In July 2016, Collinson signed HM Treasury’s Women in Finance Charter, a pledge for gender balance across financial services. The Charter reflects the government’s aspirations to see gender balance at all levels across financial services firms (original statement below).
As part of our commitment, Collinson’s Insurance & Assistance division made four pledges to promote gender diversity by delivering against the HM Treasury’s Women in Finance Charter recommendations:
- To assign one member of our senior leadership team who us responsible and accountable for gender diversity and inclusion
- To set internal targets for gender diversity in our senior management
- To have an intention to ensure the pay of the senior executive team is linked to delivery against internal gender diversity targets
- To publish our progress annually against these targets in a report on our website
The progress update against our pledges for the year include the appointment of a senior executive Lawrence Watts, Commercial Director for Insurance & Assistance – Europe. Mr. Watts will become a member of the recently established Collinson Diversity and Inclusion advisory committee. The first meeting is scheduled for July 2018.
Our commitment to closing the gap
We ended the year within 1% of our target in the Insurance & Assistance division. There has been very limited movement in our senior management population this year within this business function (and no appointments to the Executive), which means that opportunities to change the gender balance of the organisation have not been available.
In our more junior career levels, we have high gender diversity and our focus is on developing those at a more junior level and retaining them into senior positions.
Given low turn-over in senior positions and a relatively small senior management population, our focus has been on increasing awareness amongst senior leaders of our wish to continue to build a diverse workforce. (Our diversity as an organisation is not restricted to gender diversity nor are our considerations).
It was not practical to assume that significant changes to our gender balance at this level could be made in a single year. However, the recent submission of the 2018 Gender Pay Gap data has provided Collinson with additional analysis for us to review and reflect on how we can build on our gender diversity plan over the next 12 months.
At Collinson, diversity and inclusion are crucial in our business. We want our teams to be as diverse as the communities we live and work in, and the people our clients provide services for. For the next year, we’ve identified four key actions designed to bring about continuous change as we strive to reach and surpass our targets.
- We will continue to work with our Collinson senior leaders and our people, to produce a revised Charter that builds on our analysis from our 2018 Gender Pay Report with an intention to ensure the pay of the senior executive team is linked to delivery against internal gender diversity targets.
- We will continue to work alongside our Talent Acquisition team to scrutinise our recruitment processes to eliminate bias (through training) and meet targets for gender diversity across all roles.
- We will continue to foster a culture of inclusion and have already introduced an improved offering around maternity, paternity and adoption pay. We operate a healthy view on flexible working and have a number of arrangements in place supporting child care requirements with senior members just below the reported population. These are part of the group most likely to be promoted to senior management in the near future and it is hoped that flexible working arrangements will help to retain them in the organisation as they develop into senior managers and of course beyond.
- We will collaborate with our internal Collinson networks, Women in Technology and LINK, our LGBT+ community, to change attitudes and behaviours to help raise consciousness about inclusion.
Last year the government asked Jayne Anne-Gadhia, CEO of Virgin Money, to lead a review into the representation of women in senior managerial roles in financial services. This work complements the government's wider programme of work to tackle gender inequality and support women in the work place.
Collinson has signed up as a signatory to the HMT Women in Finance Charter for all roles within Insurance & Assistance and as a result will deliver against the following recommendations:
- Assign a senior member of the executive team who is responsible and accountable for gender diversity and inclusion
- Set internal targets for gender diversity in senior management
- Publish our progress towards these targets annually
- Have an intention to ensure the pay of the senior executive team is linked to the delivery of these targets
Our internal targets for gender diversity in senior management are as follows:
- We will not appoint to senior management without first actively engaging with all of the female potential successors in the department to help them assess their readiness for a new challenge and to encourage potential candidates to apply for the role.
- We will interview at least one female candidate in at least 90% of selection for roles in senior management.
- Over the next 12 months we will aim to at least maintain the representation of females in our senior management population at 40%
- Talent management processes will be in place and actively supported in the next 12 months.
- Talent management processes will include targets for the inclusion of female employees.
- We will work with females who are selected for talent management processes to identify if additional mentoring or coaching would be of value in helping them achieve the next layer in the organisation.
- For Executive posts, we will identify the most likely female successor (irrespective of "time before ready for post") and ensure that development plans are in place.
- Ensure that all succession plans contain at least as high a proportion of females as for our total population at that level.
We have the intention to ensure the pay of the senior executive team is linked to the delivery of these targets:
The internal targets for gender diversity in senior management will form part of the objective set for every member of the Insurance & Assistance executive team within Collinson. Progress towards them will be formally reviewed at the end of April 2018 and performance vs all objectives which include the gender diversity targets will be part of the overall remuneration outcome for the 2017/18 Financial Year.
Your senior executive team member who is responsible and accountable for gender diversity and inclusion is:
Business Development Director