Clydesdale Bank gender pay gap stands at nearly 40 per cent
Bosses at Clydesdale Bank have pledged to link improvements to gender diversity to executive remuneration after it published its gender pay gap for the first time, revealing that the average hourly pay of female employees is nearly 40 per cent less than that of its male staff.
CYBG, owner of Clydesdale Bank and Yorkshire Bank, said its current gender pay gap sits at 37 per cent, largely driven by the higher number of men than women in senior roles.
The lender had 5,813 permanent full-time equivalent employees at September 30, 63 per cent of whom were female and 37 per cent male.
The figures also show that across the bank as a whole, 63 per cent of the lowest pay quartile are female.
CYBG recently agreed that the minimum salary for full time employees will increase by 11 per cent to £17,000, something it said would address the issue.
But as part of its wider inclusion strategy, the bank said it is working to build strong female representation at all levels within the organisation.
Among the bank’s top pay quartile, 37 per cent were women compared to 63 per cent male.
Its board at 30 September was comprised of nine men and three women, while its executive leadership team was made up of three females and seven males.
CYBG stressed that there is no difference in the amount it pays to male and female members of staff who hold similar roles, but that it aims to have 40 per cent of senior roles filled by women by 2020.
In March, 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.
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.
The bank said it is 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.
A spokesperson said: “CYBG 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.”
Speaking about CYBG’s approach to inclusion, Kate Guthrie, group human resources director, added: “Inclusivity and diversity are at the heart of our business – we are a people-led business and are determined to make CYBG a brilliant, rewarding and inclusive place to work. “The publication of our first ever Gender Pay Report is an important milestone in our drive to create stronger gender diversity across the business and have greater representation of women at senior levels across all parts of the Bank.
“We’ve introduced a target of 40% females in senior management roles by 2020 and are now formally linking senior executives reward to the delivery of our inclusion targets. But we won’t stop there – ultimately, we want to achieve a 50:50 gender balance in senior management roles.
“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.”