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Narrowing the Gap: the BWRS pay parity journey

We’ve all heard the stats when it comes to the gender pay gap, and whilst it can be a complex topic to unpack, paying all employees fairly is the goal. Financial services have traditionally had some of the largest pay gaps and insurance is no exception to this. When we embarked on the journey to make BWRS an amazing place to work in 2020, pay parity and reforming current pay structures and career pathways was a big part of the work that the executive team took on. Two years on, and we’re proud to report that we have already made significant headway.

Becoming An Amazing Place to Work

When we first introduced our people strategy, we outlined key areas that we would focus on to live up to our goal of being an amazing place to work. These included: Our Organisational Culture, Workplace Safety and Wellbeing, Flexibility and Building an Inclusive Workplace.

It was and is important to BWRS to build a workplace that encourages diversity and inclusion, allowing us to better reflect the broad client base we work with, and to help us access talent across our industry to continue to grow and be successful.

Fairer for all

In order to understand the challenge faced when it comes to gender pay within an organisation like ours, it’s important to recognize the past. BWRS as an organisation was built through the acquisition of smaller businesses. Typically, branch managers were the previous owner or the most senior person in the business (almost all male), most of the brokers were male and over 95% of the support team were female.

Given this history, BWRS had a significant gender split challenge, with a large number of females mostly working in support roles, compounding a significant gender pay gap issue.

It is important to keep in mind, the pay gap is swayed by the number of women and men and positions they hold in the business. We have more women in support roles that typically have a lower salary. We are pleased to advise that our leadership team, including the Executive, are now a 50/50 split of men and women, and are also happy to see that we continue to attract and promote women to broking roles, with an equal gender split in this division as well.

When our new Executive team started in 2020, the gender pay gap was in excess of 60%, we knew it was imperative that we addressed the issue. At our last assessment in August 2022, we have successfully reduced the gender pay gap by 43% when compared to 2020. If we look at this by our main role types, all roles except Broking (where we have a number of very senior males and a much lower number of senior females), have a gap of <5%.

Whilst the gap is still real and higher than we would like it to be, our efforts over the past couple of years show that we are addressing this and we continue to be conscious of the gap and gender split in roles and commit to keep the trend going in a positive direction.


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