The Insurance Insider
Lloyd’s has estimated that male employees across the Corporation are paid 27.7 percent more on average than female staff.
The Corporation published its gender pay gap figures today, as all UK companies with more than 250 staff are required to do by 4 April.
On a median basis, Lloyd’s gender pay gap is 32.1 percent.
The gender pay gap is the difference between the gross hourly earnings for all men and the gross hourly earnings for all women.
There is a higher proportion of men than women in senior roles across the Corporation, Lloyd’s said in commentary on the figures.
Although Lloyd’s has a 50:50 gender balance on the executive committee, there is almost double the number of men than women in the highest-paid quartile of the Corporation, at 66.2 percent compared to 33.8 percent.
In the lowest-paid quartile this is reversed, with over twice the number of women than men, at 66.2 percent compared to 33.8 percent.
There is also a higher proportion of part-time female employees, which can result in slower career progression and impact remuneration, Lloyd’s said. About 11 percent of Lloyd’s employees are part-time. Of these, 92 percent are women.
Lloyd’s CEO Inga Beale said: “We know that access to senior roles has historically been limited by the culture of the insurance sector that was much less inclusive and welcoming than it is now.
“While there has been good progress, particularly over the past 30 years, progress is simply not happening fast enough. We must turn this situation around, not just to benefit women, but to benefit the whole sector.”
For bonuses, men working at the Corporation are paid 36.7 percent more than women on a mean basis, and 40.7 percent on a median basis.
However, the percentage of female employees receiving a bonus is slightly higher than for men, at 87.3 percent compared to 84.7 percent.
“Our mean bonus gap of 36.7 percent is based on actual bonuses paid, and is impacted by the fact that the calculation does not take into account pro-rated bonuses which reflect the reduced hours worked,” Lloyd’s said.
The gender pay gap is different to equal pay, which is men and women being paid the same for the same work or work of equal value and is a legal requirement.
Lloyd’s said it did not believe it had an equal pay issue. However, it said this was reviewed annually.
“Lloyd’s is committed to closing the gender pay gap by working to increase the number of women taking up senior roles across the Corporation, and improve the gender and broader diversity balance across all levels,” it said.
The Corporation said redressing the gender imbalance would require a long-term approach, and said it had set a diversity target of having at least 40 percent women in the top 25 percent-ranking employees in the next five years.
It outlined four 2018 objectives to reduce the gender pay gap over time. These included mandating a 50:50 gender split for all external recruitment long lists, reviewing current succession plans and the execution of a bespoke female development programme.
Lloyd’s will also conduct a full review of family care policies and continue to improve flexible working for all employees.
The Corporation also said it had a number of ongoing initiatives to improve gender equality, including inclusive hiring and unconscious bias training, enhanced progression opportunities for all employees and a gender equality employee network.
In comments published today in the Financial Times, Beale called for a rethink of the reporting requirements for partnerships, such as law firms. Since partners are not deemed to be employees, they do not feature in gender pay data. Beale suggested the omission masked the extent of the gender pay gap at certain firms.