Gender pay gap report
Gender Pay Gap
Our Commitment to Diversity, Equity and Inclusion at United Trust Bank (UTB)
At UTB, we embrace the diverse perspectives that contribute to an inclusive culture where everyone’s voice is valued and heard. We believe that fostering a sense of belonging and community is essential to attracting and retaining the best talent, and we remain committed to driving longterm, sustainable change in our workforce demographics.
This marks the fourth year that we are publishing our Gender Pay Gap report, and I am pleased to see the positive impact of our ongoing initiatives. In 2024, our gender pay gap decreased (again) both in terms of mean pay (-3%) and median pay (-10%). While this progress is encouraging, we acknowledge that there is still work to be done. We recognise that achieving a truly gender-diverse workforce is a continuous journey, and I remain dedicated to ensuring we take meaningful steps toward this goal at all levels of our organisation.
As seen across the financial services industry, our Gender Pay Gap is influenced by the underrepresentation of women in senior management roles, which typically attract the highest total reward packages. As an industry, we must do more to address this challenge. Alongside my senior leadership team, HR, and colleagues, we are focused on implementing key initiatives to attract more women into senior positions and narrow the gap over time.
Over the past year, we have made significant strides in improving gender diversity within our workforce, including at the senior level. Several women have been appointed to key leadership roles, both through internal promotions and external hires.
We take great pride in our special interest networks, which spearhead our annual agenda of initiatives for our women, early careers and new starters. Bringing together senior managers and employee representatives, these dedicated teams lead efforts to create an inclusive environment, raise awareness, and educate colleagues on the value of equality and inclusion. This report highlights the key actions we are taking to support our diverse talent, nurture an inclusive culture, and drive gender diversity at UTB.
In addition to confirming the accuracy of this data, I want to thank all our employees for their commitment to fostering an inclusive, inspiring workplace. I believe that united we go further, and I am proud to be part of this ongoing transformation.
Harley Kagan Chief Executive Officer
Understanding the Gender Pay Gap
The Gender Pay Gap measures the difference in average pay between men and women within an organisation, without accounting for the type or seniority of roles performed. This differs from equal pay, which ensures that men and women receive the same remuneration for equal work.
At UTB, we conduct an annual review to ensure fair and equitable pay based on role, skills, and experience. This process is formally analysed during our pay review cycle and reviewed formally by the Remuneration Committee.
Gender representation by pay quartiles
Gender pay and bonus gap
Proportion receiving bonus
Workforce
How we are closing the gap
Mentoring
We continue to run an internal mentoring programme which helps to support women to achieve their career goals. We are pleased to see a significant number of our Senior Leadership Team volunteering as mentors to support junior employees’ career growth.
Leadership Development
In 2024, we supported 9 of our high-potential female employees to complete the Cultivating Leadership Skills programme, underscoring our commitment to developing our future female leaders.
International Women’s Day & UTB Women’s Network
Throughout the year, we host a company-wide networking events for female employees, including a full day programme to celebrate International Women’s Day. Last year this initiative inspired the creation of our UTB Women’s Network, Ellevate, which fosters connections and supports career development for women across our organisation.
Women in Banking and Finance Association
UTB is proud to be a member of the Women in Banking and Finance association (WIBF), which supports the professional growth of women in financial services. A number of our female employees currently hold WIBF memberships, and we anticipate this will help attract, retain, and support women within our business.
Cultivating an Inclusive Workplace
Our most recent employee survey showed that 90% of participants agree that UTB is an inclusive place to work, a 5% increase from the previous year. This improvement reflects the success of our inclusivity initiatives.
Maternity Coaching
To support new mothers, we have partnered with 10Eighty to provide one-on-one maternity coaching, helping employees navigate the transition to parenthood before, during, and after maternity leave. Our goal is to ensure that returning parents can continue to thrive in their careers at UTB.
Menopause Support
Recognising the importance of supporting employees through life changes, we introduced our menopause policy in 2023 to raise awareness and offer assistance to those experiencing menopausal symptoms.
Our support includes:
A 12-month BUPA menopause support package with personal consultations from specialist GPs.
Access to Peppy, a digital health app connecting employees with NHS-trained menopause practitioners and peer support networks.
Our Wider Diversity & Inclusion Policies
Wellbeing
- A comprehensive range of workshops and events to support employee health and wellbeing.
- An Employee Assistance Programme providing personalised support to employees and their families.
- 24/7 online GP access and a health portal offering wellbeing resources and four-week health plans.
- A confidential financial coaching program through a third-party provider.
Flexible Working
Our flexible working policy allows all employees to benefit from hybrid working, helping them balance professional and personal responsibilities more effectively.
Equality Data Collection
To ensure transparency and track our progress, UTB voluntarily collects data on gender, ethnicity, religion/belief, sexual orientation, disability, and caring responsibilities. This enables us to analyse our workforce profile and ensure fairness in our people processes.
Looking Ahead
As we continue our journey toward greater gender diversity, I want to thank all our employees for their commitment to fostering an inclusive, inspiring workplace. Together, we are making meaningful progress, and I am proud to be part of this ongoing transformation.