In January 2018, Nucleus signed the Women in Finance Charter and pledged to improve the gender balance in our senior leadership team by setting a target of no less than 40% female representation by the end of 2020.
We define senior leadership roles as the board, our executive team and those individuals reporting to our executive team leading functional areas accountable for delivery of our business plan. These are our key decision-making groups, so more balanced representation here will result in meaningful change.
We recognised that while we have a good gender balance across our teams, we have work to do to grow the number of women in leadership roles. A core component of our people strategy is to ensure we're nurturing an inclusive and inspiring working environment to attract and retain the best people. However, we still have work to do and believe by starting with a specific focus on gender, this will be a catalyst for other under-represented groups.
By signing the charter, we commit to the following:
I will be the member of the senior executive team who is responsible and accountable for gender diversity and inclusion.
Supporting the progression of women into senior roles by setting internal targets
Publishing our progress annually against these targets in reports on our website
Ensuring a proportion of variable pay for our executive team is linked to delivery against our diversity targets
Our gender diversity targets
When we signed up to the charter in January 2018, we had 18% female representation in our senior leader population. In June 2019 we reported an increase to 33% and in June 2020 this has decreased slightly to 32%. This decrease is due to an executive committee restructure that resulted in one female departing the team. However, in the same period we were pleased to report three promotions for female senior leaders which meant an increase in our female representation beneath the executive level to 38%.
Overall, this unfortunately this meant that we didn’t meet our charter target of no less than 40% female representation in our most senior roles by 31 December 2020.
However, we remain committed to this target and intend to take every opportunity to achieve this in the short to medium term. All hiring campaigns for senior positions are subject to an enhanced focus on attracting and engaging with female candidates, to ensure our recruitment process is inclusive and balanced.
You can read more about our commitment to inclusion and diversity at Nucleus.
We achieve our ambitions by setting successive targets - so once we meet this one, we’ll set another and in the longer term, we aspire to achieve equal gender balance.
This isn't a box-ticking exercise for us, this is about being future relevant and durable. I strongly believe that broader diversity leads to innovation and better decision making.
Our D&I strategy is anchored in our commercial strategy and sponsored by our CEO Richard Rowney with much of the work being driven by our people and executive team working together through our people group. We’ve also signed the tech talent charter committing to hiring a more diverse technology team - transparency is the friend of progress. Our approach is co-created with our people and what they want to focus on. This has so far included being champions for flexible working and hybrid collaboration.
Diverse teams have been proven to demonstrate greater retention, more commitment and better collaboration, and creating a better balance can only lead to sustainable growth for Nucleus, better service for clients and a better future for women in financial services. Too often we focus on the direct skills for the job and overlook the team angle. The diversity of thought through gender balance is a valuable component of high-performing teams and leads to higher commercial success.
I sign this charter on behalf of Nucleus with a clear personal perspective.
Please judge us on our results and do let me know your feedback.Learn more about diversity and inclusion at Nucleus