Women in Finance Charter

Update

When Collinson signed up to the Charter in 2017, we had less than 40% female representation at senior management level.  As of September 2018, we have 45% female representation in senior management. Having already surpassed our initial target to maintain at least 40% female representation within senior management, our focus now is continuing to further optimise our recruitment and succession planning activities to maintain at least 45% female representation by the end of Sept 2019 

What next?

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. 

  1. 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. 
  2. 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.  
  3. 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.
  4. 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. 

 

 

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Original statement

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:

Recruitment

  1. 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.
  2. We will interview at least one female candidate in at least 90% of selection for roles in senior management.
  3. 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

  1. Talent management processes will be in place and actively supported in the next 12 months.
  2. Talent management processes will include targets for the inclusion of female employees.
  3. 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.

Succession Planning

  1. 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.
  2. 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:

Lawrence Watts

Business Development Director
lawrence.watts@collinsongroup.com