AXA UK reports a median pay gap of 20 per cent, with a mean pay gap of 23 per cent
91 per cent of women and 90 per cent of men received a bonus payment in 2018
32 per cent of roles in Senior Leader and Executive bands are held by women, up from 30 per cent
AXA UK has published its Gender Pay Gap Report 2018 as part of its ongoing commitment to gender parity and the principles of the Women in Finance Charter. Based on hourly rates, women earn 20 per cent (median) and 23 per cent (mean) less than men. In 2017, the median and mean pay gaps were respectively 17 per cent and 27 per cent.
AXA UK’s gender pay gap continues to be driven primarily by the gender distribution across the organisation, with more women in junior roles and more men in senior roles.
The overall median pay gap has widened compared to last year, principally because of an increase in the AXA PPP healthcare figure. This is due to a one-off amount paid as part of our 2017 annual pay review to customer support employees, the majority of whom are women. The AXA PPP healthcare median difference is still comparatively low when considered against the other AXA UK numbers and the underlying figures indicate a reduction in the gap, which is masked by this one-off payment in the 2017 numbers.
The mean pay gap in all employing entities has reduced or stayed the same since 2017, and consequently the overall mean pay gap has reduced.
In order to support a culture of empowerment, AXA has implemented a number of initiatives in 2018 to nurture female talent, support flexible working and remove bias from its processes.
These initiatives include:
- A dedicated women’s development programme, including increased participation in the 30 per cent cross-company mentoring scheme
- Launching a new ‘Ways of Working’ policy which supports a less formal approach to managing the way people work
- Developing a new digital Diversity and Inclusion training course, highlighting the benefits of having diverse teams and the role everyone can play in driving an inclusive culture
As signatories of the Women in Finance Charter, we have seen our ongoing commitment result in an increase in the proportion of roles held by women in Senior Leader and Executive bands – from 30 per cent at 31 July 2017 to 32 per cent at 31 July 2018.
Claudio Gienal, Chief Executive, AXA UK & Ireland commented, “At AXA we are absolutely committed to a culture of trust and respect and one of the key ways to achieve this is by being an inclusive place to work.
Fundamentally, the success of our company comes down to our people and they should be rewarded for the value that they bring irrespective of any other factor. The Gender Pay Gap report is an important set of metrics that allow us to assess our progress in this area and to bring focus to the issue. We are taking meaningful steps to address the gender pay gap, to understand the barriers people face and, ultimately, to increase diversity and equality of opportunity across the business.”
In terms of bonuses, 91% of women and 90% of men received a bonus payment in 2018, representing a slight decrease for both genders compared with 2017. The median bonus gap has increased slightly, but the mean has decreased since 2017.