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 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.
Anne Pieckielon remains responsible for gender diversity and inclusion for Bacs. As part of her
commitment to the Women in Finance Charter, Anne has used her position to promote the
Charter to other financial institutions such as the Emerging Payments Association (EPA) where
Anne has been appointed to the Advisory Board.
To further progress this initiative in conjunction with the EPA, Anne has been asked to lead the
development of a Women in PayTech programme to be delivered under the EPA banner.
- 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.
Bacs continues to be committed to staff progression and encourages all staff to further their
development. We also operate a succession planning and talent development programme for
- Continuing to support family friendly employment and flexibility policies that apply to all employees.
Bacs remains committed to and actively promotes its flexible policies to all staff which 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 executive team and 43% of women in the line management team in the short-term (>12-months).
Bacs has maintained or improved on its target.
- 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).
Bacs is continuing to work on this target.
- 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.
This is still the case.