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Zurich publishes its UK gender pay gap findings

Zurich-insurance-publishes-its-2018-numbers

Zurich press release

  • Gender Pay Gap reduces to 22.8% in 2018 from 27.3% in 2017
  • Initiatives launched to tackle gap including all new vacancies being available flexibly
  • Mixed interview panels and increased diversity in recruitment long and short lists

Zurich today publishes its UK gender pay gap report for 2018 outlining actions to help achieve gender equality.

What are the numbers?

Since 2017, the Zurich UK mean gender pay gap has reduced to 22.8% from 27.3% and the median gender pay gap has reduced to 22.6% from 27.4%.  Zurich UK’s mean and median bonus pay gap is 51.9% and 44.9% respectively, compared to 47.2% and 34.2% in 2017. Both figures are impacted by 93% of part-time employees being female and an increase in the number of one-off payments for attraction or retention.

New roles to be offered part time

Two initiatives have been launched as part of Zurich’s drive to reduce its gender pay gap and attract more women into senior roles.  All new vacancies will be advertised as available part-time, as a job share or full-time with immediate effect. While interviews will now be conducted by at least two colleagues, ideally with a mix of gender and ethnicity. 

These initiatives follow internal analysis and work with the Behavioural Insights Team on a project that has helped identify underlying causes of the gender pay gap and ways to reduce it. 

Commenting on these figures, Zurich’s UK CEO Tulsi Naidu said:  “I am pleased to announce our gender pay gap has reduced to 22.8%.   While this is a great step forward, there is clearly more to do reduce both the hourly pay gap as well as the bonus gap. 

“Differences in average pay and bonus are due the under-representation of women in senior and technical roles at Zurich and more broadly across the insurance sector.  Fewer women than men apply for senior roles at Zurich and we believe this is partly due to the need for more flexibility in roles at all levels. 

“We are addressing this and are confident that we will continue reducing our gender pay gap year on year. Not only is this simply the right thing to do, it is critical to our business performance. It enables us to attract and retain the best talent, and makes us more representative of our customers.  Everyone should be able to succeed at Zurich, regardless of their background, and we are committed to ensuring this is the case.”

Our commitments:

  • To make Zurich and the industry more appealing to women.
  • Creating a truly diverse and inclusive workplace.
  • Improving career opportunities and progression for women to senior leadership or technical roles and more flexible working for all. 

Recruitment and retention initiatives

  • Recruitment and talent management - All new vacancies to be advertised as available part-time, as a job share or full-time.  All interview panels will consist of at least two managers, ideally with a mix of gender and ethnicity.  Diversity in long and short lists of potential candidates for a vacancy, with a focus on gender balance.
  • Flexible working practices – An ongoing commitment to flexible working including agile working, enabling people to achieve a better work/life balance whilst still delivering for customers.
  • Zurich’s Women’s Innovation Network (WIN) - now in its fifth year with 800 members in the UK. WIN provides networking, cultural change and career development opportunities for women and men.
  • Diversity and inclusion in the workplace - Spearheading the launch of the Inclusive Behaviours Pledge, designed to change behaviours and create a more inclusive work environment across the sector, with over 120 firms signed up so far.  New training and communications for all our employees, clarifying their rights and responsibilities regarding inclusion.
  • Early Careers programme - encouraging more young women to consider a career with Zurich as Interns, Apprentices or Graduates.
  • Youth Skills programme - Inspiring more school pupils to consider a career in the insurance industry
Latest video

Zurich UK CEO Tulsi Naidu talks about their 2018 financial results

Watch CEO Tulsi Naidu talking about Zurich Insurance Group's 2018 UK financial results.If you would like to view the full results CLICK HERE click here for more