An Inspiring Case Study on Nationwide Building Society

Background

Nationwide Building Society, Nationwide Building Society is a UK-based financial services organisation, specifically a mutual building society. It is one of the largest and most well-known building societies in the United Kingdom, providing a wide range of banking and financial services, including savings accounts, mortgages, insurance, and personal loans. As a mutual organisation, Nationwide is owned by its members (customers) rather than shareholders, and its focus is on serving the best interests of its members and customers.

Boasting a diverse workforce of over 28,000 employees across the UK, it is firmly dedicated to propelling diversity, equity, and inclusion (DE&I) throughout its organisation. Embracing ambitious objectives to enhance representation, address pay gaps, and foster a strong sense of belonging among its workforce, Nationwide is steadfast in its commitment to creating an inclusive workplace for all.

Findings

Nationwide’s robust DE&I efforts have produced noteworthy insights, revealing the positive impacts of their inclusive approach.

1. Inclusion and Wellbeing: Nationwide tracks and measures inclusion and well-being through colleague sentiment surveys. As of April 2022, the society achieved an inclusion score of 85.3% and a well-being score of 75.9%, surpassing their goals for the year.
2. Gender Representation: Nationwide has made progress in increasing the representation of women in senior management, moving from 32.6% in 2016 to 35.5% as of August 2022. Their goal is to achieve 50% representation of women in senior management by 2028.
3. Ethnicity Pay Gap: Nationwide voluntarily publishes its ethnicity pay gap and has seen a decrease in the mean ethnicity pay gap, reaching 7.4% as of April 2022. Over 90% of colleagues declared their ethnicity, providing valuable insights for tracking progress.

Strategy and Implementation

Nationwide’s commitment to DE&I is reflected in its multifaceted approach, encompassing various strategies and initiatives aimed at fostering diversity, equity, and inclusion across the organisation.

1. Inclusive Culture: At Nationwide, fostering an inclusive culture is a top priority. The organisation recognises the importance of creating a workplace where every employee feels comfortable being themselves and has equal opportunities for growth and advancement. To achieve this, Nationwide actively promotes an environment that values diversity and prioritises mental health support for its workforce.
2. Transparent Reporting: Nationwide is committed to transparency when it comes to tracking and reporting on diversity within the organisation. They regularly monitor gender and ethnicity representation at different levels, allowing them to identify gaps and opportunities for improvement. This data-driven approach enables Nationwide to measure the effectiveness of its diversity initiatives and make informed decisions to drive meaningful change.
3. Targeted Actions: Recognising the need for targeted actions to accelerate progress, Nationwide takes evidence-based measures to address gender and ethnicity pay gaps. They have set ambitious goals to increase the proportion of ethnically diverse colleagues, particularly in managerial and specialist roles. Strategic recruitment practices have played a pivotal role in achieving this, ensuring that diversity is embedded at all levels of the organisation. By taking bold steps and employing evidence-backed strategies, Nationwide is actively working towards achieving a more equitable and inclusive workplace for all employees.

Outcomes

Steadfast in its commitment, Nationwide’s dedication reflects through its significant outcomes:

1. Increased Inclusion: The high inclusion and well-being scores reflect a workforce that feels empowered and valued, fostering a positive work environment.
2. Advancing Gender Representation: Steady progress in increasing the representation of women in senior management demonstrates Nationwide’s commitment to gender equality.
3. Decreasing Ethnicity Pay Gap: The reduction in the mean ethnicity pay gap showcases the organisation’s efforts to promote equity and fairness among diverse colleagues.

Lessons Learned

Along this transformative DE&I journey, Nationwide has gained data that pave their way for continuous improvement and fostering a more inclusive workplace for all.

1. Transparent Reporting: Regular tracking and reporting enable the organisation to identify progress, set interim measures, and drive continuous improvement.
2. Targeted Actions: Specific and targeted actions, such as strategic recruitment, are instrumental in achieving diversity and representation goals.
3. Collaborative Partnerships: Partnering with external organisations and initiatives amplifies Nationwide’s impact and promotes an inclusive culture.

The Road Ahead

Nationwide’s unwavering commitment to its DE&I journey is evident in its ongoing efforts to sustain high levels of inclusion and well-being, meet gender representation targets, and continue narrowing ethnicity pay gaps. With a focus on continuous evolution and adaptation, Nationwide aims to foster an inclusive and empowering work environment that sets a compelling example for other organisations in their pursuit of diversity and equality.