The Chartered Insurance Institute (CII) in the UK, as part of its ongoing efforts to spearhead improved diversity in the insurance industry, has voluntarily released its own ethnicity pay gap figures for its employees. The CII hopes that by publishing these figures, the wider sector will follow suit, leading to a wider conversation about inclusion and the importance of fostering greater inclusivity in business.
The data has been released as part of a wide-ranging report which includes recommendations for employers on how they can improve diversity in the workplace. Among the recommendations are that companies review the approach they take to recruitment, introduce mandatory training for managers to raise the issue of unconscious bias, bake the importance of diversity and inclusion into operational and management culture so that it will not fall by the wayside, set ambitious targets and monitor them closely, and encourage reverse mentoring for senior employees with colleagues of varied backgrounds.
Seventy per cent of the CII’s employees volunteered their ethnicity for the survey, and analysis of the data found that the mean hourly pay gap was less than one per cent, and narrowly skewed in favour of white colleagues (by one per cent). The median hourly pay gap was found to be 16 per cent and indicated that non-white employees are favoured over white employees by around 16 per cent.
“We are proud of the figures in our ethnicity pay gap,” said Tali Shlomo, the CII’s People Engagement Director, “but numbers alone don’t tell the whole story. The ethos behind our decision to disclose this data lies in an impassioned belief that transparency is the key to changing the dialogue around diversity and inclusion in our sector. The opportunities and rewards for employers who embrace diversity and inclusion are huge, and the insurance profession has an opportunity to take a positive lead by preparing early and addressing diversity issues meaningfully, whether such requirements become statutory or not. Our sector has made progress in recent years – but there is much work still to be done. If we do not recognise unconscious bias and find better ways to make decisions, we will miss opportunities to use people’s talents to the full – which means we will be letting down both our colleagues and our clients.”