Lloyd’s gender pay gap at 27.7%

Published: 26 Feb 2018 By Ryan Hewlett

Male employees across Lloyd’s are paid 27.7% higher on average than female staff.

The corporation published its gender pay gap statistics, which highlights the difference between the average pay for a male in the Corporation, compared with the average pay of a woman.

On a median basis, that’s figure is 32.1%, with a male employee earning a 36.7% higher bonus than a female colleague on average.

Lloyd’s said the figures were driven by a higher proportion of men than women in senior roles across the Corporation.

Lloyd’s has a 50:50 gender balance across the Executive Committee. However, there is almost double the number of men, 66.2%, than women, 33.8%, in the highest paying quartile.

In the lowest paying quartile this is reversed, with over twice the amount of women, 66.2%, than men, 33.8%.

A higher proportion of women who work part-time was another driver behind the statistics, the corporation said, as part-time employees are more likely to experience slower career progression than those who work full time, which can impact remuneration.

11% of Lloyd’s employees work part-time, of which 92% are women. The Corporations mean bonus gap of 36.7% is based on actual bonuses paid, and is impacted by the fact that the calculation does not take into account pro-rated bonuses which reflect the reduced hours worked.

“Lloyd’s does not believe it has an equal pay issue. However, we review this on as annual basis as part of our compensation review process,” Lloyd’s said.

The organisation has committed to four actions in 2018 to address its gender pay gap: mandating all external recruitment long lists to include a 50/50 gender split of potential candidates, reviewing current succession plans, developing and launching a female development program targeted at key female talent and conducting a full review of family care policies and flexible working arrangements.

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Ryan Hewlett @Insurance_Ryan

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