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This year, Standard Chartered has expanded the scope of their annual Fair Pay Report to cover broader commitment to diversity, equality and inclusion.
- 91% of Standard Chartered colleagues say they feel included in their team
- 87% agree Standard Chartered meet or exceed expectations as an employer
- 79% say they can balance their personal and professional lives
How Standard Chartered Support Their Colleagues:
- Enhanced Parental Leave, Worldwide:
– Standard Chartered offers at least 20 week, no matter the parent’s gender, location, or how their child come to join their family. - Taking a stand in menopause:
– Colleagues and their employees and partners can access medical cover for menopause-related symptoms. More than two-thirds of colleagues are now covered with the roll-out expected to complete by April 2024. - Fair Pay Charter:
– Equal Pay: Standard Chartered is committed to offering equal pay for equal work within their respective markets. They maintain a strong stance against unlawful discrimination, ensuring that rewards, appointments, and promotions are based solely on performance and merit. The organization conducts regular checks to guarantee equal pay, and their pay disclosures not only identify areas for improvement but also outline clear actions to advance their diversity and inclusion goals.
– Purpose Led: Standard Chartered offers a comprehensive suite of rewards and benefits that align with their valued behaviors and principles. They strive to continually provide progressive, socially responsible, and purpose-driven benefits that promote inclusivity. These benefits support their colleagues through various life stages while also demonstrating their commitment to environmental sustainability.
– Competitive Opportunities: Standard Chartered offers competitive fixed and variable pay to attract, motivate, and retain colleagues. This compensation is based on several factors, including market rates for the specific role, location, performance, skills, and experience. The organization regularly verifies that its pay surpasses the living wage required for an adequate standard of living in each of its markets. Additionally, it monitors macroeconomic developments that could negatively impact its employees’ livelihoods, offering support where necessary.
– Performance Driven: The organization aspires to embed a culture of ambition, action, and accountability that puts its people, clients, and communities at the heart of everything it does. In doing so, it motivates, recognizes, and rewards sustainable high performance that upholds its risk, compliance, and conduct standards and is delivered in line with its valued behaviors. Its commitment to performance is supported by clear and timely communication of expectations and outcomes, as well as ongoing feedback and development conversations.
“Creating a best-in-class employee experience is crucial to building success for Standard Chartered, delivering excellence for our customers and clients and making a positive impact on the communities where we operate. That starts with understanding who our colleagues are, what matters to them, and their lived experience in the Bank” – Bill Winters, Standard Chartered Group Chief Executive
2023 Highlights:
Source: Standard Chartered – Diversity, Equality and Inclusion Impact Report 2023
Gender and the gender pay gap:
Standard Chartered signed the UK HM Treasury Women in Finance Charter in 2016, demonstrating their commitment to advancing the gender agenda and fostering a more balanced and equitable industry. They have observed a positive trend in female representation in senior leadership roles, increasing from 25% in December 2016 to 32.5% at the end of December 2023. The organization aims to achieve 35% female representation in senior leadership by 2025.
Transparency and Action:
Since 2017, Standard Chartered has published its gender pay gap analysis for the UK and its hub locations in Hong Kong, Singapore, the UAE, and the US. These analyses and disclosures, coupled with local market insights on talent dynamics and context, serve to:
- Enhance understanding of organizational strengths and weaknesses regarding gender diversity and inclusion.
- Raise awareness to facilitate fair and inclusive decision-making.
- Develop actionable plans to leverage the full potential of a diverse and inclusive workforce.
Furthermore, the organization conducts checks across all markets during hiring, pay reviews, and performance reviews to identify and address any significant pay discrepancies arising over time for individuals performing the same work.
Measuring the Gender Pay Gap:
Standard Chartered utilizes two primary approaches to analyze the gender pay gap:
- Gender Pay Gap Analysis: This approach, mandated by the UK government for UK disclosure, compares the pay of all male and female employees, regardless of role, on a specific date (April 5, 2023 in this instance). It is important to distinguish this from “equal pay,” which compares the pay of individuals performing the same or equivalent roles. As a result, the gender pay gap primarily reflects discrepancies in gender representation across various roles.
- Adjusted Pay Gap Analysis: To complement the legislative approach, Standard Chartered also calculates the adjusted pay gap, which compares the pay of male and female colleagues within the same hierarchical level and business unit. While acknowledging the spectrum of gender identities and expressions, the organization adheres to the required methodology for calculating the pay gap as outlined by UK legislation.
2024 Goals:
- Diversity and Inclusion:
- Remove barriers and implement targeted initiatives to promote opportunities for under-represented talent.
- Enhance frameworks and encourage colleagues to share their unique identities, while actively listening to their experiences.
- Utilize these insights to improve the inclusivity of the company culture and employee experience across all locations.
- Employee Wellbeing:
- Update the well-being strategy to foster a thriving and high-performing workforce.
- Go beyond tools and benefits by prioritizing factors like empathetic leadership, addressing root causes of poor well-being, and addressing negative work practices.
- Sustainable Procurement:
- Increase diverse business participation in the supply chain by expanding both the percentage spent with diverse vendors and the range of goods and services they offer.
- Community Investment:
- Launch the next phase of “Futuremakers,” focusing on empowering young women through skills development and sustainable employment, and supporting sustainable and socially-focused businesses run by entrepreneurs.
- Create jobs by targeting individuals with disabilities, promoting gender equality, and fostering financial inclusion.
Overall, Standard Chartered remains committed to fostering a culture where everyone with the necessary skills can excel and thrive, both in 2024 and beyond.