CII identifies steps organisations can adopt to encourage the change it so desperately needs
The Chartered Insurance Institute (CII) is reaching out to employers to take action in reducing the sector’s pay gap.
After analysing all UK insurers, intermediaries, service providers, financial advisers and loss adjusters who published their pay gap data, the CII found an average gap of 24%.
Key findings of the data showed that:
- Insurers and intermediaries have a median gap of 24% and 23% respectively
- Only three companies have a ‘negative’ gap in favour of women (measured as a median)
- A near equal proportion of men (69%) and women (67%) receive a bonus, but the difference in how much is paid out in bonuses is significant – the median gap is 42% and the mean gap is 52
- Much of the disparity is a reflection of the imbalanced representation of men and women at senior levels – far fewer women have roles at a senior level which impacts on salary and bonus values
Now, the CII is calling for change.
The professional body is prioritising the development of a flexible working good practice. This would help both men and women to improve their career potential, which is something identified as a key factor in the root cause of the gender pay gap.
It wants to break down stereotypical male and female roles, sponsor talented individuals through schemes such as leadership training programmes and provide employees with mentors.
Tali Shlomo, People Engagement Director at The Chartered Insurance Institute, explains: “The Chartered Insurance Institute, as the professional body for insurance and financial planning, has a responsibility to not only recognise the existence of the gender pay gap in our profession but lead the way as a champion to ensure change happens.
”Without underplaying the urgency of addressing this disparity, the pay gap itself cannot be fixed over-night. We must develop good practice in the tools and methods that are effective in addressing the root causes of the gap, and we can start that now.
“The Chartered Insurance Institute will continue to identify and collate good practice for the benefit of the profession and for society as a whole.
”We are not looking to name and shame individual firms but to work in collaboration with the sector as a whole in order to address the root causes of the pay gap. We need to attract more women into the profession, then encourage, empower and develop them to achieve their potential.”