Diversity and Inclusion at the PSR
What does Diversity & Inclusion mean to the PSR?
Diversity is a subject which is close to our hearts at the PSR. As a regulator, one of our key objectives is to work on behalf of everybody who uses payment systems, ensuring that payment systems are operated and developed in a way that considers and promotes the interests of all people and organisations that use them.
In order to represent the people and organisations that we serve – we are committed to building and sustaining a diverse and inclusive workplace, where our people can bring their whole selves to work. In order to achieve this goal, it is essential that we recruit, develop and retain a talented, engaged and diverse workforce.
In addition to gender diversity, our commitment to diversity and inclusion has a broader range which includes disability, ethnicity, LGBT and gender identity through to mental health and social mobility issues.
Our Diversity & Inclusion Committee has representation from colleagues at all levels across the PSR.
The Women in Finance Charter
As proud signatories of the Women in Finance Charter, the PSR:
- is committed to supporting the progression of women into senior roles and has set targets both for gender and BAME representation
- our senior leadership team have their commitment to diversity and inclusion reflected in their performance objectives
- the combined PSR SLT/Manager population is currently 64% female, our manager ratio is 60% female and 38% of our board members are female.
At firms making up the FTSE 100, 32.1% of board members are women, up from 30.2% in 2018.
In the FTSE 250, progress is slower – with women making up 27.5% of board members by November 2018.
Gender diversity across the senior leadership of the PSR is already above 50%. As a small organisation, our target is to maintain a balance of 50% women in the leadership team, with a variance factor of plus or minus 10% and to continue to develop a balanced pipeline of talent through to the end of 2025 and beyond. (This is a broad range as, due to the size of our organisation, just one or two joiners or leavers can have a significant impact on our gender and BAME representation).
We are also committed to achieving at least 8 – 15% BAME representation across our senior leadership team by the end of 2025.
Currently our BAME representation at senior leadership level is at 7%, whilst representation across the organisation is at 24%.
Social Mobility Pledge
In June 2020, along with the FCA, we signed the Social Mobility Pledge. In doing so, we committed to participating in outreach work, providing structured work experience and apprenticeship opportunities and adopting open recruitment practices to provide a level playing field for those from disadvantaged backgrounds or circumstances.