What is driving our numbers?
It's not unequal pay that's driving our gender pay gap. We review the pay of all employees annually and frequently evaluate our pay policies to ensure we offer equal pay for equal work, regardless of gender. The 2022 gender pay and bonus gap is driven by:
- An increase in men and a decrease in women sitting in the upper pay quartile. The upper quartile in 2022 sees 6% more men and 6% fewer women.
- An increase in women and a decrease in men (both by 2%) in the lower pay quartile.
- More women than men in part time roles, which impacts the bonus gap as the figures are calculated on actual amounts paid, not the full-time equivalent amounts.
How do the figures compare to last year?
We have seen both the mean pay and bonus gaps increase in comparison to 2021, specifically:
- An 8% increase in the mean pay gap from 18% in 2021 to 26% in 2022 and a 10% increase in the mean bonus gap, from 41% in 2021 to 51% in 2022.
- A decrease in the median bonus gap (the percentage difference between bonuses paid out to males and females) by 2% to 18%. A 3% increase in median pay gap.
Across both the lower and lower mid quartiles we have seen an increase in the number of females, whilst there has been a decrease in the number of males sitting in the lower quartiles, this has impacted the pay gap.
Our increase in the mean bonus gap can be attributed to higher share payments, predominantly paid to senior executives, a majority of which are male. Across all other grades, the percentage difference between male & female bonus payments fell.
We are fully commited to gender equality across AXA - Global Healthcare, and offer a range of flexible working options across all levels and all roles. We will also continue to identify, develop and review our talent pipelines, to ensure that women are fairly represented and are in a good place to achieve more senior roles in the workplace.
I can confirm that our data is accurate and has been calculated according to the requirements of the Equality Act 2010 (Gender Pay Gap Information) Regulations 2017.
Chief Financial Officer
AXA - Global Healthcare