Changes to Pay Gap reporting and implications for D&I

The decision was made to alleviate pressure on business during Covid-19 measures, alongside a number of other temporary relaxations.

However, many firms have already submitted their data, and still more will have set in place the process to measure their pay gap.  As PWC have pointed out, this relaxation of enforcement doesn’t mean that a firm should automatically stop measuring their gap or continuing their action plans to address the gap.  It is of course still possible to submit data to the GEO, even though it is no longer mandatory.  

As this CII paper, published in April 2019 indicates, the median gender pay gap for the insurance profession as a whole had started to narrow slightly from the previous year, so wherever possible, Chartered firms should aim to continue measurement and proactive action, demonstrating ongoing investment in D&I as part of the Chartered Commitment.

Further guidance for firms on gender equality and other diversity and inclusion measures can be found here.