Hanover’s Post

An analysis of data highlights the varying gender pay gap across APAC's finance and insurance markets, with notable disparities. While data scarcity in Asia makes accurate and direct comparisons challenging, a significant regional disparity is evident. In the insurance and financial services industries, men receive 64% more pay than women in Hong Kong and 51% more in Singapore, in contrast to a 26.1% difference in Australia. But despite Australia outshining regional and international counterparts, its finance and insurance sector holds the second highest gender pay gap nationally, behind only construction, according to a 2024 report from Australia's Workplace Gender Equality Agency. An even more concerning trend is observed within the insurance and superannuation fund sub-sectors, where the gender pay gap widened from 24.8% in 2020-21 to 26.1% in 2022-23. On a positive note, data from Deloitte point toward a promising shift towards gender diversity in future leadership roles within the Asia Pacific region - particularly in Singapore where women occupy 44.9% of 'next-generation' roles. Even the 29% of women in Hong Kong and 33.8% in Australia who hold future leadership roles would represent a step in the right direction. While Australia does a good job with gender pay data transparency, it is scant in many major Asian countries, with only 24% of Singaporean companies and 10% of Hong Kong companies publishing this data, according to Equileap, a Dutch organisation that benchmarks corporate performance on gender representation and equity. Japan fairs better at 58%, with the country making progress after new legislation mandated companies disclose wage-based gender pay gaps Mary Wooldridge, CEO of Workplace Gender Equality Agency, emphasised the importance of this data in its 2024 WGEA report, saying, "Publication of the results… is a catalyst for action and change." She also added a stern warning on the issue of gender pay inequality at large: "The time for talk and excuses is over.” Full data feature by Ellis Ng here: https://lnkd.in/gDP_iwub #insurance #australia #singapore #hongkong #genderpaygap #internationalwomensday2024

Highest gender pay gap in financial and insurance activities In the EU Member States where data is available except Belgium and Spain, the gender pay gap in financial and insurance activities is higher than in the business economy as a whole In 2022, the gender pay gap in financial and insurance activities varied from 6.9 % in Belgium to 37.9 % in Czechia. Within the business economy as a whole, the lowest gender pay gap was recorded in Sweden (8.2 %) and the highest in Estonia (23.5 %). It is also interesting to note the economic sectors for which a significant number of EU Member States recorded negative gender gaps. In particular, eleven EU Member States registered negative gender pay gaps in the water supply, sewerage, waste management and remediation activities (NACE Rev. 2 section E) and fifteen in the construction sector (NACE Rev. 2 section F). Gender pay gap higher in the private sector In 2022, the majority of the EU Member States (for which data are available) recorded a higher gender pay gap (in absolute terms) in the private sector than in the public sector (Table 3). This might be due to the fact that, in most EU Member States, pay in the public sector is determined by transparent wage grids that apply equally to men and women. The gender pay gap varied in the private sector from 8.1 % in Belgium to 20.5 % in Czechia, and in the public sector from -0.2 % in Cyprus to 16.1 % in Hungary Possible causes of the unadjusted gender pay gap As an unadjusted indicator, the gender pay gap gives an overall picture of the differences between men and women in terms of earnings and measures – a concept which is broader than discrimination in the sense of "equal pay for work of equal value". Indeed, parts of the difference in earnings of men and women can be explained by (1) differences in the average characteristics of male and female employees and (2) differences in the financial returns for the same characteristics. In the methodological study 'Gender Pay Gaps in the European Union – a statistical analysis', both drivers of the unadjusted gender pay gap are analysed based on the latest (2018) edition of the four-yearly Structure of Earnings Survey (SES). Context Reducing the gender pay gap is one of the key priorities of gender policies at both EU and national levels. At EU level, the European Commission prioritised "reducing the gender pay, earnings and pension gaps and thus fighting poverty among women" as one of the key areas in the framework of the A Union of Equality: Gender Equality Strategy 2020-2025. The unadjusted gender pay gap indicator is used to monitor imbalances in earnings between men and women.

I shared some tips on how financial advisors can be key players in closing the gender coverage gap with VettaFi Advisor Perspectives. What else would you add? #LifeatLGA #LifeInsurance

How QBE is closing the #genderpaygap https://ow.ly/Fmfc50QCyLK #equality #paygap #insurance #insuranceindustry #insurancenews #FreeNewsNoPayWall

Over the past 20 years, participation rates for Australians aged 60+ have more than doubled—rising from 10% to 19% for men and nearly fourfold for women, from 3% to 11%. Discover strategies to adapt and thrive with a more experienced workforce. https://lnkd.in/grUbBD78 #AgingWorkforce #FutureOfWork #EmployeeRetention #WorkplaceStrategy #AustraliaJobs

A simple and powerful way you can be an ally is to share your salary or consulting rate with people in your industry who are likely underpaid. It's not hard to guess who - the statistics are easily accessible and the pay gap is real across both gender and racial/ethnic lines. A friend shared some rates with me this week that put my own rates in a better context (ltdr; I'm paid fairly but I'm also a great deal 😉). As I expand Bramble and Bird Consulting, one of my operating principles is rate transparency with my team as they come onboard to ensure #equity. What are you doing to help narrow the #paygap? #deib #womensupportingwomen #mensupportingwomen #payblackwomenmore #allyship #insuranceindustry #consulting #prices #valueyourself

Of course it is important to report and combat the #GenderPayGap ....but without forgetting all the other Gender-based Gaps, #discriminations....Working time -paid and unpaid- workload, " the systematic male co-option and 'homosociality' practices of corporations perpetuating patterns of male dominance in the workplaces, caring obligations....As long as all the numerous other Gaps persist, we will be speaking of the #GenderPayGap !! the fight has to be holistic! Agnès Parent-Thirion, Jorge Cabrita https://lnkd.in/gRKmuG99

In an ever-changing market environment, women in insurance agencies are rising to the challenge, according to “2024 Outlook: How Women in Agencies Are Meeting Consumer Needs," the latest research by Liberty Mutual and Safeco's Agent for the Future. The study follows Agent for the Future's “State of Women in Independent Insurance Agencies" report that was released in 2022 and updated in 2023 and explores the unique strengths women bring to insurance agencies, as well as what female consumers want and need from agents and why retaining women is more important than ever. Read the full article below! https://hubs.la/Q02nKLlc0

We’re here to help you meet your #GenderPayGap reporting obligations. There are a number of key elements employers need to consider when conducting their mandatory gender pay gap reporting. Firstly, this is going to be a yearly process and not a once off occurrence, so it needs to be fully understood and streamlined into your business activities. Find out how Mercer can help your organisation now! https://bit.ly/45YmZ5b #GenderPayGapIreland #PayEquity #PayTransparency

We’re here to help you meet your #GenderPayGap reporting obligations. There are a number of key elements employers need to consider when conducting their mandatory gender pay gap reporting. Firstly, this is going to be a yearly process and not a once off occurrence, so it needs to be fully understood and streamlined into your business activities. Find out how Mercer can help your organisation now! https://bit.ly/4foWFFO. #GenderPayGapIreland #PayEquity #PayTransparency