As part of our Women in Finance Charter commitments:

Since singing up to the Women in Finance Charter, both Virgin Money and CYBG have worked hard to make progress against our targets, which reflects the commitment we have to build strong female representation at all levels within our organisation. This year, as we come together to form a new and exciting Virgin Money, we have taken this opportunity to learn from each other while also reviewing our WIFC targets and definition of senior management to better reflect our newly combined senior management team.

Going forward, our newly combined company target for 2020 will be 40% females in senior management positions with our longer-term aspiration for gender balance of 40-45% by 2022. Along with a review of our combined target, we have amended our definition of senior leadership to better reflect the newly combined structure.

As of August 2019, as a combined group we had 36% female representation within senior management.

Over the last 12 months, we have been making good progress towards our target, not only to drive actions that improve diversity, but that also create a truly inclusive culture. To do this we have:

  • Transformed our performance management approach which encourages ongoing personal improvement and a team-based performance management framework removing the risk of any gender bias
  • Continued to review our approach to parental leave to encourage shared parental leave; and modernised our existing policies to make flexible working easier, encouraging uptake particularly in more senior roles;
  • Offered opportunities to females as part of a Return to Work Programme and developed programmes and sponsorship for our future leaders, graduates and apprentices ensuring we have a gender balanced approach
  • Reviewed our approach to inclusive recruitment by encouraging mixed-gender interview panels, diverse shortlists and values-based hiring
  • Listened to our people, running internal focus groups and surveys focused specifically on understanding the idiosyncratic nuances of our business so we can shape and progress our gender balance strategy

2016 Empowering Productivity Report

This Report and its recommendations are about fairness, equality and inclusion for men and women. More women than men start out in Financial Services but, as they progress, the majority fall out, especially at middle management level. This leaves almost all of the top jobs in the hands of men.

Achieving a balanced workforce at all levels in Financial Services will undoubtedly improve culture, behaviour, outcomes, profitability and productivity.

Nearly 3,500 people – men and women – contributed to this Report through a variety of channels and I am delighted to be able to make their views heard in this way.

The Charter

The Charter is a commitment by HM Treasury and signatory firms to work together to build a more balanced and fair industry. Firms that sign up to this Charter are pledging to become one of the best businesses in the sector.

Sign up to the Charter

Views from across the UK Financial Services sector

Contact


You can contact the Virgin Money team about the Report at:

commission@virginmoney.com

You can contact HMT about
the Charter at:

womeninfinance@hmtreasury.gov.uk