QBE UK has published its gender & ethnicity pay gap report for 2023, which shows the insurer’s mean overall gender pay gap improving to 21.9%. The corresponding statistic in 2022 was 24.7%. When reporting began for 2017, the figure stood at 32.8%.
There has been a steady decline when it comes to the overall gender pay gap, as shown below. However, the same can’t be said about the bonus pay gap, and it’s something QBE UK is keeping an eye on.
According to QBE UK – all employees of which are entitled to 26 weeks at full pay and up to 52 weeks’ parental leave regardless of gender identity, sexual orientation, or how they become a parent – its gender bonus pay gap rose to 51.7% last year. The statistic was 78.1% in 2017.
“While progress has been made to reduce the gender pay gap at QBE, like the rest of the industry, the bonus pay gap remains an issue and more work needs to be done to reduce this,” Nikki Lees, people director at QBE European operations, said in an emailed release.
“While the popularity of part-time roles plays a contributing factor, higher bonus pay-outs to new senior male hires and joining start dates certainly skews the results.
“The removal of barriers to career progression through initiatives like equalised parental leave help challenge traditional gender roles both at home and at work. This, in turn, will help reflect positively in a narrowed gender pay gap and increased equity in leadership.”
QBE UK’s ethnicity pay gap, meanwhile, went down to 5.4% in 2023 – the lowest since the QBE unit started reporting its ethnicity pay gap data in 2021.
Lees said: “Through our UK ethnicity targets we remain committed to increasing ethnic diverse representation at all levels of the organisation. Last year we also introduced new sense of belonging targets as we know equality of experience is just as important as representation levels.”
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