Last updated: October 2018
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 want to support a diverse workforce and build on our work in best practice for employment. Below are the six targets we set ourselves for the Women in Finance Charter with progress to date against each:
- Having one member of our senior management 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
Anne Pieckielon remains responsible for gender diversity and inclusion for Bacs. Anne continues to use her position as Lead of the Emerging Payments Association's (EPA) Women in PayTech Project to promote the Charter to other organisations, encouraging them to sign
Anne was this year shortlisted for a Women in Finance Award and an Emerging Payments Association (EPA) Contributor of the Year Award
- Proactively generating interest among suitable female candidates for any new or vacant positions at senior management 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
Bacs is committed to staff progression and continues to encourage all staff to further their
- Continuing to support family friendly employment and flexibility policies that apply to all employees
Bacs remains committed to and regularly promotes its flexible policies to staff, these are
reviewed regularly in line with employment law and best practice to ensure Bacs remains an
employer of choice
- Maintaining a diversity levels of 25% of women in the management team and 43% of women in the line management team in the short-term (>12-months)
Bacs has maintained this target
- Working towards an internal target of equal representation (where feasible) at senior management and line manager level, if vacancies arise in the long-term (<3-5 years)
Bacs is continuing to work on this target
- Linking a proportion of any at-risk reward for the CEO and management 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
This is still the case
- Bacs is now a wholly owned subsidiary of Pay.UK and as such will not be signing the Charter for 2018/19.