Introduction
As required by the UK Government, we are publishing the gender pay gap metrics for AXIS UK Services Ltd. The gender pay gap measures the difference in pay between all men and women regardless of role. It is therefore not a measure of pay equity, in that gender pay gap reporting does not compare the pay of employees delivering like-for-like work. Rather, it shines a light on factors that lead to a gap in pay between genders.
Since 2018 when we first disclosed gender pay gap metrics for our UK population, the gap in mean hourly pay and the gap in mean bonus pay have reduced every year, with the latest report being no exception. Overall, the mean gender pay gap for all our UK employees on 5 April 2023, improved by almost three percentage points compared to the previous reporting period. Female representation in our highest paid roles improved by four percentage points since prior year.
While we have seen progress, we are determined to further reduce the gap in pay between male and female employees at AXIS in the UK and globally. We believe our biggest opportunity to close the gap in pay is by improving the balance in gender representation across the organisation, which we are committed to doing as part of our overall diversity, equity and inclusion strategy.