Gender @ Tesco Bank
Creating a genuinely diverse and inclusive workplace means being a gender-balanced employer. We recognise the benefit that a diverse senior management team brings which is why we’ve signed up to HM Treasury’s Women in Finance Charter, which aims to deliver gender balance at all levels in the financial services industry.
To meet that commitment, we've set three targets to improve female representation at the highest levels of our business:
- At least one third of our Executive Committee members to be female by the end of 2022.
- At least one third of our Board members to be female by the end of 2022.
- At least one third of our Directors to be female by the end of 2022.
We know we still have work to do and we’ve focused our efforts on three core areas that will help us make real progress – supporting and attracting talented women, equipping and empowering our leaders and sustaining an inclusive culture.
You can find out more about the actions we're taking in our gender pay report.
Women in Finance Charter Annual Review 2021
Since signing the Women in Finance (WIF) Charter in October 2017, Tesco Bank has made positive progress in supporting gender diversity. During this period we have increased female representation across all senior levels of our business:
- Board from 7% to 30%
- Executive Committee from 11% to 37%
- All Director Level from 3% to 16%
Whilst these figures demonstrate clear progress, we have not made as much improvement towards our gender diversity targets as we would like. Since May 2021 we have been including Tesco Underwriting in our numbers and this has had an impact on gender diversity in our Director population. Tesco Underwriting were previously a separate WIF charter signatory.
In response to this, and to align with the WIF Charter, we are making the following changes:
- Our target populations have been updated to Board, Executive Committee and Senior Management.
- Our Senior Management target (previously Director) has been changed to be 1/3 female by 31/12/2024.
This change will allow us to make continued and consistent progress across our whole business.
Our Board and Executive Committee targets are unchanged.
Women at Tesco Bank Network
Each of our Colleague Networks at Tesco Bank work towards our strategy of: increasing representation, role modelling inclusion and using our voice, working to elevate the voices of our underrepresented colleagues and share their stories.
This year our Women at Tesco Bank Colleague Network have had a number of achievements including:
- Introduced a speaker series with our Tesco TU Non Exec Directors focused on “lessons to your younger self”
- Launched a flexible working poll for our network members, delving into their understanding of the TB flex working policy, how empowered they felt to make requests, manager support, role modelling, and whether our line managers felt equipped. Plan put in place with our CE team based on the feedback from colleagues, including role modelling, bitesize mentoring, and collaboration with the charity Working Families.
- Launched a pilot “bitesize mentoring” programme for W@T network members enabling mentees to focused on a short term goal, such as interview preparation, CV writing, conflict management, embedding in a new team, etc. Mentees are matched with a mentor who has a strength in that particular area.