Gender pay gap report 2024
Download the British Business Banks Gender and ethnicity pay gap report - 2024
Published annually, our Gender Pay Gap report allows us to track an important measure of gender equality at the British Business Bank, and to devise strategies to improve diversity, equity and inclusion more broadly as well as the measure specifically.
For the second year we are pleased to report our ethnicity pay gap data. Whilst it is not currently a statutory requirement to report on our ethnicity pay data, we believe doing so is an important indicator of serious intent in driving greater diversity, equity and inclusion.
One of our key strategic objectives as an organisation is to unlock potential by ensuring entrepreneurs can access the finance they need, regardless of where and who they are. If we truly wish to support our customers and achieve this goal, it is vital that we apply a similar philosophy to diversity, equity and inclusion within the British Business Bank.
Because we believe strongly that diversity, equity and inclusion must all work together for each to succeed in their own right, we are committed to nurturing this work continuously across our business.
That means putting people and culture at the heart of our organisation, empowering diverse talent through challenging work that makes a difference, and by ensuring diverse perspectives are being well represented within our own business.
Gender pay
The year in review shows our median gender pay gap has increased by 1.6 percentage points to 17.8%. exceeding the level recorded in 2023. Similarly, our mean gender pay gap has risen by 3.0 percentage points to 11.7%.
On a more positive note, our median bonus gap has substantially reduced by 6.3 percentage points to 37.6% compared to last year, whilst the mean bonus gap has increased by 3.7 percentage points to 28.4%.
Our analysis highlights that, while we have successfully /maintained 50% female representation at our Executive level, gender imbalance remains a challenge within middle management and other senior roles.
We acknowledge that the rise in both the mean and median gender pay gap may be concerning, however closing these gaps is a complex, long-term effort rather than a quick fix. The Bank remains fully committed to addressing these disparities and driving meaningful change.
To achieve progress, we recognise the need for a holistic approach that extends beyond representation at senior level. As part of this commitment, we have developed a People Strategy which integrates our reward, resourcing and talent strategies. Last year, the Bank introduced launched a refreshed employee value proposition,including total rewards statements, to enhance transparency and engagement Additionally, we launched a new career framework to provide colleagues with clearer pathways for career progression.
We remain committed to implementing tangible actions that drive progress on our broader diversity, equity and inclusion goals, including reducing our gender pay gap. Our focus is on accountability and continuous improvement, ensuring we deliver lasting change for all our stakeholders.
Ethnicity pay
The year in review shows our median ethnicity pay gap has increased by 2.9 percentage points to 16.6% and ourmean ethnicity pay gap of 16.0% has increased by 0.9%. Additionally, our median and mean ethnicity bonus gaps now stand at 45.9% and 43.0% reflecting a significant rise from the, 2023 figures of 28.0% and 36.4%
To gain deeper insight into the factors influencing these disparities, we have analysed the data across different ethnic groups, including Black, Asian, Mixed or Multiple Ethnic groups and Other Ethnic Minority backgrounds, alongside White colleagues. Our findings show that the ethnicity pay gap is most pronounced among our Black or Black British colleagues, who remain disproportionately underrepresented at senior roles. Addressing this imbalance remains a priority, and we are committed to taking meaningful action in the coming years to drive progress.
Due consideration
Our analysis is not considered in isolation. We have specifically garnered feedback and insight from our employee resource group, Stronger Together, our Colleague Forum, and feedback from teams across the Bank.This collaborative approach ensures that our actions are aligned with the experiences and needs of our workforce.
To strengthen our gender and ethnic diversity, equity and inclusion, we are committed to the following initiatives:
Adopt strategic workforce planning to enable proactive talent sourcing to build a more diverse pipeline
Enhance our inclusive recruitment practices by requiring diverse shortlists from external recruitment partners and incorporating blind recruitment where appropriate.
Create an analyst academy to create a structured entry point to attract diverse talent, providing learning and development opportunities to build our leadership pipeline
Review internal talent and succession pipelines to identify high-potential talent and provide them with tactical targeted development opportunities
Expand on our career framework to introduce a structured programme to support junior colleagues progress into leadership and senior investment roles
Our Board and Executive team remain fully committed to our diversity goals and inclusion initiatives. They understand that this is an ongoing journey – one that benefits not only our own colleagues but also our customers and the wider community. I look forward to continued engagement on this critical agenda and to delivering meaningful progress in our performance.
Louis Taylor
CEO, British Business Bank