AXA UK reduces gender pay gap

• The median pay gap is 0.5% narrower than last year and the bonus pay gap is 0.7 % narrower
• The key driver for the gaps remains gender distribution across junior and senior roles
• Efforts to achieve parity and inclusivity continue through adapting recruitment processes, encouraging senior leadership action and raising awareness across the wider business

AXA UK’s gender pay gap report shows the insurer has narrowed the difference between the pay and bonuses paid to men and women.

Based on hourly rates on 5 April 2020, women at AXA UK earn 20% less than men in median terms, and 22% less in mean (average) terms.

UK’s pay gap is narrower than last year by 0.5% in median terms but remains unchanged in mean terms.

The key underlying cause for the discrepancy remains the gender distribution at different levels in the organisation: more women work in junior roles and more men in senior roles. Also, more men work in business areas which attract higher wages, for example IT and actuarial, although this is a secondary factor.

Regarding bonuses, women receive 24% less than men in median terms, and 48% less in mean terms. The bonus gap is narrower than last year by 0.7 % in median terms. However, it increased by 5.2% in mean terms due to a change in the timing of our performance share allocations to senior roles, where there is a higher proportion of men.

“All our colleagues should feel that they are valued individuals and addressing the factors that lead to a gender pay gap is a key business priority to ensure they do. We’ve made some good progress over the last year, but there remains much more to do. That’s why we continue to transparently assess our endeavours in the gender pay gap report. We remain focused and committed to narrowing the gap in pay and promoting inclusivity within our organisation in the years to come.”

Focus on improvement

Narrowing the gender pay gap within AXA remains a priority, and efforts have focused on adapting recruitment processes, encouraging senior leadership action and raising awareness across the wider business.

At a global level, AXA is included in the 2021 Bloomberg Gender Equality Index (GEI), which tracks the performance of public companies committed to disclosing their efforts to support gender equality through policy development, representation and transparency.

In the UK, where AXA ranked 24^th in the top 50 Best Places to Work Glassdoor Awards for 2021, diversity and inclusion initiatives have included:

• Using a candidate assessment tool that offers a stronger talent pool and results in a better mix of genders for new hires
• Setting diversity targets in the executive bonus scorecard and coaching the Management Committee and senior leaders on diversity and inclusion
• Having senior leaders sponsor Employee Resource Groups: ABLE for colleagues with disabilities or caring responsibilities, Balance for gender equality and working families, Pride for LGBT+ colleagues, and REACH for Race, Ethnicity and Cultural Heritage
• Rolling out an Inclusion Allies programme, organising events and sharing resources in support of gender parity and race equality
• Launching an Ethnicity Action Plan and signing Business in the Community’s Race at Work Charter and the Confederation of British Industry’s Change the Race Ratio

“We’re working hard to accelerate change in the balance of gender representation throughout our organisation, including at a senior level, as we recognise this is key to achieving meaningful change. During 2020, our diversity and inclusion work has been more important than ever as many of our colleagues have been working remotely. We’ve focused not just on gender but on ethnicity, disability and sexual orientation inclusion with an aim to build stronger foundations for change across our whole workforce.”

The annual gender pay gap report helps assess the progress achieved towards parity between men and women, but AXA UK supports all employees, including colleagues who identify as trans and non-binary.