We aim to foster an inclusive culture which encourages diverse perspectives, ensuring everyone’s contribution is valued and all colleagues can fulfil their potential irrespective of their age, gender, ethnicity, disability, religion, sexual orientation, educational or social background. We believe this is good for our people, attracts talent and helps us deliver better products and services for customers and ultimately helps us build a sustainable business for the future.
The CEO of Old Mutual Wealth is the executive sponsor for inclusion and diversity, and the Executive Committee take collective responsibility and as such inclusion and diversity is incorporated into their personal objectives.
We have an active programme of work to continually improve our approach by fostering an inclusive culture, attracting diverse talent, measuring progress over time and working with others in the industry.
Fostering an inclusive culture
- We aim to build employee awareness of inclusion and diversity, including potential for unconscious bias, through training and through our employee diversity network.
- We will embed flexibility deeper into our culture by promoting our flexible working policies and supporting managers.
Attracting diverse talent
- We aim to attract diverse talent by using a variety of recruitment tools and channels.
- We have adopted a diverse short-list policy for recruitment which we operate on a comply or explain basis.
Measuring performance and progress
- We are enhancing diversity monitoring of applicants and our existing colleagues.
- A priority for us is the gender composition of senior management; as such we have set ourselves a target to achieve 35-40% female representation within senior management* by the end of 2020. (*Executive Committee plus Direct Reports).
Collaborating with others
We are committed to working collaboratively to tackle systemic barriers to diversity within the financial services industry and as such are members of Investment 2020 and the ABI's Talent and Diversity Network. We are also part of the Diversity Network and are signatories of the HM Treasury Women in Finance Charter.
We are founding members of the Diversity Project which is a collaborative initiative that brings investment and savings firms together to accelerate progress towards an inclusive culture in the investment profession. The Project shares best practice and identifies ways to help create a more diverse industry at all levels, from intake to senior leadership and the board.
HM Treasury Women in Finance Charter
Old Mutual Wealth is proud to be a signatory of the Charter which requires firms to work together to create more gender balance at all levels across financial services firms. It is a voluntary initiative, led by the Treasury, aimed at promoting best practice. We signed the Charter to help us realise our commitment to creating an inclusive culture and accelerate our efforts to build a more diverse organisation. Like other financial service firms, despite roughly equal proportions of male and female employees overall, we have fewer women than men in senior management positions. Signing the Charter will help address this imbalance. We are aiming towards a minimum of 35%, but will ideally strive for 40%, of senior management to be female by the end of 2020. Our current baseline is 33% female. We look forward to reporting our progress against our targets over time.
Old Mutual Wealth Returners
The Old Mutual Wealth Returner Programme provides supported routes back into work for people who have taken an extended career break of two or more years. We know it can be difficult getting back into working after a career break for a variety of reasons. That’s why we’ve partnered with return-to-work specialists Women Returners to help people with previous experience in professional services, financial services or similar fields back into work after a career break. Candidates being hired through this route can benefit from tailored coaching support to help them with the transition back into permanent positions. The Returner Programme helps us connect with high-calibre talent and create a more inclusive and diverse workforce.
The Gender Pay Gap
The gender pay gap measures the difference in the average hourly pay of women and men in and organisation. Gender pay gaps can be caused by a variety of factors, but typically the most significant cause is the distribution of men and women at different seniority levels, and pay grades, in an organisation. The smaller the proportion of women in senior, higher paid, roles, the larger the pay gap is likely to be. It’s important to differentiate between the ‘gender pay gap’ and ‘equal pay’. Equal pay legislation has been in place for over 40 years and focuses on ensuring that people performing work of equal value receive equal pay, regardless of their gender. As part of our annual performance management and pay review process we ensure that our people are being paid fairly based on their role, responsibilities, experience and performance.
New UK legislation has been introduced to specifically tackle gender inequality in the workplace by increasing transparency around the gender pay gap. Under the new rules employers with 250+ employees are required to measure and report their gender pay gap information each year. We have reported our figures on the Government portal and to provide additional information about figures and what we’re doing to address the gap we have published our report Inclusion, Diversity & The Gender Pay Gap.