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 2018.
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; and
- The proportion of full-pay men and women in each of four quartile pay bands
The results are as follows:
| Mean gender pay gap in hourly pay | |||||||||
| Male | Female | % | Mean gender pay gap in hourly pay as a percentage of men’s pay | ||||||
| £21.55 | £16.03 | 25.59 | |||||||
| Median gender pay gap in hourly pay | |||||||||
| Male | Female | % | Median gender pay gap in hourly pay as a percentage of men’s pay | ||||||
| £16.12 | £12.73 | 21.05 | |||||||
| Mean bonus gender pay gap | |||||||||
| Male | Female | % | Mean gender pay gap for bonuses as a percentage of men’s pay | ||||||
| £7,095.63 | £5,318.60 | 25.04 | |||||||
| Median bonus gender pay gap | |||||||||
| Male | Female | % | Median gender pay gap for bonuses as a percentage of men’s pay | ||||||
| £4,459.00 | £3,407.11 | 23.59 | |||||||
| Proportion of males and females receiving a bonus payment | |||||||||
| Male % | Female % | ||||||||
| 85.48 | 80.87 | ||||||||
| Proportion of males and females in each quartile | |||||||||
| LQ Male | LQ Female | LMQ Male | LMQ Female | UMQ Male | UMQ Female | UQ Male | UQ Female | ||
| 54.29% | 45.71% | 67.14% | 32.86% | 71.43% | 28.57% | 81.69% | 18.31% | ||
| Total Employees 356, Full Pay 281 and Relevant 75) | ||||
| (Relevant employees not included in pay gap calculations – 64% Male, 36% 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.