Gender Pay Gap Statement

Gender Pay Statement March 2022

We are an employer who is required by law to carry out Gender Pay reporting under the Equality Act 2010(Gender Pay Gap Information Regulations 2017).

This involves carrying out six calculations that show the difference between the average earnings of men and women in our organisation; it will not involve publishing individual employee data.

We are required to publish the results on our own website and the government gender pay website.

We are required to publish the results on our own website and the government gender pay website. We will do this within one year from 5th April 2022.

We are reporting on the six key metrics under the rules of the Gender Pay gap namely:

• The difference in the mean pay of full-pay men and women, expressed as a percentage
• The difference in the median pay of full-pay men and women, expressed as a percentage
• The difference in mean bonus pay of men and women, expressed as a percentage
• The difference in median bonus pay of men and women, expressed as a percentage
• The proportion of men and women who received bonus pay
• The proportion of full-pay men and women in each of four quartile pay bands.

Mean gender pay gap in hourly pay

Mean gender pay gap in hourly pay as a percentage of men’s pay

Median gender pay gap in hourly pay

Median gender pay gap in hourly pay as a percentage of men’s pay

Mean bonus gender pay gap

Mean gender pay gap for bonuses as a percentage of men’s pay

Median bonus gender pay gap

Median gender pay gap for bonuses as a percentage of men’s pay

Proportion of males and females receiving a bonus payment

Proportion of males and females in each quartile

Total Employees 1032, Full Pay 863 and Relevant 158

(Relevant employees not included in pay gap calculations – 65.82% Male, 34.18% Female)

These results will be used to assess:

• The levels of gender equality in our workplace
• The balance of male and female employees at different levels
• How effectively talent is being maximised and rewarded
• The opportunities to reduce the gap

Reassured is an equal opportunities employer and has a pay philosophy and career structure in place which recognises and rewards employees irrespective of gender.

Financial services have traditionally been male-dominated environments and therefore, we actively work to attract and create a more gender-balanced organisation, particularly within our sales and IT teams. For the last two years we have continued to have success with the appointment of several females into management and senior roles.

As a result, our gender pay gap for the mean and median have decreased again for the second year. The mean has decreased from 16.45% to 14.6% and the median from 15.5% to 14.4%. This is due to the recruitment and internal promotions with more women in management and senior roles. We do however continue to focus on making improvements, as we do still have a higher proportion of males in overall senior management roles, Front Line and Corporate Sales, Client Services and specialist IT roles, where salaries and bonus payments are higher than in other departments within the company.

The number of males in senior sales management roles has led to a small increase in our mean and median bonus gender pay gap. The bonus scheme is non-discriminatory with both male and female employees having the same bonus opportunities. Our bonus proportions remain relatively static from last year demonstrating equality of the scheme. We are however reviewing our bonus scheme to ensure it fully supports gender pay and meets all the business, legal, fiscal and regulatory requirements.

The customer services and admin teams which, along with our QA function, have a lower remuneration package than the sales teams, and they have a higher percentage of females in the teams. Whilst their remuneration packages are in line, with the market rate for equivalent external roles, this does continue to have a negative impact on our gender pay report.

In respect of the pay bands, the lower quartile remains static from last year and there is some small movement in the lower medium and upper medium quartiles however the largest shift is in the percentage of women in the upper quartile which has taken a positive step forward and increased from 16.30% to 30.41% this is reflective of the increase in women in senior roles. This however continues to be an area of focus.

As an organisation we continue to invest in development and progression to ensure we offer a structured process with attainable and very visible opportunities for all employees to meet their personal career aspirations. We have a large L&D team, a Business Psychologist and Management Development Specialist along with eLearning, to provide structured and relevant training for employees who wish to progress internally.

We are committed to the improvement of our gender pay gap and have the following action plan in place to support:

• ESG project with a focus on diversity
• Women in Leadership training linked to succession planning
• Development of Employee Value Proposition
• Implementation of new Sales bonus and salary bandings
• Review of attraction and selection process
• Revamp of measurements & reporting of key HR metrics and resulting action planning