both job adverts and role profiles
More to come in 2022
- We will continue to work in partnership with BiTC, using its expertise in D&I to drive forward our D&I strategy and plans for 2022
- The results of BiTC's Responsible Business Tracker, received in March this year, benchmarked our D&I progress against other companies and will be used to drive further progress
- We will once again be completing ENEI's TIDE Diversity Tool in 2022 to ensure that progress is built on and maintained
- A new Diversity and Inclusion framework is now in place, headed by a new Steering Group which is responsible for the delivery of our 2022 plan
- We are building on the work done during 2021 to encourage colleagues to disclose the personal data which is central to enabling us to track our progress against our D&I objectives
- We have committed to sign the Women in Finance Charter which includes the setting of gender targets and personal objectives
What is the gender pay gap?
The Gender Pay Gap (GPG) figures look at pay in the organisation from top to bottom as a whole, removing any notion of seniority, length of service, or specialism. They are an indication of male and female representation within the hierarchy of the business rather than an indication of a difference in male and female pay in the same role.
Is men and women being paid the same for the same work.
The gender pay gap
Is the difference between total hourly earnings for all men when compared to the total hourly earnings of all women within an organisation.
Nationally, one of the main reasons for the gender pay gap is that men are more likely to be in senior roles. As with other Financial Services companies this is the case at STB.
How is it calculated?
The STB median gender pay gap is 42.8%
The STB average gender pay gap is 40.0%
These figures relate to Secure Trust Bank only as V12 Retail Finance and Debt Manager Services Ltd are not currently included in government reporting requirements.
Results for Secure Trust Bank
Gender pay gap mean 40.0%
Gender pay gap median 42.8%
87.2% men received bonus
90.6% women received bonus
Bonus pay gap
Mean bonus gap 81.7%
Median bonus gap 44.0%
Gender representation by pay quartiles