Insurance organisation Lloyd’s has reported a mean gender pay gap of 23.6% for hourly pay as at April 2019.
The organisation, which currently has over 65,000 employees. reported its gender pay gap data in line with the government’s gender pay gap reporting regulations.
The reporting regulations require organisations with 250 or more employees to publish the differences in mean and median hourly rates of pay for male and female full-time employees, the gap in men and women’s mean and median bonus pay, the proportions of male and female employees awarded bonus pay, and the proportions of male and female full-time employees in the lower, lower middle, upper-middle and upper quartile pay bands.
Due to the Covid-19 (Coronavirus) pandemic, gender pay gap reporting regulations have been suspended for the 2019/2020 reporting period, however, some organisations have chosen to do so voluntarily.
Lloyd’s median gender pay gap for fixed hourly pay is 26.7%, as at April 2019. On average women, earn 86p compared to every £1 their male counterparts earn.
Its median gender pay gap for bonuses paid during the reporting period is 33.2%; which is a decrease of 9.6% from the 42.8% gap in 2018. The mean gender pay gap for bonus payments is 28.3%, compared to 30.1% in 2018.
Over the reporting period, 84% of female employees and 83.5% of male employees received bonus payments. This is an increase of 1.6% and 5.7% since 2018.
Just over on-third (35%) of employees in the highest pay quartile at Lloyd’s are female, compared to 43.8% in the second quartile, 52.5% in the third quartile and 61.9% in the lowest pay quartile.
John Neal, chief executive at Lloyd’s, said: “We want to attract the best and brightest talent to our market, so we can deliver maximum value to our stakeholders and better reflect the diversity of our customer base. However, we will only do this if we make the market a fair and equitable place for everyone to work within. Closing the gender pay gap is, therefore, not only the right thing to do, it is the smart thing to do.
“As the leading specialist insurance and reinsurance market in the world, Lloyd’s has a unique opportunity to show leadership and drive change. Lloyd’s 2019 gender pay gap report is an essential benchmark of our progress in this regard. It shows we have carried out the actions we promised to take throughout the year, including increasing the number of senior women working for the corporation globally by 9.3%. However, it also shows we have more work to do to close the gender pay gap, which has seen a slight increase compared to 2018.
“This is to be expected. We were aware when we started on this journey we were not going to change things overnight. This is a long-term strategy that will deliver results over the next few years, so it is important we maintain our focus over a sustained period. This is the reason we are launching our first ever gender balance plan in 2020 that will set clear and measurable targets for improving the representation of women at senior levels within the Lloyd’s market. I look forward to continuing to build on the progress we made last year.”