Target Group has announced it has achieved gender pay parity across its senior leadership team, as well as reducing its overall gender pay gap across the business.
The Newport-based firm has three women sitting on its executive committee. Katherine Bowen is Target’s award-winning CFO, while Charlotte Harrison serves as head of business strategy – developing Target’s overall vision and strategy. Katie Pender was recently made COO, recognising her work as managing director of Elderbridge – a regulated lender and subsidiary of Target Group, as well as in the development and deployment of the group’s state-of-the-art mortgage originations solution, Mortgage Hub.
Across all senior management, Target has increased female representation from 30% in 2020, to 41% today.
In addition, Target has announced its mean gender pay gap is 19.58%, a 9% reduction on the previous year and the lowest it has ever reported. This figure puts Target well below the finance and insurance industry average of 29.70% and highlights its longstanding commitment to pay equity.
In terms of the median pay gap, this sits at 19.70% which is also considerably lower than the finance and insurance industry average of 30.50%.
Work continues to not just reduce the pay gap, but to advance equality and to attract and retain female talent. Alongside active support for both internal and external female applicants, Target has implemented an impartial colleague on interview panels to minimise unconscious bias and rolled out a company-wide leadership and mentoring program. Target has also maintained its hybrid work model to support parents and looks to empower Welsh women through its Chwarae Teg partnership.
Across the business, Target remains committed to reducing its gender pay gap year on year, with a view to close it by 2030.
Katie Pender, COO at Target, 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.”
Target supports the digital transformation of lenders, banks and building societies, as well as other major financial institutions through its software solutions, managed services and through business process outsourcing (BPO). With the help of its fintech platform, Target manages assets of more than £17 billion, enabling clients to automate complex critical processing, servicing, and administration of loans and investments.
