Unum has today signed the government’s new Women in Finance Charter, making a number of commitments to improve gender balance. By signing the Charter, Unum is pledging:
- To set targets for a more balanced workforce
- To publish the targets and report on progress on its website
- To link executive pay to success in meeting the targets
The Charter was launched by City Minister Harriet Baldwin MP in response to a review conducted by Virgin Money CEO, Jayne-Anne Gadhia, into the representation of women in senior managerial positions in financial services. The review found half of women working in financial services did not feel they had an equal chance to advance and that women held only 14 per cent of Executive Committee positions.
Signing the Charter is a key part of Unum’s programme to become a more inclusive and equal employer and to increase the number of women holding senior leadership positions. At the same time, Unum has recently launched a new Women in Leadership initiative to help future leaders develop and reach their potential within the company. Unum also now links the pay of senior executives to diversity targets.
Unum’s Human Resources Director, Liz Walker, welcomed the Charter and highlighted the ethical and business reasons for promoting gender equality in financial services: "Unum is absolutely committed to building a more equal workforce. Signing the Charter is a great opportunity to share what we are doing and learn from other companies so we can do even more. I urge those yet to sign the Charter to do so and promote gender equality in their own companies. Fairer and more equal companies are without doubt more successful and we have a responsibility to our communities and clients to lead the way".
"At Unum we will be setting additional internal targets which the Women in Leadership programme will help us meet. Presently, we feel we are doing better than average for financial services, but we are striving for further improvements still."
Unum will report on progress once a year to the Treasury, and will report its gender pay gap every year from 2017 on its website.