In 2021, the gender pay gap for all workers in the United Kingdom was highest in the financial and insurance sector, recording a substantial 30% gap between men and women’s salaries [Statista 2021]. At Clear, the gender pay gap data* is a causal effect of the fact that there are more males than females in management and senior leadership positions across the business - a challenge seen across nearly all financial companies.
The gender pay gap demonstrated through the difference in seniority opportunities is shown in research by the Financial Conduct Authority, that records the proportion of women in more senior positions is just 17% in UK financial services – a figure that is almost unchanged since 2005. Men still dominate senior leadership roles, with only 1 in 5 executive committee positions being held by women on average [FCA Insight 2019].
Redressing these disproportionate statistics would not only create an equal and fair workplace, but be of great benefit to the economy. The Government Equalities Office has stated that equalising women’s employment to the same levels as men’s could add £600 billion to the UK economy by 2030 [John Glen, GOV.UK 2018].
How CLEAR plans to promote gender equity
On International Women’s Day 2023, CLEAR Insurance Management has launched a network for female colleagues, with the vision of empowering an equitable, diverse, and inclusive working culture at Clear, where everyone – irrespective of gender – has the opportunity to thrive in their career.
The network, named Female Alliance in Business (F.A.B), aims work in collaboration towards gender equity in business, by providing empowering opportunities for women to find their version of success. The group facilitates meaningful approaches to networking, through embracing new ways of enriching connections and raising awareness among members.
Named as a sponsor who acts to support the active progress of the network, Phillip Williams, Chief Operating Officer, explains: “Networks are powerful tools in encouraging mentorship and knowledge sharing. I’ve seen first-hand the how powerful networks can be used to drive confidence and connection, for the benefit of both the individuals involved and the business overall. I am proud to sponsor the F.A.B network at Clear”.
The network has the objectives of:
- To remove obstacles to progression, through implementing programmes to develop female talent pipeline into senior roles
- Shape and advocate for a more equitable, diverse, and inclusive working culture at Clear
- Increase the number of female role-model representatives across the Group
- Support and offer Mentoring Schemes and ‘Active’ Sponsorship from senior leaders to facilitate an empowering place of work
- Enable and facilitate opportunities for network members to gain commercial experience
- Provide a voice for network members by promoting connections, support and discussions on common issues around gender equity.
Held on International Women’s Day 2023, a day that celebrates both women’s achievement and raises awareness about gender discrimination, the launch event for F.A.B saw 40 selected members of staff learn about the mission of the network. They actively discussed the next steps of the group to reach their objectives, in order to work towards a more equitable culture that thrives from the benefits of equality and empowerment.
Resources:
- HMT_Women_in_Finance_Charter_guidance_June_2022_.pdf
- Women in Finance Charter
- Statista: Gender Pay Gap by Sector
- Financial Services – senior jobs are still mostly for the boys | FCA Insight
- Virgin-Money-Empowering-Productivity-Report.pdf
- GOV UK 2019
*Based on the average hourly rates of pay at 5th April 2021, the mean gender pay gap was 40%, and the median pay gap was 42%. The pay gap is not caused by unequal pay for men and women in the same roles and with similar experience. Read more here: https://www.thecleargroup.com/gender-pay-gap-report.
