We’ve just published our diversity and inclusion report for 2021. It looks at our latest diversity data, explains the actions we’ve taken so far, and our plans to keep making progress.
Some of the key data points and actions between 2020 and 2021
We’ve grown from 1,400 people to more than 2,100
We’ve increased representation of People of Colour in leadership and technical roles by improving our hiring, performance review and promotion processes.
We’ve reduced our gender pay gap to 4% by bringing more women into the company’s most senior levels.
We’ve increased the age diversity of our team – 43% of our staff are over 30, up 10ppt from 33% in 2020. And we introduced policies to support people at different life stages, like paid leave for pregnancy loss or fertility treatments, and three months’ paid sabbatical.
The majority of our staff (60%) now work remotely – so we work in a way that’s inclusive, whether you’re at home or in an office.
Where we’ll focus next
We’ll keep growing representation of women in leadership and technical roles and reduce our gender pay gap to zero.
We’ll improve representation of Black people in leadership and tech roles.
I think this is a great, detailed report by Kirsten.
Lots of effort going into D&I internally
I’d love to see some more information or focus on Physical Disabilities, it was such a minor part of the report.
I’m interested in the types of soft and hard adjustments you make for colleagues and other support available. How do you make Monzo accessible to the widest range of disabilities?
I have a couple of questions. Not criticisms at all, I would like educating.
Representation of People of Colour has risen from 20.7% in 2020 to 21.7% in 2021
Is there a figure you aim for? You say it is rising, but is already above the UK % for people who identify as POC (from a quick Google). Further on you talk about London demographics, is that still a relevant aim with the contact centre in Wales and home working all over the country?
When you come for an interview, we give you the option to share your pronouns and tell us how to pronounce your name – so we can address you correctly on the day.
Excellent. It is so awkward for everyone when a name is pronounced incorrectly. Everyone should do this.
The number of unique or combinations of nationalities represented at Monzo increased from 113 in 2020 to 155 in 2021
That is quite a leap - was it a conscious effort?
The percentage of staff who identify as LGBQ+ decreased from 23.8% in 2020 to 21.8% in 2021
Any idea why? Also it is nice to see Trans not included in this. I have said for many years that throwing T at the end of LGBQ does not serve the community well, Trans people deserve more than being an afterthought.
We introduced a policy to offer 10 days of paid leave following any form of pregnancy loss, for either partner. In May 2021 we became the first bank in the UK to introduce dedicated policies of additional paid leave for colleagues who suffer from pregnancy loss. Its aim is to recognise and support our colleagues (of any gender) who experience these emotional and physical challenges.
I mean it’s still a good increase in numbers, from 333 LGB+ employees in 2020 to 458 in 2021. Percentages aren’t always great to go on. It’s an increase. Given the population as a whole is probably not 21% LGB+ it’s probably pretty impressive.
It’s a different topic, and shouldn’t be used to downplay this stuff, but I’d also be interested in seeing some high level demographics of Monzo customers (age, location etc) and how they’re shifting over time.
Our staff can learn about how to ask for support, or support someone with an accessibility adjustment in our employee handbook.
We also support via Access to Work (a publicly funded employment support programme to help more disabled people start or stay in work), occupational health (independent medical advice on what we can do to support staff) and reasonable adjustments – the type of adjustment depends on the request, but it could be something physical like providing equipment or a change to how, where and when someone works.
While the London population isn’t representative of all our staff, 25% of staff are based there so we do think it’s relevant. We want to strive to get to a representation somewhere between where the industry is, where the UK as a whole is, and our most diverse location.
It certainly has been a conscious effort to make our hiring more inclusive and advertise our roles to a wider audience. We also have people who are working remotely and have been making more remote roles available. Together that’s meant we can hire from a wider and more diverse group, which includes nationality.
At Monzo we have always had a high population of LGBQA+ people and that has continued into this year. While the numbers have decreased slightly we are still considerably higher than the general population and so see this as just a normal part of different people joining and leaving at a specific point in time.
