Citizens is committed to building a diverse, inclusive, and high-performing culture where everyone feels valued, respected, and heard as well as a sense of belonging. Part of this commitment includes ensuring our compensation and benefits are fair and competitive for all colleagues. We continuously evaluate our practices and are committed to identifying opportunities to help ensure all colleagues have equal opportunity to maximize their potential.
We take the following steps to assess whether equal pay is received for equal work throughout our organization:
Pay for Performance
Compensation decisions are based on a "pay-for-performance" philosophy. This means annual compensation decisions are based on a blend of individual performance, business unit performance, and Citizens' overall performance. Colleagues are assessed during an annual review process which considers performance across a number of dimensions including financial, customer, human capital, and risk and control.
Manager Training
Managers receive annual training that includes tools and resources to help them make appropriate compensation decisions during our annual pay process. Rating and compensation recommendations submitted by managers are reviewed to ensure they are fair and equitable.
Analyze Regularly
We engage an independent third-party firm to conduct an annual pay equity analysis. This review covers all of our operations and colleagues and considers factors that appropriately explain differences in pay such as performance and experience in analyzing base salary, cash bonuses, and equity awards of colleagues serving in similar roles. In the case that job-related factors do not explain a disparity, a pay adjustment is made. The results of our most recent analysis indicate that women are paid 99% of what men are paid in similar roles and there is no pay disparity for people of color. Although these are strong results, we remain committed to the programs we have in place ensure we maintain an inclusive environment that promotes and facilitates people with a broad range of experiences and backgrounds holding senior and leadership roles.
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