Zurich, whose pay and bonus rewards are consistently applied across all employees regardless of gender, has published its gender pay gap report for the UK – showing mean and median gender pay gaps of 27%; a mean bonus pay gap of 47%; and a median bonus pay gap of 34%.
“The gender pay gap is not the same thing as having equal pay, and we are confident that men and women in our organisation are paid equally for the same and similar jobs,” noted Zurich’s UK chief executive Tulsi Naidu. “We’ve calculated the figures in line with government regulations and, like many others in our industry, we have found that differences in average pay are down to several different factors.”
The insurer identified the main drivers as 1) more men than women working in senior UK leadership roles; 2) more men than women holding highly paid technical and specialist positions such as actuarial and underwriting; and 3) fewer men opting to work part-time or taking career breaks than women.
Meanwhile Zurich has outlined commitments in line with its resolve to ensure gender equality in the workplace and help women reach the highest levels in the firm. One is to make not only Zurich, but the insurance industry, in general, more appealing to women. Currently there are already several initiatives in place to help Zurich recruit and retain more women.
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“The balance of women progressing to leadership positions in the industry right now isn’t right,” explained the insurer in a press release. “Fewer women than men appear to see insurance as a great place to build a strong, progressive career; and when fewer women with potential join the industry, fewer ultimately go on to progress to more senior roles.”
Its other commitments include continuing to create a truly diverse and inclusive workplace, as well as improving opportunities for career progression for women and more flexible working for all staff. That means encouraging more men to take full advantage of flexible arrangements and the opportunity to take career breaks or work on a part-time basis.
“We know it will take long-term commitment to change the make-up of our workforce, and we will continue to invest in our gender and diversity initiatives to make Zurich an employer of choice,” added Naidu. “We’ve done a lot, but there is much more yet to do.”