The Bank Of Ireland has recently reported that there has been a slight decrease in the gap between the pay received by their male and female employees. However, the bank is still working to reach a 50:50 balance for its workers. Currently, the bank of Ireland is reporting a gender pay gap of 23.8% across all their departs, which is a 0.4% improvement from the last year. The bank has stated that a large proportion of this comes from the under-payment of their female employees at senior levels and junior grades.
The system that the Bank of Ireland uses to calculate the pay-gap difference is by working out the average pay of all women in the company and comparing then to the average pay of all the men in the company. The Bank of Ireland is currently introducing more flexible ways of working with all employees, as well as pulling career development and leadership programs for their female employees.
It was reported last year that nearly 41% of all senior appointments in 2020 were female, which is an improvement from the previous statistic of 36% in the previous year. This improved to 47% in the second half of 2020.
This is still a large issue that needs continuous work to continue working towards the goal of having a 50:50 gender balance within the company. And as an organization, the Bank of Ireland is continuously working towards improving gender balance in the workplace and rolling out initiatives and reporting controls that allow the organization to keep track of its progress.
Their focus is to continue attracting and developing female talent in the field that is male-dominated. This includes their commitment to inclusion and diversity as a part of every employee’s working experience.
Although this change has been an international move for cooperations to include more female talent in occupations that are male-dominated, this is not a change that will happen overnight. This requires constant improvement and initiative not only from the organization itself but also from the employees hired at every level within the company.
Lucas Zhang was a Finance major at Ohio State University. He writes about finance, mortgages, and technology for Irish Mortgage Brokers.
Relevant Links: Bank of Ireland Gender Gap, The gender gap within the workforce