By Benjamin Brock [CC BY-SA 3.0] via Wikimedia Commons
Clydesdale and Yorkshire Banking Group has stated that it must do more in order to bridge the gender pay gap following the company’s admission that its female employees are paid more than a third less on average as compared to their male employees.
For the first time, the FTSE 250 owner of the two banking brands, CYBG, published a gender pay gap section in the company’s annual report today.
It revealed that on average, women were paid 37 percent less per hour compared to men, which CYBG stated was partly because fewer women were handling senior roles.
It said that it had taken action by increasing its minimum salary by 11 percent to £17,000 in order to raise the pay of staff on lower grades, a larger proportion of whom are women.
CYBG also said that it was improving the company’s management processes and incentivising executives in order to promote more women.
The lender said that it had a target to improve senior female leadership to 40 percent by 2020, longer-termer term aim of having a 50:50 gender balance.
Currently, 30 percent of its leadership team, 25 percent of its board members, and 35 percent of all its senior managers are women.
The group HR director at CYBG, Kate Guthrie, said that the lender recognised that more work must be accomplished.
“Inclusion must be part of our DNA and our new performance management framework has been designed with this in mind,” said Guthrie.
“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.
“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.”