Taking action to close the gap Gender Pay Gap Report, Zurich UK

Transcription

1 Taking action to close the gap 2017 Gender Pay Gap Report, Zurich UK

2 2017 Gender Pay Report introduction from Tulsi Naidu, CEO of Zurich UK and Steve Collinson, Head of UK HR At Zurich, we re proud to be an inclusive and forwardlooking employer. We believe everyone can build a career that they can be proud of, and we want people to join our business and progress their career with us. We truly believe that everyone has talent and something unique to give, but we need to make the insurance industry and organisation more appealing to women. We are committed to creating an inclusive workplace where employees of all backgrounds are treated equally and can contribute fully to our vision and goals. We believe that having a diverse culture generates diversity of thought, innovative solutions, higher levels of engagement in our employee base and ultimately better outcomes for our customers. Tulsi Naidu CEO, Zurich UK Steve Collinson Head of UK HR CCC122017ME/PAYGAP 2

3 Proportion of men and women in each pay quartile 36% 64% 48% 52% 72% 28% 71% 29% Lower Lower Middle Upper Middle Upper Our numbers at a glance Our headline hourly pay figures 27.3% 27.4% Mean Median Difference between men and women Hourly pay Bonus Mean 27.3% 47.2% Median 27.4% 34.2% Proportion of employees receiving a bonus 94.9% 95.0% Our gender pay gap figures have been calculated in line with the government regulations and show the mean and median pay gap (based on hourly rates of pay at 5th April 2017) and mean and median bonus gap (based on bonuses paid in the 12 months to 5th April 2017). Analysis of the data behind our mean pay gap of 27.3%, shows us that, like many other organisations in our industry, the gap can be attributed to three key factors: We have fewer women than men in senior leadership roles. While 46% of our overall workforce are female, a far smaller proportion occupy senior management and leadership roles (this is reflected in our pay quartile data, where only 29% of employees with the highest paid roles are female). Fewer women than men progress to higher paid technical and specialist roles, especially actuarial or underwriting. Our mean bonus gap of 47.2% is influenced by both of the factors above but is also affected by the higher proportion of women who work part time or take career breaks (27%) when compared to men (1%). Measurement of the gender pay gap is not the same as equal pay; at Zurich we are confident that we have equal pay for the same or similar work. Zurich s pay and bonus practices are consistently applied across all employees, irrespective of gender, and are regularly reviewed to ensure consistency. This has recently been confirmed in the EDGE Strategy audit. 3

4 Our Commitment We re committed to making careers at Zurich UK and in the insurance industry more appealing to women. Fewer women than men 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. We re committed to continuing to create a truly diverse and inclusive workplace. We want a diverse workforce that reflects our customer base and generates diversity of thought, innovative solutions and better employee engagement; and we are working to create an environment where this diversity is recognised, valued and supported. Ultimately, that drives better outcomes for customers and better business performance. We re committed to improving opportunities for career progression for women and more flexible working for all employees in the organisation We have to do more to attract,develop and retain talented women within Zurich so that more progress to senior leadership and technical roles. We are also focused on encouraging more men to take full advantage of flexible working and the opportunity to work part time and take career breaks. 4

5 Our Actions We recognise that changing the make-up of our workforce, and therefore starting to close our gender pay gap, will take longterm commitment to, and investment in, gender and diversity initiatives. By focusing on our commitments and the actions that support them, we aim to improve diversity and gender equality in the workplace and to help women reach the highest levels in our organisation. At Zurich UK there are several initiatives in place that align to our commitments: Early in Careers programme encouraging more young women to consider a career with Zurich UK by providing more Intern, Apprentice and Graduate opportunities Youth Skills Programme helping to inspire young women to consider a career in the insurance industry, currently being extended across all of Zurich s UK locations Women in Finance Charter our commitment to working towards a more balanced and fair insurance industry Womens Innovation Network (WIN) now in its 4th year and with over 700 members in the UK. WIN connects women and men across the organisation and provides a forum for exchanging ideas and sharing best practice, whilst creating equal career development opportunities Flexible working practices empowers people to work where, when and how they choose, with maximum flexibility and minimum constraints to optimise performance 30% club mentoring scheme a cross-company and cross-sector scheme that offers mentoring to women at all career levels. It aims to help develop a broader pipeline of women at all levels of the career pyramid Recruitment and talent management a number of actions are planned for 2018 that will focus on reducing bias in our recruitment and talent management processes and that will ensure a fully inclusive approach to hiring employees and developing their careers 5

6 Statutory disclosure Zurich UK has two legal entities that employ more than 250 people, Zurich Employment Services Ltd and Zurich UK General Services Ltd. The split of employees between these entities is largely attributable to the historical structure of the organisation. Government regulations require us to report our gender pay gap for each of these entities separately and this data is set out below Proportion of men and women in each pay quartile Zurich Employment Services Ltd 35% 65% 39% 61% 53% 47% 73% 27% Lower Lower Middle Upper Middle Upper Proportion of employees receiving a bonus Difference between men and women 94.4% 95.5% Hourly pay Mean 30.0% Median 33.7% Bonus 54.4% 50.3% 6

7 Statutory disclosure We confirm that the data contained within this report is accurate and meets the requirements of the Gender Pay Gap reporting regulations. Tulsi Naidu CEO, Zurich UK Steve Collinson Head of UK HR Proportion of men and women in each pay quartile Zurich UK General Services Ltd 37% 63% 55% 45% 77% 23% 72% 28% Lower Lower Middle Upper Middle Upper Proportion of employees receiving a bonus Difference between men and women 94.9% 95.2% Hourly pay Mean 25.9% Median 26.3% Bonus 45.0% 27.6% 7

8 Zurich Insurance plc, a public limited company incorporated in Ireland. Registration No Registered Office: Zurich House, Ballsbridge Park, Dublin 4, Ireland. UK Branch registered in England and Wales Registration No. BR7985. UK Branch Head Office: The Zurich Centre, 3000 Parkway, Whiteley, Fareham, Hampshire PO15 7JZ. Zurich Insurance plc is authorised by Central Bank of Ireland and authorised and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our authorisation by the Financial Conduct Authority are available on request. Our FCA Firm Reference Number is CCC122017ME/PAYGAP