Performance of the future
Rewarding people fairly and creating a climate that enables people to perform better.
This area of our website offers information about some of the things we do as a responsible business. Find out more about working for Nationwide on our careers site (opens in a new window).
What's on this page
At Nationwide, we’re proud to take a leading role in the campaign for fairer pay. As a mutual, committed to building society, nationwide, championing the campaign for real Living Wages is important to us.
The real Living Wage, as set by the Living Wage Foundation (opens in new window) each year, is an independently calculated rate that ensures workers can meet the cost of living. It’s higher than the Government’s national living wage, which is based on a percentage of median earnings, rather than on actual living costs.
Families often face impossible choices between food, heating and paying the rent, and a commitment to a living wage goes some way to help with this. Helping to ensure everyone has access to housing and basic services is also a key tenet to building sustainable cities and communities.
The real Living Wage is voluntarily paid by numerous companies across the UK, including Nationwide. We’ve been an accredited Living Wage Employer and a Principal Partner of the Living Wage Foundation since 2014, paying the real Living Wage to not only all our permanent employees, but also our contingent workforce, to ensure pay parity across the Society. We also encourage our third-party suppliers to pay, at a minimum, real living wages and to become accredited Living Wage Employers.
Laura Faulkner, our Director of Shared Services, joined the Advisory Council in 2019 on behalf of Nationwide to shape the future of the Living Wage Foundation’s activities and look for ways we at Nationwide can further support. Over this last year, with the unprecedented challenges we’ve all faced, the real Living Wage has made a difference during times of uncertainty. It’s often the lowest-paid workers in our society that feel the effects of such uncertainty the hardest, so it’s important that we continue to support campaigns like this.
At Nationwide, reward principles are aligned to our core purpose, strategy and cultural aspirations, and guide our approach to determining pay. Inclusive and transparent reward practices which support collaboration, equity and sustainability are integral to our approach.
Alongside robust job evaluation and comprehensive salary benchmarking data, a range of factors such as accountability, skills and experience are taken into account when determining salaries.
Whilst executive roles are individually priced, pay ranges derived from market salary data are used for other roles. Pay is reviewed at least annually for all colleagues alongside periodic reviews to recognise those who outperform, develop new skills or take on new opportunities.
Regular reporting and monitoring of pay ensure our people continue to be paid appropriately and equitably for the role they’re performing, the experience they bring and the contribution they make.
At Nationwide, we are committed to paying our people appropriately for the work they do, taking into account their experience and skills, ensuring fairness in pay across similar job roles and levels. We are confident with our approach and continue to test this with regular audits, to make sure our policies are operating fairly and don’t discriminate on the grounds of gender, ethnicity, disability or other characteristics.
Sharing in Success
Our Sharing in Success (SIS) scheme is a non-contractual, discretionary annual variable pay plan linked to the delivery of our strategy. It enables all employees to receive an award based on what we’ve achieved together as a Society.
SIS is only available to those we employ directly – not contingent workers. The scheme's 3 main measures are: customer service; total costs; and committed members (members with two or more of our core products). To consider payment, we must also satisfy gateways of capital strength, profit before tax and conduct risk.
Benefits and recognition
Our colleagues matter to us, which is why we work hard to understand and respond to what matters to them. We have designed a suite of employee benefits aimed to meet the needs of our people, which we regularly review to ensure they evolve with colleague lifestyles and demands. Take a look at some benefits offered to our people (opens in a new window).
We also say thank you to colleagues for their enduring contribution, whether they’ve been with us for a couple of years or their whole career. And if they are with us for 25 years, there’s a 6-week paid sabbatical waiting for them.
We celebrate our successes together too. From eCards to say ‘thank you’ for the everyday things, to giving colleagues the opportunity to nominate other colleagues for financial awards; we encourage appreciation of each other. And our annual awards event recognises those who’ve really embodied our values.
Our pension provision
On joining Nationwide, all employees are enrolled into the Nationwide Group Personal Pension plan (the Nationwide GPP) managed by Aviva.
Our industry leading defined contribution pension plan provides generous employer contributions – 13% of basic salary is paid by Nationwide for a minimum 4% employee contribution.
To encourage employees to save more for their retirement, Nationwide will match additional contributions up to 3%. So, if an employee tops their contribution up to 7%, Nationwide will increase to 16% making a combined total pension contribution of 23%. These contributions also benefit from valuable tax savings.
Each year during the flexible benefits enrolment period, we remind employees about the maximum pension benefit from Nationwide, so they fully understand the potential of their savings. Although additional contributions can be selected through this period, employees have the flexibility to change them, up or down, at any time throughout the year.
Helping colleagues get the most from their pension
To help employees manage their pension savings and keep on track for a good retirement, we provide regular pensions education through online eLearning. And we work closely with Aviva to make available other training materials and modellers.
We issue annual newsletters, together with frequent topical intranet news stories and surveys giving employees simple reminders and gentle nudges to think about their pensions savings and take actions when necessary. We also provide webinars on various pension topics and run mid-career and pre-retirement online seminars.
In addition, Aviva issues communications targeting segmented audiences prompting employees in different age groups or with generic topics such as lost pensions and nominating beneficiaries. And they make accessing pension savings easily available through mobile devices using the MyAviva app (opens in new window).
Nationwide employees also have a generous life assurance cover equal to 8 times their basic salary.
Making responsible investments
To make sure our employees get value for money from the Nationwide GPP, we have a governance committee which meets regularly with Aviva and our external pension advisers.
Under the Nationwide GPP employees can decide how they’d like to invest their pension savings with plenty of investment funds to choose from, including a range of green funds. Alternatively, Nationwide has a default investment option.
Green and ESG considerations on how employees’ pension savings are invested under the Nationwide GPP are key. In line with Nationwide’s values and employee feedback, Nationwide’s GPP Governance Committee has agreed to make the Make My Money Matter pledge (opens in new window) in 2021.