CYBG, owner of Clydesdale Bank and Yorkshire Banks, has a gender pay gap of 37% which it says is due to the fact that many of the Bank’s senior managers are men.
The Bank says it plans to link targets to improve gender diversity at senior levels to executive remuneration.
Its Gender Pay Report provides a view of the overall mean and median gender pay and bonus gap based on figures for April 2017 and bonus paid in the previous 12 months. The report illustrates the difference between the average pay for men in comparison to women across the organisation.
CYBG says its gender pay gap is due to the fact that just 37 per cent of employees in the top pay quartile are women compared to 63 per cent who are male.
Across the Bank more widely, women represent the majority of the workforce – 63% of the Bank’s lowest pay quartile are female. CYBG has recently agreed that the minimum salary for full time will increase by 11% to £17,000 which it hopes will help close the gender pay gap given the higher proportion of women in the Bank’s lowest pay quartile.
As part of its wider inclusion strategy, the Bank is working to build strong female representation at all levels within the organisation.
In March 2017, CYBG signed up to the Government’s Women in Finance Charter and has committed to reaching a target of 40 per cent of females in senior management roles by 2020, with a long-term ambition to reach a 50:50 balance in senior management levels.
The Bank is also now including new measures in its Long-Term Incentive Plan for senior executives, which for the first time, links part of senior executives’ performance related pay to reaching higher levels of diversity at senior levels in the organisation.
CYBG says it has already made good progress in promoting a more diverse population, particularly at senior levels – 30 per cent of the Bank’s executive leadership team and 25 per cent of the Bank’s Board are female, along with 35 per cent of all senior managers. The Bank has a target of 40% females in senior management roles by 2020 and says it ultimately wants to achieve a 50/50 balance.
CYBG has also committed to undertake a bi-annual Equal Pay Audit, where gender distribution of performance, base pay, allowances and bonus paid to staff are reviewed and says it is looking at ways to improve its flexible working offer.
The Bank has a dedicated Colleague Networking Group, Balance, established to address issues around gender equality within CYBG.