Banking group, TSB has reported a mean gender pay gap of 31 per cent.
The bank has also reported a mean bonus pay gap of 53 per cent.
Just under half of employees in the highest pay quartile are women, compared with 65 per cent in the second quartile, 78 per cent in the third quartile and 76 per cent in the lowest pay quartile.
TSB has said that having fewer women in senior roles is the reason behind their gender pay gap.
A statement released by the bank said, “Our mean gender pay gap is smaller than the indicative average for the financial services industry.”
“However, it’s still greater than the UK average for all industries.”
“So naturally we wanted to understand what’s driving our pay gap and understand what we can do to improve it.”
TSB have outlined a number of initiatives to tackle their gender imbalance. They have introduced a returning women campaign and gender balanced shortlists. They have also introduced a ‘buddy’ scheme, Partners for Partners and champion talent through mentoring programmes.
Currently, the UK’s gender pay gap stands at 18 per cent. In April, the UK became one of the first countries in the world to require mandatory gender pay gap reporting, a key part of the government’s work to eliminate the gender pay gap. Private, public and voluntary sector employers with 250 or more employees will be required to publish their gender pay gap and bonus pay gap by April 2018.
The gender pay gap mandatory reporting requirements are part of wider work the government is doing to support women in the workplace. This includes £5 million to support returners, offering 30 hours of free childcare, and introducing shared parental leave and new rights to request flexible working.