Secure Trust Bank publishes its gender pay gap statistics for the second year.
We remain committed to creating a fair and inclusive culture at Secure Trust Bank and believe that we have a responsibility to both our employees and society to play our part in ensuring that everyone has an equal opportunity to progress their career.
All of our employees are paid equally, regardless of gender for doing a particular job and driving equality is central to our strategy to make this a great place to work which was reflected in our most recent employee engagement results. In 2018 we took part in the Great Place to Work survey for the first time, exceeding the threshold for accreditation and it was reassuring to note that 93% of our employees responded positively to the diversity related questions.
Whilst we have seen an improvement in our gender pay gap figures since last year, we are conscious that it will take time and continued focus on our part to create significant change within our organisation. This is predominantly due to the higher number of men in senior roles at the bank. Although there has been improvement across financial services, this has been slow within the industry as a whole.
Continued focus
We continue to make progress in this area and we were delighted to have made a number of senior female appointments during 2018, including our Sales Director and Head of Key Accounts in our Motor Division but we recognise that more work is needed to increase the number of women in senior roles. Since our last report we have put a number of measures which are helping us to achieve our ambitions:-
Partnerships
We have been working with Everywoman for over a year and have recently also become members of the Employers Network for Equality and Inclusion. These partnerships are helping us to progress our Inclusion Agenda.
Learning & development
Our Confident Leader Academy has launched to provide a clear development path for those aspiring to become strategic leaders. We have also sponsored a record number of employees to complete a professional qualification most significantly through the London Institute of Banking and Finance (LiBF).
Inclusive structures
Our enhanced Family Friendly policy goes significantly beyond our statutory obligations and a new transparent pay and grading structure, underpinned by a values based behavioural framework, is giving colleagues greater insight into how to progress their careers.
Tackling unconscious bias
Our Executive Committee has completed comprehensive Inclusive Leadership training and we continue to ensure our recruiting managers are trained to ensure that the best person will get the role regardless of any personal characteristics.
We remain committed to reducing the gender pay gap in our organisation, and are confident achieve more progress over time.
What is the gender pay gap?
Equal pay
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 55.6%
The STB average gender pay gap is 51.5%
Secure Trust Bank Group results
Hourly pay
Gender pay gap mean 51.5%
Gender pay gap median 55.6%
Bonus pay
82.6% men received bonus
81.4% women received bonus
Bonus pay gap
Mean bonus gap 78.1%
Median bonus gap 60.4%
Gender representation by pay quartiles
