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TSB’s Pay Gap 2023
Diversity Equity and Inclusion
- TSB serves communities across the UK bringing Money Confidence to everyone. Every day.
- We want to ensure we are as diverse behind the scenes as our customers are.
- That’s why we published a set of goals in 2021 to increase the diversity of our teams.
- These goals include maintaining at least 40% of women in senior roles, as well as increasing the representation of Black, Asian and minority ethnic leaders to at least 10%.
- We also publish both our gender and ethnicity pay gap’s annually, sharing them is an important part of our commitment to equality and diversity.
Real Progress. Reducing our pay gaps: We measure pay gaps based on gender and ethnicity, and we’ve seen a reduction in the 2023 median compared to 2022. We recognise we need to do more to be representative of our customers at every level of TSB, so we’ll always be transparent and honest about how we’re doing.
Gender: Our median pay gap reduced by 1.8% from 23.7% to 21.9% in 2023. The mean pay gap also reduced by 2.6% from 29.5% to 26.9% in 2023. We have maintained 42% of senior roles held by women. Additionally, 11.5% of senior leaders who have shared their ethnicity with us* describe their ethnicity as Black, Asian or minority ethnic.
*90% of senior leaders
For the third year TSB have published our Ethnicity pay gap. Our median pay gap reduced by 0.29% from 13.1% to 12.8%. Our mean pay gap however increased by 2.93% from 1.2% to 4.1% in 2023. This is because the number of Black, Asian and minority ethnic colleagues at TSB has increased, and the majority have joined to support our customers in more junior roles. This means our workforce is more ethnically diverse, but the average pay of Black, Asian and minority ethnic colleagues is lower.
