Gender Pay Statement March 2023

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 are required to publish the results on our own website and the government gender pay website. We will do this within one year from 5th April 2023.

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
£23.29 £19.61 15.8%

Median gender pay gap in hourly pay

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

Male Female Percentage
£20.13 £16.33 18.9%

Mean bonus gender pay gap

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

Male Female Percentage
£9,205.91 £6,992.44 24.0%

Median bonus gender pay gap

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

Male Female Percentage
£8,392.30 £5,749.20 31.5%

Proportion of males and females receiving a bonus payment

Male % Female %
90.2% 88.7%

Proportion of males and females in each quartile

LQ Male LQ Female LMQ Male LMQ Female UMQ Male UMQ Female UQ Male UQ Female
56.85% 43.15% 62.33% 37.67% 77.55% 22.45% 73.97% 26.03%

Total Employees 881, Full Pay 585 and Relevant 275

(Relevant employees not included in pay gap calculations - 70.18% Male, 29.82% 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 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.

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

For the last few years, we have continued to have success with the appointment of several females into sales and IT roles.

We do however continue to focus on making improvements, as we do still have a higher proportion of males in management roles in Front Line and Corporate Sales, Client Services and specialist IT roles, where salaries and bonus payments are higher than in other departments within the company.

One of the areas of focus was the introduction of a new salary review process and bonus scheme for our sales teams in 2022 which also included managers.

The initial implementation is a leveller for salaries as we have a higher proportion of males in sales management roles which impacts on the mean gender pay gap of 15.8% and the median of 18.9%.

Last year we committed to a change in the bonus structure, and this has seen an improvement in the mean bonus gender pay gap reducing to 24% and the median to 31.5%.

The bonus scheme is non-discriminatory with both male and female employees having the same bonus opportunities.

In respect of the pay bands, there have been some small variations in all quartiles for both male and females. The upper quartile and upper middle quartiles for females has reduced marginally from the high in 2022 but has remained significantly higher than in 2021.

This is an area of focus as part of our overall remuneration & benefits strategy and talent acquisition process review given the current challenging recruitment market particularly in experienced sales and IT professionals.

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.

We are committed to the improvement of our gender pay gap and have the following action plan in place to support:

  • ESG project with a focus on diversity, equity, and inclusion
  • DE&I training
  • Women in Leadership training supported by the Apprentice Levy
  • Employee Value Proposition
  • Annual salary and bonus review policy
  • Reward and flexible benefits platform
  • Review of attraction and selection process across all levels and functions
  • People Dashboard reporting on all key measurements

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