On 5 April 2022 Clear Insurance Management Limited employed 321, which was an increase from 273 the prior year. We have reported to HM Government the Gender Pay Gap data required by them for firms of our size.
The pay gap the data demonstrates is caused by the fact that there are more males than females in management and senior leadership positions (that attract higher pay) across the business; a fact and challenge seen across nearly all financial service firms. The pay gap is not caused by unequal pay for men and women in the same roles and with similar experience.
We believe in fostering a fair, respectful and inclusive culture. The most important factor for The Clear Group is to ensure we are a business that treats everyone equally, and career opportunities are based on skills and suitability for the role. It is our belief that in order to deliver true gender balance it has to be supported by a strong culture of inclusion in the broader sense. We firmly believe that closing the gap is critical to the ongoing success and future of our business and are committed to working both with our businesses internally and our peers in the wider insurance market to address the matter.
Based on the average hourly rates of pay at 5 April 2022, the mean gender pay gap was 41.38%, and the median (mid-point) pay gap was 43.54%.
The data at 5 April 2022 for bonuses shows that the mean bonus gap was 74.09%, and the median bonus gap was 68.12%.
Across the pay quartiles, in the first quartile (lowest), 77% are female and 23% are male. In the second quartile, 41% are male and 59% are female, in the third quartile, 54% are male and 46% are female, and in the top quartile, 83% are male and 17% are female.
Our executive and leadership teams across the UK are focused on getting the balance right across all of our roles within the Group. We have continued to work on this and have since appointed a female chairperson and further developed our talent management programs across the group. Through our talent management practices, we have been able to identify a pipeline of female talent from across the group and across locations to help encourage a better balance across the business. We continue to take positive action to close the gender pay gap and to be able to demonstrate this in future reports.
