A pledge for gender balance across financial services
During 2016, we signed up to the Women In Finance Charter, a commitment by HM Treasury and signatory firms to work together to build a more balanced and fair industry.
The Charter reflects the government’s aspiration to see gender balance at all levels across financial services firms. A balanced workforce is good for business – it is good for customers, for profitability, workplace culture, and investors.
- Commits firms to supporting the progression of women into senior roles in the financial industry
- Recognises the diversity of the sector and that firms will have different starting points – each firm should therefore set its own targets and implement the right strategy for their organisation
- Requires firms to publicly report on progress to deliver against these internal targets to support the transparency and accountability needed to drive change.
Bacs progress against Charter targets
We pledge to promote gender diversity by:
- Having one member of our senior executive team who is responsible and accountable for gender diversity and inclusion; setting internal targets for gender diversity in our senior management; and publishing progress annually against these targets
- Proactively generating interest among suitable female candidates for any new or vacant positions at senior executive and line manager levels. Due to high levels of employee stability within the organisation, Bacs will continue to foster a robust pipeline at all levels by ensuring effective talent review, succession planning, performance management and development processes are undertaken
- Continuing to support family friendly employment and flexibility policies that apply to all employees
- Maintaining current diversity levels of 25% in the executive team and 43% in the line management team in the short-term (>12-months)
- Working towards an internal target of equal representation (where feasible) at senior executive and line manager level, if vacancies arise in the long-term (<3-5 years)
- Linking a proportion of any at-risk reward for the CEO and executive team to performance against our internal diversity targets and ensuring all employees have clear objectives, receive timely and constructive performance feedback on a regular basis, and are given the opportunity for development through appropriate training plans.