Our people are vital to our long term success. At Premium Credit, we know that it’s not just about what you do but also about how you do it. We are committed to supporting an inclusive workplace culture to ensure our people are happy and help us drive sustainability throughout the business.
Equality, Diversity & Inclusion is at the heart of working life at Premium Credit. Our ongoing aim is to create an environment where people are treated fairly and have access to equal opportunities, and where everyone considers how their actions may be received by people who are different to them.
We are constantly working to create a workplace where people are encouraged to have diversity of thought and where viewpoints, regardless of background, are considered.
Read our progress in our Annual Report & Accounts.
Gender Pay Gap
We are pleased to have our workforce comparatively represented between males and females, with females representing just over 50%.
Our reportable data shows 36% of our managers are female, which is comparable to the same time last year, improvements have been made in advancing leadership representation in more senior roles in the current reporting year, with current snapshot data showing 43% female representation in the Executive Team and 29% at Board.
We saw a slight decrease of 1% for the median gender pay gap at 36.7%. The median gender pay gap means that females earn an average of 36.7% less per hour (excluding overtime) than men, or in other words the average female employee would earn 63.3p for every £1 earned by a male employee. There is also a slight decrease of 0.1% in the mean gender pay at 32.6% in 2022. The underlying reason behind our gender pay gap is predominantly due to the lower representation of women in Senior Leadership positions and IT. The Company pays equal pay for equal work and therefore addressing the gender pay gap is about increasing the proportion of women in more highly paid roles and in technical areas such as IT.
2023 - Key Actions
Reducing the gender pay gap continues to be a focus of the organisation and the Equality, Diversity & Inclusion Council has a clear roadmap of initiatives being rolled out in 2023 to further reduce the gap. The introduction of a Hybrid Work model will continue to support flexible working where employees can feel enabled to balance work and home lives.
Key actions in 2023 will be to:
Read our progress in our Gender Pay Gap Report.
Looking after our people’s health is a high priority for us. As a company we offer a hybrid working approach with the majority of our people working from home. We have trained managers on managing mental health and maximising how our Mental Health First Aiders can support colleagues about how to maintain and healthy and balanced lifestyle.
Training & education
We approach training & education with the desire for people to understand their natural strengths and preferred ways of working, and to have the tools to increase their personal awareness and improve team effectiveness. We want to build resilience throughout the Company, equipping people with the knowledge and skills to move forward.
At the heart of our training is our competency leadership model, which is incorporated in our performance appraisals and bonus programmes.
We have continued to embed a Competency Framework which outlines the behaviours that are key to delivering against our strategic goals, whilst living our values. A matrix has been developed, which shows the expected level of competency based on each colleague’s grades - individual contributors, subject matter experts, senior leaders and strategic leaders. This framework is used in our mid- and end of-year reviews.
Read the benefits of working at Premium Credit here