Monzo has signed the Women in Finance Charter as it looks to have no less than 40% female representation on both its executive committee and board by 2020.
The mobile bank's board is currently 38% female – above the industry standard of 23% – while its executive committee is 11% female, below the average of 13%.
By signing the charter, Monzo has committed to the following:
- Having one member of the senior executive team who is responsible and accountable for gender diversity and inclusion
- Setting internal targets for gender diversity in senior management
- Publishing its progress annually against these targets in reports on its website
- Ensuring any variable pay for the senior executive team is linked to delivery against its gender diversity targets.
Paul Rippon, co-founder and deputy CEO of Monzo, said it has eight board members and its executive committee is formed of nine people who represent major areas of the business.
“We have no desire to make either of these groups bigger than they need to be to help us run our business well, and our staff turnover is low.
“In general, we achieve our ambitions by setting successive targets – so once we meet this one, we'll set another.
“In the longer term, we aspire to equal gender balance.”
Paul believed talent deserved every chance to shine and that a more diverse workforce would make a stronger and healthier company.
“By signing the charter on behalf of Monzo, the pledge is very personal.
“We've already shared some of what we're doing to increase the overall diversity of our workforce.
“[In particular] creating a culture of inclusion; pay equality; having good flexible working policies and using technology that makes flexible working easier; supporting working parents and investing in supportive people managers.”
Paul said Monzo would continue to monitor gender not only in hiring, but also for promotions and leavers.
“While gender equality is a positive step forward, gender balance is not the only metric of diversity.
“We will continue to ensure we're building a company that is intersectionally inclusive – our ambition is to represent the UK's workforce across race, ethnicity, sexual orientation, class and disability as well as gender.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
OakNorth to double size of Manchester team
OakNorth has announced it will be doubling the size of its Manchester team due to an increase in demand for its loans in the region...
UTB hires Simon Burnell as head of product development
United Trust Bank (UTB) has appointed Simon Burnell (pictured above) as head of product development for its mortgages and bridging division...
Monzo raises £20m in latest crowdfunding round
Monzo has raised £20m in just over two days via its third crowdfunding round...
Could more banks look to use gamification?
Gamification is defined as the application of typical elements of game playing to other areas of activity, typically as an online marketing technique to encourage engagement with a product or service...
Bank Leumi (UK) appoints chief business officer
Bank Leumi (UK) has announced the appointment of Andy Mallin (pictured above) as chief business officer...
Handelsbanken launches UK banking subsidiary
Handelsbanken has launched its new UK subsidiary Handelsbanken PLC as it looks to continue the next stage of its growth in the UK...
Making the most of savings in 2019
Personal finance headlines and best-buy tables are dominated by retail savings products, with very few column inches dedicated to helping businesses determine the best places to stash their cash...
PCF posts 44% pre-tax profit increase
PCF Group PLC has reported a 44% increase in pre-tax profits to £5.2m (2017: £3.6m) in its preliminary results for the year ended 30th September 2018...
Mortgage Sleep Out raises over £100,000
Mortgage Sleep Out has raised more than £100,000 for End Youth Homelessness (EYH)...
Gatehouse Bank launches home purchase plan product
Gatehouse Bank has announced the launch of its first home purchase plan product after securing regulatory approval...
Monese offers free premium current accounts for dual UK/EU citizens
Monese has announced the launch of free premium current accounts for those holding dual EU/UK citizenship...