At Liberty Specialty Markets, we have a continued focus on reducing our gender pay gap and driving a culture in which all colleagues can pursue their careers, unencumbered by biases.
Our latest 2022 report highlights our commitment to fostering a diverse workforce and the progress we have made in closing the gap.
In the last year we have seen significant improvements in mean hourly pay gap, median hourly pay gap, and mean bonus pay gap. This was predominately driven by the continuation of hires and promotions of females at senior leadership levels and as a result of salary review programs that ensure employees’ pay are kept in line with the market.
However, we recognise the need for further action, particularly in addressing the under representation of women in senior roles. This situation is not uncommon across the UK financial services sector, and one we all striving to address.
Our board remains committed to creating an inclusive environment that will reduce the gender pay gap still further in the coming years and below are the commitments we have put in place for 2023:
- Commitment to 40% female representation in leadership by 2025 with inclusive recruitment practices and gender balance monitoring across all levels.
- Focus on leadership development programs targeting gender balance and enhancing the female talent pipeline through women's development programs such as Springboard and Insurance Breakfast Club.
- Diversity initiatives in the Early Careers program to attract talent from underrepresented areas through partnerships with external organisations.
- Continuous growth and engagement of our Gender Matters network, to drive positive changes in family-friendly policies.
- Collaboration with external partners, such as Peppy and Insurance Supper Club, for resources aligned with our DEI commitments.
- Increased data collection on DEI characteristics to truly understand our workforce and enable targeted inclusion programs and enhanced employee experience.