CII encourages sector to get to grips with the gender gap
The CII is encouraging firms in the insurance and financial advice sectors to start disclosing their gender pay information ahead of next April’s deadline, regardless of whether or not they are required to.
In issuing the ‘call to action’, the CII is leading by example by doing so itself – five months in advance – despite the fact it is exempt by being under the 250-employee threshold.
The move coincides with the publication of a specially-commissioned briefing paper, Mind The Gap, which outlines the key factors and causes of the gender pay gap, as well as what can proactively be done to bring about better balance.
The CII’s mean hourly pay gap is currently 28%, compared to a sector average of 47% and national average of 14%. The median hourly rate gap is 18%, compared to a sector average of 37% and national average of 10%.
“The data that firms are sharing between now and April 2018 is only the start,” said Sian Fisher, chief executive. “Our stakeholders want to see evidence of what we are doing individually and collectively to reduce the gap and they will expect to see significant improvement in future years.”
By 2025, there will be one million people in the UK living with dementia. By 2030, the cost of dementia to UK business is due to rise to £3bn.
The CII co-hosted the Apprenticeship Forum fringe event at the Labour Party Conference in Brighton.
Reflecting on events of the past few months – from the natural catastrophes that have impacted Asia, the Caribbean and parts of the US, to the conclusion of the Dive In festival – has reminded me of the social role that the insurance sector plays.