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Closing the Gap - Wesleyan's Gender pay Position April 2017

Wesleyan's Gender pay position

As a mutual, Wesleyan takes value of "We Care" seriously. We care about our customers, our communities and of course our employees.

Whilst reporting the gender pay gap is now a regulatory requirement, it is something we have monitored internally for some time and welcome the attention being given to this important agenda.

It is important to be clear that the Gender Pay Gap is not Equal Pay. Equal Pay arises where men and women are receiving different pay despite undertaking the same work or work of equal value. We take our legal and moral obligation in this space very seriously.

With regard to Gender pay, as of April 2017, Wesleyan's average mean pay for males is 30% higher than that of women.

This is a Group position which includes all of our subsidiary companies. Whilst any gap means we have work to do, we are pleased that ours is below the average for Financial Services (39.5%).

Being fair to all is in our DNA. As an employer of choice, we set out to recruit the best people for the job, irrespective of gender, race, or any other factor. We seek to remove gender bias through training and recruitment processes such as Anonymous CVs and play an active role in supporting minority groups in the workplace.

Regularly reporting on our gender pay gap provides more opportunity for us to identify properly where the gaps are (for ourselves and in comparison to our peers and best practice) and examine reasons why. Most importantly, it helps us to plan what action we need to take.

We have always strived to ensure men and women receive equal pay for doing equivalent roles across the Society and have an active salary benchmarking regime. While a gender pay gap exists, our analysis shows this is in the main due to the gender splits in certain key roles.

Wesleyan's overall gender split is 54% male and 46% female. Our gap exists for two clear reasons:

1. We have a larger number of men in Executive and Senior Manager roles
2. Our Financial Consultants represent just under a quarter of our workforce and are predominantly male (75%*).

Due to the nature of these roles the potential earnings for these individuals are higher than elsewhere in the society and as such contributes significantly to Wesleyan's gender pay gap.

The same is true with bonuses, Financial Consultants have a different bonus scheme to head office / subsidiary business roles which further compounds the above.

Paired with pro-rata bonus payments made to a majority female part time workforce, Wesleyan's bonus payment gap is 46%.

Commitment to closing the gap

We have a commitment to close our gender pay gap as much as possible. Actions to address the gender pay gap form part of a wider programme in response to the Society's objective to be recognised as an inclusive and diverse employer of choice but include:

  • Inclusion and diversity gender network
  • Unconscious Bias training for all employees
  • Anonymous CVs for recruiting managers
  • Signatories of HM Treasury's Women in Finance Charter with a commitment to having 33% women in senior roles by 2023
  • Founding member of Women in Business network (in our home City of Birmingham) as well as supporting other local business networks on topics relating to Women in business
  • A five-year membership commitment to WISE, the campaign for gender balance in the UK science, technology and engineering sectors.

In summary, Wesleyan will continue to take action to close our Gender pay gap and develop our inclusion and diversity framework with a view of being a leading employer in financial services and the communities we operate within.

Please find below infographic summarising our position.

*FCA data shows that only 14.3% of financial advisers in the UK identified themselves as female in 2017, Wesleyan is above this average (25%).

Gender Pay Gap

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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