possibilities of technology, experimentation,
delivering a human experience, and living the
Virgin Money brand), and programmes are in
place from the leadership level all the way down.
“Capability is very high on the agenda here,” she
argues. “Yes the integration is important, but we
also need to ensure we’re fit for business
afterwards. We have very lofty ambitions to be a
serious, different but quirky bank, so we have to
make sure we have the skills we need.”
Technically the integration has already changed
the bank’s official status – from CYBG being
‘challenger’ bank status to Virgin Money as a whole
being a ‘Tier 1’ bank (the integration gives the
combined entity a bigger mortgage book and
credit card business). As such, the bank can
now be described as ‘systemically significant’ in
the market.
Says Guthrie: “Although we’re still difficult to
place in sector from a market size point of view –
we’re bigger than Metro Bank or Monzo the
digital mobile-only bank, but smaller than the
likes of HSBC and Lloyds – I do feel our employees
are able to carve out a unique proposition. This
will be one where customer service is key. Poorlymanaged
disengaged employees really pull a
business down.”
Being ex-Lloyds, which Guthrie reflects upon as
“an incredibly well-run business,” the people
strategy under her leadership is likely to be in very
safe hands. Colleague engagement scores are now
embedded into reward, and she promises to give
Virgin Money its own unique feel, but with all the
best-practice HR processes in place that she knows
larger banks have.
Working for Virgin Money is a choice that
she says is already becoming one of the most
professionally rewarding so far: “While this is my
first foray to a smaller business all her previous
employers were 80,000+ employees each, it’s
definitely a business where I think I can make a
big difference. Here you can really see the fruits of
your labour.”
Successes she has already overseen include
CYBG, and now Virgin Money, making great
strides to be more gender balanced at executive
level and above, and it is on target to be 40%
female by the end of the year. As recently as 2017,
when CYBG published its first gender pay gap
report, there was criticism that banking brands
paid women 37% less per hour on average than
men. However, as Guthrie rightly points out,
this is largely down to having more women in
part-time roles.
“I could simply stop part-time employment and
solve the gender pay gap immediately,” she says,
“but then you’d be fixing one problem and creating
another. It’s all about balance.”
What CYBG actually did in response was raise
its minimum salary by 11% to £17,000, to lift the
pay of those on lower grades. Innovations in the
pipeline now include making more gender-neutral
changes – such as improving ‘parental’ (rather than
‘maternity’) leave.
She says: “We could have raised maternity pay,
or introduced more back to work schemes, but I
think that keeps having children a ‘female’ issue
when actually it’s a men’s and a women’s issue.”
The rest of 2020 will definitely keep her busy
with the day-to-day HR machinations of joining
two businesses, as well as rolling out the bank
branch switchovers, but her overall vision goes
beyond this.
“I think there’s so much to look forward to,” she
says. “There’s the potential to link Virgin Money
with other Virgin brands, to offer different benefits
or opportunities,” she says. “We’ve even mooted
the idea of having talent exchanges across different
brands in the Virgin family.” So maybe instead of
getting a plane to work she could soon go via outer
space with Virgin Galactic. That would be an
experience worth a round of applause. HR
My family
Five thingsI can’t live without
My husband John and my
daughter Penny. They are the
most important thing for me
things
temperament and
to learn
Cooking
I’ve always loved cooking
and coming together
with family and friends to
share good food and
stay connected
Books
Because they
help me to
escape and help
me continue
Profile Strategic HR
My dog
My gorgeous
Hungarian Vizsla,
Mia. She has
a fabulous
The great
outdoors,
mountains
and rivers
Fabulous for helping
keep perspective and
great for wellbeing
gives unconditional
love
hrmagazine.co.uk February 2020 HR 31
/hrmagazine.co.uk