Gender Pay Statement March 2020

We are an employer who is required by law to carry out Gender Pay reporting under the Equality Act 2010 (Gender Pay Gap Information Regulations 2017).

This involves carrying out six calculations that show the difference between the average earnings of men and women in our organisation; it will not involve publishing individual employee data.

We are required to publish the results on our own website and the government gender pay website.

We will do this within one year from April 2019.

We are reporting on the six key metrics under the rules of the Gender Pay gap namely:

  • The difference in the mean pay of full-pay men and women expressed as a percentage
  • The difference in the median pay of full-pay men and women expressed as a percentage
  • The difference in mean bonus pay of men and women expressed as a percentage
  • The difference in median bonus pay of men and women expressed as a percentage
  • The proportion of men and women who received bonus pay
  • The proportion of full-pay men and women in each of four quartile pay bands

Mean gender pay gap in hourly pay

Mean gender pay gap in hourly pay as a percentage of men's pay

Male Female Percentage
£22.48 £18.79 16.45%

Median gender pay gap in hourly pay

Median gender pay gap in hourly pay as a percentage of men's pay

Male Female Percentage
£19.03 £16.08 15.50%

Mean bonus gender pay gap

Mean gender pay gap for bonuses as a percentage of men's pay

Male Female Percentage
£9,186.97 £6,437.85 29.92%

Median bonus gender pay gap

Median gender pay gap for bonuses as a percentage of men's pay

Male Female Percentage
£5,471.00 £3,619.18 33.85%

Proportion of males and females receiving a bonus payment

Male % Female %
85.63% 84.62%

Proportion of males and females in each quartile

LQ Male LQ Female LMQ Male LMQ Female UMQ Male UMQ Female UQ Male UQ Female
59.00% 41.00% 74.30% 25.70% 68.60% 31.40% 83.70% 16.30%

Total Employees: 511, Full Pay 419 and Relevant 92

(Relevant employees not included in pay gap calculations – 60.87% Male, 39.13% Female)

These results will be used to assess:

  • The levels of gender equality in our workplace
  • The balance of male and female employees at different levels
  • How effectively talent is being maximised and rewarded
  • The opportunities to reduce

Reassured is an equal opportunities employer and has a pay philosophy and career structure in place which recognises and rewards irrespective of gender.

Financial services have traditionally been male-dominated environments and therefore, we are actively working to attract and create a more gender-balanced organisation, particularly within our sales and IT teams

We have experienced recent success with the appointment of several females into management roles within our life sales and IT operation.

Currently, we have a higher proportion of males in our Front Line Sales roles and specialist IT roles, where salaries and bonus payments are higher than in other roles within the company.

Our back-office client servicing and admin teams which, along with our QA function, have a lower remuneration package than the sales teams, have a higher percentage of females in the roles.

Whilst their remuneration packages are in line, or slightly higher than the market rate for equivalent external roles, this does have a negative impact on our gender pay report.

As an organisation, we are experiencing rapid growth, and have a focus on career and personal development to ensure we offer a structured process with attainable and very visible opportunities for all employees to progress.

We also support with relevant training for employees who wish to progress from back-office roles to the higher-earning front line sales roles.

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