03/27/2023 | Press release | Distributed by Public on 03/27/2023 04:31
Secure Trust Bank publishes sixth annual Gender Pay Gap figures
As an organisation our purpose is to 'help more consumers and businesses fulfil their ambitions'. In order to successfully achieve this, we are committed to developing a working environment where colleagues can be their authentic selves and that is representative of the diverse backgrounds, cultures, and view points of our customers, colleagues and communities.
The biggest driver of our Gender Pay Gap remains the shape of our workforce. Like many organisations we have a predominance of women at the more junior levels and fewer women in senior leadership roles. Whilst external benchmarks demonstrate that we are making significant progress on our ED&I (Equity, Diversity & Inclusion) agenda this has been slow to impact our Gender Pay Gap figures.
We continue to use the expertise of external organisations to guide us. This has helped us to make real progress on our ED&I agenda which is underlined by the external recognition we have received in this area. We have been named a UK Best Workplace for Women for four consecutive years and also maintained the Employers Network for Equality and Inclusion silver standard for ED&I this year. This external recognition is also supported by feedback received from colleagues via our annual employee engagement survey which shows improving positive responses in relation to fair treatment and diversity and inclusion within our organisation.
Following the launch of a new STB Group ESG/Responsible Business strategy which highlights ED&I as a priority focus area for us, we are finalising our Group ED&I strategy which will provide a framework for future progress.
The highlights below give an overview of progress made in 2022 and what is coming up in 2023. Whilst this shows positive momentum, we remain committed to improving our workforce diversity at all levels over the long term and achieving our ambition of becoming a fully inclusive workplace.
What are we doing to improve our GPG?
Key highlights
What else are we doing in 2023?
What is the Gender Pay Gap?
The GPG figures look at pay in the organisation from top to bottom as a whole, removing any notion of seniority, length of service, or specialism. They are an indication of male and female representation within the hierarchy of the business rather than an indication of a difference in male and female pay in the same role.
Equal pay
Men and women being paid the same for the same work.
The Gender Pay Gap
The difference between total hourly earnings for all men when compared to the total hourly earnings of all women within an organisation.
Nationally, one of the main reasons for the Gender Pay Gap is that men are more likely to be in senior roles. As with other Financial Services companies this is the case at STB.
How is the Gender Pay Gap calculated?
The STB median Gender Pay Gap is 39.7%
The STB average Gender Pay Gap is 36%
2023 Results
These figures relate to Secure Trust Bank only as V12 Retail Finance is not currently included in government reporting requirements.
Results for Secure Trust Bank
Hourly pay
Gender Pay Gap median 39.7%
Gender Pay Gap mean 36.0%
Bonus pay
81.0% men received bonus
86.0% women received bonus
Bonus pay gap
Median bonus gap 36.1%
Mean bonus gap 65.1%
Gender representation by pay quartiles
Quartile | Lower | Q2 | Q3 | Most Senior |
Female | 63.4% | 50% | 47.9% | 23.1% |
Male | 36.6% | 50% | 52.1% | 76.9% |