TSB has for the first time set goals for ethnic minority, black, LGBT, female and disability representation in its organisation.
The bank aims to increase representation of black, Asian and minority ethnic (BAME) staff within its workforce from 1% to 14% by 2025, increasing the proportion of those from black ethnic groups in particularly from 1.5% to 3%.
At senior leadership level, it wants to increase BAME representation from 7% to 10%.
It said its organisation was already representative of wider society in terms of staff with disabilities (20%) and LGBT individuals (7%), but would ensure the level of representation of both groups remains above national representation (19% and 3% respectively, according to the Office for National Statistics).
Some 40% of its senior leaders are female, compared with an average 33% senior leadership representation across the financial services sector. It committed to at least maintaining this proportion.
TSB chief executive Debbie Crosbie said: “Becoming a truly diverse and inclusive business is crucial to helping TSB innovate and deliver for our customers, and it’s the right thing to do. Our targets cover all aspects of diversity and we will create a truly inclusive environment where our colleagues can thrive.”
In order to reach, or stay at, these targets, TSB expects to attract, develop and retain diverse groups by:
- Running a manager programme to create inclusive leaders, with all TSB managers trained in mental health awareness and inclusive decision-making
- Running a reverse mentoring programme to bring diverse perspectives and ideas to each member of the bank’s executive committee
- Continuing to issue workplace adjustment passports, which support people who have a disability, or need support while recovering from an illness.
- Partnering with mentoring and coaching firm Moving Ahead to champion a culture of sponsorship and mentoring for women at TSB.
It has also signed up to the CBI’s Change the Race Ratio charter, which aims to increase the participation of under-represented racial and ethnic groups at senior level.
Lord Bilimoria, CBI president and chair of Change the Race Ratio, said: “I’m delighted that TSB has signed up to the Change the Race Ratio campaign and committed to increasing racial and ethnic participation across senior leadership positions. Seeing one of Britain’s most recognisable banking brands take such a vital step is so important and one all TSB staff and customers can rightly be proud of.
“We know that business has a key role to play in society, not just in delivering the jobs and growth that our economy depends on, but driving lasting change. It’s not enough to stand on the sidelines and ask for better representation of the customers we serve and communities we operate in. We must be ready to hold ourselves, and our own companies, to account if we want to see diverse and inclusive workplaces thrive across the country.”