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.”
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