The Chartered Insurance Institute (CII), the leading professional body for the global financial services profession, exists to promote higher standards of integrity, technical competence and business capability. With over 115,000 members in more than 150 countries, the CII is the world's largest professional body dedicated to insurance and financial services.
Our membership covers all disciplines within the insurance industry (claims, broking, underwriting), those working in the life and pensions sector, the mortgage advice market and financial advisers (under the Personal Finance Society brand).
Our Royal Charter requires us "to secure and justify the confidence of the public" in our members and in the insurance and financial services sector.
CII voluntarily publishes ethnicity PAY GAP figures
The Chartered Insurance Institute (CII) has voluntarily published the ethnicity pay gap of its employees.
Public disclosure of its ethnicity pay gap is an attempt by the CII to lead the sector by example and encourage dialogue around improving diversity and inclusion. Whether the government chooses to legislate in favour of mandating the ethnicity pay gap or not, as an organisation that falls beneath the government’s minimum size for reporting the CII would not be required to report its figures.
The ethnicity pay gap data is part of a new CII report with recommendations for employers on how they can foster a more diverse and inclusive workplace. Reviewing recruitment approaches, introducing mandatory training for managers to raise awareness of unconscious bias in recruiting are included in the recommendations.
The Chartered Insurance Institute’s ethnicity pay gap for 2018:
70 per cent of employees volunteered their ethnicity for the survey, and key takeaways from the results include:
- The mean hourly pay gap is less than 1% and very narrowly favours white colleagues by 1% in favour) – almost a nil pay gap exists.
- The median hourly pay gap is -16% and indicates our ethnic colleagues a are favoured over white employees by nearly 16%
Tali Shlomo, People Engagement Director at the CII, said:
“We are proud of the figures in our ethnicity pay gap – but numbers alone don’t tell the whole story. The ethos behind our decision to disclose this data lies an impassioned belief that transparency is the key to changing the dialogue around diversity and inclusion in our sector.”
“The opportunities and rewards for employers who embrace diversity and inclusion are huge, and the insurance profession has an opportunity to take a positive lead by preparing early and addressing diversity issues meaningfully, whether such requirements become statutory or not.”
“Our sector has made progress in recent years – but there is much work still to be done. If we do not recognise unconscious bias and find better ways to make decisions, we will miss opportunities to use people’s talents to the full – which means we will be letting down both our colleagues and our clients.”
The CII requested information about the ethnicity of its employees on a strictly voluntary basis and used the government’s recommended ethnic group designations. The report notes that defining ethnicity can be challenge – but adds that just because something is difficult to measure, that is not a reason not to bother.
The report lists actions that an organisation can take to reduce its ethnicity pay gap. They include:
- Ensure that diversity and inclusion is recognised as a key organisational culture, which is then fed down through the management structure
- Set ambitious ethnicity pay and progression targets, and monitor performance against them regularly
- Introduce mandatory diversity and inclusion training, including unconscious bias
- Encourage reverse mentoring for senior employees with employees from different backgrounds
- Review recruitment and selection policies to ensure that diversity is properly considered at every stage of the process
The latest report follows the CII’s decision in 2017 and 2018 to voluntarily publish its gender pay gap, even though the organisation fell beneath the government’s minimum size for reporting. The latest report is a key plank of the CII’s wider diversity and inclusion initiatives.
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