1 Agile working in the Bank of England 12 May 2016 Catherine Hines

The Bank of England 2

3 What does the Bank look like? 4,009 employees 18.6% over % are parents 478 employees work part-time 44.0% women

The drivers for change 4 We need to be flexible to retain valued staff and to attract a great diversity of talent We recognised traditional working patterns do not suit everyone Technology advances allow for greater flexibility in location of working

Our original approach 5 In 2006 the then Governor launched our flexible working strategy, which was based on five principles: 1)Balancing the Bank’s needs and the individual’s needs 2) Flexible working requires a team commitment 5) Flexible working for all 4) What counts is what you and your team deliver 3) Jobs can be done in more than one way Embracing flexible working is part of the Bank’s culture We empower and trust our colleagues We are enabled to work in the most effective way for us

Restating our approach in For the Bank flexible working means 1.we can continue to contribute to the Bank’s mission of supporting the public good, while 2.developing our careers at times when personal responsibilities - such as caring for an elderly relative or a child, or undertaking studies – become more important In early 2016, we restated our flexible working policy, in line with our approach to Wellbeing. This included providing a range of materials for the business to use, including case studies and toolkits Recently shortlisted for the BUPA Wellbeing at Work Award in the 2016 BITC Responsible Business Awards and our approach to flexible working is part of this

Demonstrating how our people work flexibly 7 Dave says “Colleagues need to be comfortable that a conference call can be effective, there is an opportunity to ensure everyone is used to work via conference calls, like for example asking the person on the line if they have anything to say every now and then.”

Executive support 8 “I have always been a strong supporter of flexible working – giving people more control over when and where they work. It helps people balance work with other important things in their life. When people feel in control, they are happier, more motivated and more likely to stay at the Bank. That has been my experience. And positively embracing flexible working, being willing to be creative, is one way that the Bank can stand out in the jobs market (as well as being an interesting and rewarding place to work!). “ David Rule, Executive Director for Prudential Policy

What are the options for flexible working? 9 A range of flexible working options available to Bank employees which require different levels of agreement – either informal local agreement or formal HR agreement. a)Informal local agreement between, manager, individual and team, provided there is no change in the individual’s overall working hours/days. –Working from home –Variable hours/flex-time b) Formal agreement requiring HR approval. Required for any change which results in a change to the individual’s overall working days/hours and therefore their terms and conditions. –Part-time working and job shares –Annual days and term-time –Discretionary, unpaid or statutory leave –Unremunerated leave –Career breaks

The benefits 10 Unlike other organisations, we don’t lose women because of a lack of flexible working, on average 87.5% of women on maternity leave return. The flexible working policies that we implemented have helped a number of senior women to combine career advancement with having a family. Apart from providing fascinating career paths, it means that staff can choose roles to suit different stages of life. We believe this is unique to the Bank and works well to keep people here. There is a rich source of opportunities for all staff including the possibility of moving around the Bank to undertake a wide variety of roles over the course of a career.