Leading online pension provider, PensionBee, has joined the steering group of The Diversity Project, a cross-company initiative championing a more inclusive culture within the savings and investment industry.
It aims to recruit, nurture and retain the first truly diverse generation of savings and investment professionals to better reflect society at large, and the individuals who trust financial services companies with their money. It believes a more diverse workforce will create better financial outcomes and attract more interest in the industry, creating a pipeline of diverse talent.
The partnership will see PensionBee devote time and effort to developing and leading projects that align with three central aspects of diversity: ethnic minorities, gender and socioeconomic backgrounds.
In July 2021 PensionBee conducted its biannual Diversity, Engagement and Inclusion Survey to measure levels of representation and to gather actionable feedback and ideas on enhancing inclusive practices. Half of its employees identify as female and minority gender, compared to 41% in UK financial services (1). 14% of PensionBee employees identify as LGBTQA+, compared to 3% across the UK (2). Over 40% self-identify their racial or ethnic background as Asian / Asian British; Black, African, Caribbean, or Black British; Latinx/ Hispanic; Mixed, multiple or other ethnic groups, compared to 14% across the UK (3). There is diversity at every level of seniority.
PensionBee has also recently signed the Tech Talent Charter (TTC), a non-profit organisation leading a movement to address inequality in the UK tech sector and drive inclusion and diversity in a practical and uniquely measurable way. It aims to make the UK tech sector a diverse and truly inclusive community where people from all backgrounds are welcomed, listened to and valued for their contributions.
Signatories must commit to a four-point charter, which includes having an executive sponsor, adopting inclusive recruitment and promotion processes and practices, and publishing employment diversity data.
PensionBee advocates challenging the perceptions of what people in technology should be, breaking down some of the barriers people face. That’s why applicants wishing to join entry-level roles at the company need no previous experience, with these roles specifically advertised on sites aimed at those starting their careers without attending university. PensionBee provides all of the learning tools required and heavily invests in training.
In 2020, over 85% of new hires went directly into PensionBee’s award-winning entry-level training scheme called the ‘Program’. As of December 2020, 88% of the Junior Management Team started in entry level roles and are now supporting the business across all areas. To date, almost 50% of the technology team were trained internally after starting in a non-technology role.
Romi Savova, CEO at PensionBee, comments: “We are delighted to be working with the Diversity Project, and joining its steering committee to champion inclusivity in financial services. PensionBee is a very special place to work because of our rich culture, and we’re passionate about achieving wider representation and equality. We want our team to be reflective of our customer base, and for our team to be the rule, rather than the exception within the wider industry. We believe our diversity helps us relate better to our customers, and make better decisions, and we look forward to working with the Diversity Project to drive much needed change.”
Table 1: Gender at PensionBee
|PensionBee Q2 2021||UK^||UK Financial Services^^|
|Female and minority genders||50%||51%||41%|
Source: PensionBee, July 2021. Voluntary survey, with 149 respondents. ^UK data taken from the 2011 census. ^^data taken from the Labour Market Overview, Q1 2021.
Table 2: Sexual orientation at PensionBee
|PensionBee Q2 2021||UK^|
|Minority Sexualities (LGBTQA+)||14%||3%|
|No response or Rather not say||3%||3%|
Source: PensionBee, July 2021. Voluntary survey, with 149 respondents. “No response or Rather not say” includes employees that did not complete the survey. ^UK data taken from the ONS Annual Population Survey 2019. Numbers have been rounded.
Table 3: Racial or ethnic background at PensionBee
|PensionBee Q2 2021||UK^|
|Asian or Asian British||10%||8%|
|Black, African, Caribbean, or Black British||17%||3%|
|Mixed or Multiple ethnic groups||10%||2%|
|Other ethnic groups||1%||-|
|Latinx/ Hispanic and Other ethnic groups||-||1%|
|No response or Rather not say||1%||0%|
Source: PensionBee, July 2021. Voluntary survey, with 149 respondents. “No response or Rather not say” includes employees that did not complete the survey. ^UK data taken from the 2011 census.
- UK Financial Services data taken from the Labour Market Overview, Q1 2021
- UK data taken from the ONS Annual Population Survey, 2019
- UK data taken from the 2011 census