Bank of Ireland publishes Gender Pay Gap Report
- Bank of Ireland Group proactively reports a gender pay gap of 24%
- Women represented 44% of all senior appointments in 2019, on track to meet the target of 50:50 by 2021 and help address the gender pay gap
- Range of new measures being introduced to encourage fair progression, including enhancements to maternity leave
Bank of Ireland has today become the first Irish bank to publish a Gender Pay Gap Report which highlights the percentage difference between what men and women are paid on average in the organisation, irrespective of roles or levels.
Comparing the average pay for all men and all women within the Bank of Ireland Group, the gender pay gap is 24.2%. While there is no sector comparison available yet in Ireland as proposed legislation has not yet been enacted, this compares with approximately 30% for firms within the UK financial services sector where gender pay gap reporting has been in place since 2017.
Francesca McDonagh, Group Chief Executive, commented:
“I want to progress the debate about gender diversity and that’s why Bank of Ireland is proactively reporting on the gender pay gap today. Bank of Ireland has a gender pay gap because we have fewer women in senior roles than men. I’m focused on taking action to close the gap as soon as we can. That’s why we completed a comprehensive Group-wide analysis of our gender data, which helps us understand the scale of the issue and allows us track our progress in a transparent and accountable way. That’s important, because as we all know ‘what gets measured gets done’.
“We’re not waiting for legislation before publishing our gender pay gap in Ireland. We want to make progress on this issue, and I’d encourage other companies in Ireland to research their own position and publish their gender pay gap findings. Through collective action and more transparency we’ll make faster progress, and we’ll also change the culture of business in Ireland in a very positive way.”
A significant contributor to the gender pay gap is imbalance at senior levels in the Bank. For this reason, in 2018 Bank of Ireland announced a target to establish 50:50 gender balance in appointments to senior management and leadership by 2021. The Bank made 44% senior female appointments in 2019, up from 38% when the target was introduced in March 2018.
Bank of Ireland’s Gender Pay Gap Report 2020 also highlights a range of other actions underway across the organisation to improve the gender pay gap. These include providing career development and leadership programmes for female talent to increase representation at senior levels, and rolling out more flexible ways of working across the organisation. Approximately 3,500 colleagues are now working flexibly, which can include working from home or from dedicated hubs, closer to where colleagues live, cutting down time spent commuting.
The Bank has also announced new ‘family friendly’ supports for colleagues. Colleagues receiving a baby via surrogate can now take paid leave in line with maternity benefit, while those conducting fertility treatment will receive 10 paid leave days and a range of supports including flexible working.
Note to Editors:
Gender Pay Gap
We are confident that men and women are paid equally for doing equivalent jobs across our business. The gender pay gap measures the difference between the average hourly pay for men and women at all levels in an organisation.
The Gender Pay Gap is a measure of the difference between the average hourly pay (mean) and the difference between the midpoint (median) paid to all women compared to that paid to all men, irrespective of their role or level in the organisation, expressed as a percentage of men’s average pay.