Gender pay position in 2021
Our gender pay gap narrative as of April 2021
Wesleyan is a mutual society that puts our caring values and the needs of our members ahead of short-term gain. We are committed to building an inclusive and diverse organisation as we recognise that genuine diversity of thought leads to better decision-making and makes us more reflective of our customers.
This is the fifth year where we have reported our gender pay gap. This gap measures the difference between the earnings of men and women across the organisation.
There is a gender pay gap at Wesleyan that we are working hard to close. One of the main reasons for the gap is that there is a higher proportion of men employed in senior positions compared with women.
We have put in place a number of initiatives to address this imbalance and by the end of 2021 we had increased our female representation at senior leadership to 33.8%. This means we reached our target of 33% - previously set for 2022 – a year ahead of schedule. At the end of March 2022, we have reached 38.24% female representation and will aim to continue this trajectory to meet our target of achieving a minimum of 40% representation by the end of 2024.
The gender pay gap has reduced compared to the figures reported for 2020. We will continue to assess current activity and consider new initiatives so that we continue to have a positive impact on our gap.
Wesleyan gender pay gap results
As of April 2021, Wesleyan's average mean gender pay gap was 25.67% (2020: 30.13%) and the median gender pay gap was 31.34% (2020: 35%).
This is a Group position that includes our subsidiary companies.
Wesleyan bonus pay gap results
As of April 2021, the mean bonus gap was 45.40% (2020: 47.06%).
For Wesleyan Administration Services Limited we are reporting a median bonus gap of 0%. This is due to fewer bonuses being awarded in the reporting period. We have also introduced a new recognition scheme which rewards employees with cash vouchers and the median amount received by men and women is the same.
The bonus pay gap is larger than the gender pay gap, because we have a significantly higher percentage of women employed on a part-time basis compared with men.
Some bonus payments at Wesleyan are calculated as a percentage of total annual salary. Therefore, even though the basis for awarding a bonus is identical, because we have more women working part-time than men the bonus pay gap is larger.
How we are reducing the gender pay gap
During 2021 a number of gender initiatives took place which we expect to have a positive impact on the gender pay gap.
We have created a Gender Delivery plan to accelerate progress and one of the key highlights has been the strengthening of our inclusive recruitment practices, along with quarterly reporting of gender diversity data to our Group Executive.
All Senior Leadership roles require a diverse recruitment panel during the end-to-end recruitment process, this is to ensure that there is diversity of thought throughout.
We are continuing our focus in developing female leadership talent at Wesleyan through the Moving Ahead organisation. At its core, this scheme is about career progression; matching mentees with the desire to move into senior management with mentors at that career level who can help guide them on their journey. This involves:
- 10 of our high potential leadership talent being mentored by a senior leader from another participating organisation with similar goals and values.
- 10 of our own senior leaders mentoring high potential leadership talent from other participating organisations.
Our plans for 2022 and beyond
We recognise that whilst we have introduced a number of new initiatives at Wesleyan there is more to be done to close our gender pay gap. This work will continue in 2022 and beyond. Our plans include:
- Introducing inclusive recruitment practices to increase gender representation, including a greater representation at senior leadership level from Black, Asian, Minority and Ethnic and underrepresented groups.
- Flexible and Agile working - we are reviewing our Flexible and Agile Work Policy to ensure that it better supports our people.
- Reviewing a number of HR Policies including our Maternity and Paternity policies as part of our work around our Employee Value Proposition.
- Reviewing and refreshing Menopause and Miscarriage guidance for both employees and line managers.
- Performance Management- We are introducing a 'diversity lens' over the criteria that impacts both base pay awards and bonus payments so that it is a fair and inclusive process that does not adversely affect any underrepresented groups.
- Our diversity networks – Gender (Gen), Black, Ethnic Minority and Everyone (BeMe), Open Minds Group (OMG!) and the Network for Employee Wellbeing (NEW;) are focusing on making our People Policies more inclusive and reflective of the needs of all colleagues.
This year we are also exploring how we can work with Speakers for Schools, a not for profit charity which looks at partnering with a network of high impact sector leading speakers to work with a network of 2,000 schools across the UK, reaching out to and engaging young people in the most disadvantaged schools. It is a powerful combination of providing inspiration and experience, and is having a transformative impact on the lives of the young people who need these opportunities the most. This initiative aims to grow the talent pipeline for our future workforce, providing insight into the work of Wesleyan and the opportunities available.
Progress so far
During the past few years, we have continued to introduce new initiatives which are improving our female representation at senior leadership roles. By enabling more women to progress their career with Wesleyan, and greater representation at senior leadership level, we are determined to continue to close our gender pay gap.
Wesleyan is a great place to work, with opportunities and careers for all of our talented people, irrespective of background or experience. Our efforts in reducing the gender pay gap are a crucial part of creating a more inclusive workplace.
Lisa Perkins, HR Director