2018 will be a big year for many reasons - the General Data
Protection Regulation, a new Scottish income tax regime, and Brexit
(obviously) - but one of the biggest deadlines looms in April.
That's when organisations employing more than 250 people have to
publish details of the gender pay gap in their workforce. More than
500 companies have already done so
here with some major names and eye-catching statistics. PWC
data shows that around 50% of companies that have disclosed have
mean gaps above 10% and a mean bonus pay gap above 25%, while a
quarter of companies have a bonus pay gap above 50%.
Financial services has been identified as a sector with one of
the widest gender pay gaps - alongside construction - and yet Citi
Group
announced a gender pay gap of just 1% across its operations on
the US, UK and Germany illustrating what can be achieved when
organisations decide to take action on this.
At the ABI we are bringing the leaders within our member firms
together on the issue and we are also coordinating those that lead
on it via our talent and diversity network. Whilst firms may face
their own specific challenges, it is clear this is an industrywide
issue and stakeholders like the UK governments, will rightly expect
an industrywide response.
We also need to look beyond our sector for fresh thinking on
diversity and inclusion. Judy Murray OBE gave a fantastic
presentation at Scotland's first Dive In Festival event in Glasgow
last September we're already looking ahead to what Glasgow can do
to take part in the Dive In movement this year.
The ABI's also opened the application process for our next
Future Leaders programme for 2019 which is our executive
development programme for up and coming senior insurance industry
leaders and includes a strong commitment to diversity and
inclusion. Future Leaders 2017 was a great success, not least as we
brought it to Scotland with a session in the Scottish Parliament.
If you work in insurance and want your employer to match your own
career ambition then please do take a look.
These are just some of the diversity highlights in the coming
year, but when we talk about our industry's inclusion challenges,
it's often at a macro level, how it won't thrive or compete if it
doesn't get better. It's just as important to remember the personal
experience and the personal responsibility. Diversity and inclusion
is about YOU so keep asking: "What can you do, and what are you
doing?"
Our
Helping Britain Thrive research shows how important Glasgow is
as an insurance hub - let's make it a hot spot for diversity too in
2018.
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