Total Employees 785, Full Pay 548 and Relevant 227
(Relevant employees not included in pay gap calculations - 71.4% Male, 28.6% 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 attracted, selected, developed and rewarded
- The opportunities to reduce the gap
Reassured is an equal opportunities employer and has a pay philosophy and career structure in place which recognises and rewards employees irrespective of gender.
The core of our business, and over 50% of our workforce is in direct to customer sales roles. These roles are traditionally more male dominated, continuing to drive the % splits in our overall workforce. These roles attract higher salaries than ‘back office’ functions in which we tend to have more female employees, thus driving a proportion of the salary differential. A further contributary factor is the make up of our internal IT and Data team, for which roles are generally some of the higher paid ones in the organisation, with roles in this sector more often carried out by male employees.
Our bonus schemes are non-discriminatory with all employees in the same roles having the same bonus structure and opportunities for earnings. Sales roles do however have the opportunity to earn higher bonus payments, whereas within back-office roles, bonus payments are lower – again, driving a large proportion of the differential between male and female employees. Overall, bonus payments have increased for all employees from the previous year and particularly for females which could be driven through our female sales agents knowledge increasing with tenure and therefore increasing bonus payments resulting in the mean reducing from 36.1% to 32.6%.
Within the Financial Services sector, there have historically been significantly higher numbers of male employees in the most senior roles. Over the last year, we have seen an increase in the most senior roles within the organisation being taken by female employees, which will allow us to take further steps forwards in ensuring that we make our working environment and practices inclusive and attractive to a wide range of employees. In addition, the most senior roles within our sales function are held by female employees, enabling us to demonstrate the opportunities for career progression.
In respect of the pay bands, there have been some small variations in all quartiles for both male and females with increases in the upper quartile for females. The pay bands continue to be an area of focus as part of our overall remuneration & benefits strategy and talent acquisition process.
As an organisation we continue to invest in development and progression to ensure we offer a structured process with attainable and very visible opportunities for all employees to meet their personal career aspirations. This includes a ‘promote me’ scheme in sales which is employee driven to encourage ownership of career progression and a fast path.
We remain committed to the improvement of our gender pay gap and have the following action plan in place to support:
- Analysis of employee engagement survey through a gender lens and development of an action plan.
- Ongoing review of our Employee Value Proposition to support attraction of more females into the roles where they are currently underrepresented.
- Implementation of an enhanced maternity policy including parental coaching for employees and managers.
- Development of policies to support female employees navigate issues such as menopause.
- Review our approach to annual salary and bonus to ensure it is inclusive.
- Review of attraction and selection process with our sales roles.
- Analytical review of our DE&I policy & approach to ensure it is supportive of our overall aims.
