- Progress made against Women in Finance Charter recommendations
- Ahead of the April 2018 deadline, the Bank has published its gender pay gap figures revealing a mean average gap of 29.9%
- Aldermore reaffirms its commitment to addressing diversity in all of its forms
Specialist Bank, Aldermore has today shared the progress it has made against the Women in Finance Charter, since signing up to the initiative in June 2016. In addition, the Bank has also published its gender pay gap figures, ahead of the Government’s April 2018 deadline.
Upon signing up to the Women in Finance Charter, Aldermore committed to several initiatives, including the appointment of Christine Palmer, Chief Risk Officer, as the Bank’s executive team member accountable for gender diversity, and the establishment of targets for gender diversity in senior management roles. Work has also started to address the following measures:
- Ensuring 30% of senior managers are female by 2020 (currently at 26.5% - up from 21% in 2016). Progress includes nine females being appointed to leadership roles, in key areas across the business recruited both externally and promoted within
- Publishing progress annually against internal targets for gender diversity
- To ensure the pay of the senior executive team is linked to delivery against these targets
The Bank has also committed to closing its gender pay gap year on year.
One area of focus to ensure better representation of women at a senior level has been through adopting new training, recruitment and mentoring processes. For example, unconscious bias training has been introduced for the Bank’s leadership team and all senior role recruitment now requires a diversified shortlist resulting in a 50/50 split of male and female candidates being put forward. In addition, the Bank’s established training and development programmes are supporting career progression throughout the business. Of those colleagues who participated in management training programmes over the past year, 28% have taken on a new role in the business and 12% have been promoted to line management roles.
In addition to reporting on its progress against the Women in Finance Charter, Aldermore has also published its Gender Pay Gap ahead of the Government’s April deadline. As of the 5th April 2017, the Bank’s mean (average number) gender pay gap stood at 29.9%*. While there is some work to do to address this gap, analysis of the data has concluded that the percentage gap predominantly exists due to the lower representation of women in senior leadership roles within the business.
Christine Palmer, Chief Risk Officer, Aldermore, comments: “We’ve definitely come a long way over the past year, but we know there’s still a considerable journey ahead of us. We’ve seen real commitment within the Bank to reach and potentially exceed the targets we’ve set by 2020, and it’s been exciting so far. We’ve taken significant steps to increase female representation within our senior leadership population and beyond, with our unconscious bias training and the changes to our recruitment process. However, we know more needs to be done and we will continue to work towards the recommendations of the Charter and further develop our own initiatives.”
Phillip Monks, Chief Executive Officer, Aldermore, comments: “Gender to us is just one aspect of our overall ambition as a business to be a more inclusive, diverse and ultimately a better place to work. We are committed to reaching our ambitious targets and will continue to implement policies and processes in order to deliver against them. We’ve set ourselves important and necessary goals around Women in Finance and diversity, and once this is embedded within our culture, we will have created a place for people to grow, flourish and, most importantly, achieve success – both for themselves and the business.”
While the Women in Finance Charter and gender pay gap reporting focuses upon gender, Aldermore is committed to addressing diversity across a number of areas. This is highlighted by the Bank’s membership of Stonewall and The Employers Network for Equality and Inclusion (enei).
Further details of all initiatives, including our approach to recruitment, mentoring and career development, can be found in our Women in Finance and Gender Pay Gap Report on our website.
For further information, journalists can contact:
Chelsey Palmer, Aldermore
0208 185 3142
Notes to Editors
*In addition to Aldermore’s mean gender pay gap figure of 29.9% other measurements in this area include:
- Median gender pay gap in hourly pay - 35.7%
- Mean bonus gender pay gap – 43.7%
- Median bonus gender pay gap – 37.6%
- Proportion of males and females receiving a bonus payment – 85% of both males and females received a bonus
- Male to female proportionality in our quartiles
For further information about Aldermore, please review our Notes to Editors page
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