What is driving our numbers?
The number of females vs males increased in the upper quartile (an increase of 5%), meaning there are now more females than males across each pay quartile. The median pay gap did not change as a similar change occurred in the lower and lower mid quartiles, which already held a higher proportion of females.
There are also 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?
- The mean and median pay gap has not moved since last year. The median remains 7% and the mean pay gap is 18%.
- Our overall mean pay has increased by 2% for both male and female.
Whilst we remain committed to reducing our gender pay gap, we do expect some continued volatility in the figures year-on-year. While both men and women are encouraged to take advantage of flexible working opportunities, significantly more women than men currently take up this option, impacting the gender pay gap.
- The mean and median bonus gaps improved by 2%, changing to 41% and 20% respectively.
Lower performance share figures saw the male figure received decrease by 60% compared to 37% for females (small population of AGH employees). Across all roles, the average male bonus dropped by 5% in 2021, while the average female bonus decreased 2%. The smaller average decrease in bonus for females has led to a reduction in the median bonus figure.
For AXA – Global Healthcare diversity and inclusion continue to be as important as ever, we aim to build stronger foundations for change across our whole workforce and a sense of belonging for all our employees regardless of their background. We continue to support employee resource groups and programmes aimed at promoting diversity and inclusion.
We will continue to offer a range of flexible working options, across all levels and all roles and ensure fairness in recruitment processes and continue to identify, develop and review our talent pipelines, to ensure that women are fairly represented and are better placed 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