Today AXA UK has published its Gender Pay Gap Report 2017 as part of its ongoing commitment towards gender parity and the principles of the Women in Finance Charter. The report reveals that the current median pay gap at AXA UK is 17%.
Although on par with the national average median pay gap (18.4%), AXA is using the publication of the results as added incentive to bring gender equality to every level of the organisation.
The pay gap is not caused by unequal pay for men and women in the same levels and roles, but as a result of there being a greater proportion of men in more senior roles and in roles that attract higher salaries (60%). Women make up a larger percentage of the lower to lower-mid quartile roles (65%).
In terms of bonuses, 93% of all men and 94% of women, received a bonus payment last year.
| Gap | Median (mid-point) | Mean (average) |
|---|---|---|
| Pay Gap1 | 17% | 27% |
| Bonus Gap2 | 30% | 50% |
As part of AXA’s commitment to the Women in Finance charter, the company has put a number of measures in place to encourage women to secure more senior roles, with the aim of 40 per cent of senior management positions being held by women by 2020. To ensure this happens in a consistent, fair and sustainable way, AXA has established a pipeline of female talent with over 30 per cent of executive roles already occupied by women.
At AXA, we’re absolutely committed to becoming a truly inclusive place to work, where everyone can reach their true potential. We believe that not only is this the right thing to do, but it is vital for the success of our business. While far from the full picture, gender pay gap reporting gives the impetus for businesses like AXA to take a cold, hard look at how well we’re doing in levelling the gender playing field. Signing the Women in Finance Charter in 2017 signalled our commitment and our employees can be assured that we will be restless in our pursuit of gender parity.
To ensure that the 2020 objective can be achieved, AXA has implemented a number of initiatives to tackle unconscious bias and make flexible working available to all but also to encourage women to take greater control of their careers and be more confident in putting themselves forward.
These initiatives include:
- Signing the Women in Finance Charter
- AXA Parent Policy delivering more time and greater flexibility for new mothers
- Launch of the ‘Yes She Can’ series of conferences
- The 30% Club for cross-sector mentoring of women
- Tailored Leadership Development Programme
Read the full report and find out how AXA is supporting Women in Finance across its UK entities.
1 AXA UK gender pay gap data based on the average hourly rates of pay as of 5 April 2017.
2 Bonus data based all bonus payments made in the 12 months prior to 5 April 2017.