Target Group has reached a significant milestone in its commitment to workplace equality.
The firm has announced it has achieved gender pay parity across its senior leadership team while also reducing its overall gender pay gap to its lowest level on record.
The Newport-based company’s executive committee now includes three women in key leadership roles. Katherine Bowen serves as chief financial officer, Charlotte Harrison leads business strategy, and Katie Pender was recently appointed chief Operating officer after her time spent as managing director of Elderbridge, a regulated lender and Target subsidiary.
Pender also played a key role in the development of Mortgage Hub, the group’s mortgage originations platform.
Across all senior management positions, female representation has risen from 30% in 2020 to 41% today, reflecting a continued effort to improve gender diversity at leadership levels.
MEAN GENDER PAY GAP
Target also reported a reduction in its mean gender pay gap, which now stands at 19.58%, a 9% decrease from the previous year and significantly lower than the finance and insurance industry average of 29.70%. The firm’s median pay gap is 19.70%, also well below the industry average of 30.50%.
Efforts to reduce the gender pay gap go beyond pay equity, with a focus on fostering an inclusive workplace. Target has introduced impartial colleagues on interview panels to minimise unconscious bias, implemented a company-wide leadership and mentoring program, and maintained a hybrid work model to support working parents. The company also collaborates with Chwarae Teg to empower women in Wales.
Target says it remains committed to closing the gender pay gap entirely by 2030.
Pender said: “I am immensely proud to work for such an innovative and genuinely progressive company that is willing to walk the walk – working alongside such a talented team and brilliant female colleagues.
“A diverse team brings diversity in thought, skills and leadership, and delivers a valuable approach in all applications of the business. To attract and retain the fantastic talent we have to deliver the cutting-edge capabilities and high levels of service we are known for, it is critical that all employees are recognised and rewarded fairly.”
Gareth Roach, chief people officer at Target, added: “While we are incredibly proud to release these fantastic results, we have no intention of resting on our laurels. We remain committed to reducing our gender pay gap, with the eventual aim of eliminating the gap altogether.
“As a result, we intend to go even further through our ED&I strategy and we’re set to launch a number of internal strategies to increase mentorship and career advancement. At the same time, we will continue to identify and address pay discrepancies in our next review.
“Target has been operating across financial services for more than 45 years and there’s no question that a key component of our longevity and ongoing success is our hugely talented team. The skills, knowledge and expertise of our more than 700 colleagues means we are able to deliver high levels of service and remain an extension of our client’s teams.”
