New HR Director investing in financial wellbeing and inclusion
RBS announced that it would pay a dividend this year for the first time since being bailed out by the UK government. We tip the bank as one to watch now that it has the funds free to spend on revamping its HR provision. The company has also hired a new HR Director who will be looking to make her mark on the business and we predict a widespread review of incumbent suppliers and initiatives in the new year.
Financial wellbeing: There will be a focus on financial wellbeing in 2019 and the bank is looking to develop a retirement savings policy that encourages staff to save, with the aim of creating a savings culture at the business. It hopes to develop a level of “financial protection” for its workforce and will be exploring further financial wellness schemes over the coming months. The bank is also looking to streamline its benefits package, which has become cluttered, and bring in new benefits that are more relevant to staff than those it currently has on offer.
Diversity & inclusion: Diversity and inclusion are additional challenges for RBS, which continuously rolls out unconscious bias training to all employees; 70% of staff have undertaken this since 2015. Named a Times Top 50 employer for Women last year, it is now looking to improve its ethnic diversity and will be formulating initiatives in recruitment, talent identification and promotion to this end. Programmes that are tailored to appeal to a specific ethnic group are likely to stand out here, including training modules and benefit schemes. Additionally the company wants to promote more women into leadership positions to address its 37.2% mean gender pay gap.
Number of employees: 71,900
Financial year end: December 31
HR Providers: SAP, Thomsons Online Benefits, Willis Towers Watson
New appointments this year:
HR Director – Fiona Levy
Head of Pay, Performance & Benefits – Michael Devlin
Other key contacts:
Chief HR Officer – Helen Cook
Head of Leadership & Talent Development – Deirdre MacDonald