At Barbican, people represent one of our core assets.
We, as a business, place great importance on attracting and retaining the best talent in order to provide the highest standards of service to both our internal and external stakeholders, and maintain and strengthen the market position of all our business entities. We also promote an environment and culture which supports, challenges and develops our people.
Furthermore, Barbican are committed to building a diverse and gender balanced workforce which reflects the customers and communities we serve and ensures our people can be their best selves at work.
As a company, we are committed to both addressing gender representation and supporting women in the workplace.
Gender Pay Gap Reporting
Under the Equality Act 2010, the UK Government have introduced new reporting regulations that requires companies with a work force larger than 250 employees, to calculate and disclose their Gender Pay Gap figures. This legislation is effective from 2017 onwards.
Below you will find Barbican’s Gender Pay Gap data plus contextual information surrounding our results, along with our plans for addressing the gender pay gap issue. Figures below are based on a headcount of 263 employees, taken at the snapshot date of 5th April 2017, including 165 male employees and 98 female employees.
Pay & Bonus Gap
The table Below shows our overall mean and median gender pay gap based on hourly rates of pay as at 5 April 2017. It also captures the mean and median difference between bonuses paid to men and women within the Barbican Group in the year up to 5 April 2017, in relation to the 2016 bonus year.
Proportion of Employees Receiving a Bonus in 2016
This shows a 12.61% difference between the number of men and women being paid a bonus in 2016. This was largely due to the number of male employees who commenced employment in the last quarter of the bonus year, therefore not being eligible for a bonus payment.
The above images illustrate the gender distribution at Barbican Insurance across four equally sized quartiles, each containing 64 employees. Quartile 3 and 4 have significantly more male employees than female employees meaning that there is an imbalance of females represented in senior management positions across the group.
- A higher representation of men in senior management positions and the manager grade bracket exists
- More women than men working part time
- Higher male count in the company at 62.74%, compared to the female count of 37.26%, however gender level remains fairly equal in the lower paid quartiles
- Higher percentage of male employees not entitled to a bonus payment due to contributing factors around their employment, i.e. start date and eligibility of the scheme
Our analysis reflects that there remains an under representation of women in senior roles. Although the Insurance market was once considered a ‘male dominated’ environment, our figures show that there is a fairly even representation of male and female employees in the more junior roles.
Redressing the gender imbalance will take a long term approach right across the Lloyd’s market. At Barbican we will focus on establishing a programme of initiatives aimed at attracting more women into middle management and senior roles, and enabling them to develop and thrive at each stage of their career.
Action Plan for 2018
- Ensure that our focus remains on succession planning throughout 2018, focusing on our talent pipeline (especially female development) across the organisation.
- Continue our review of flexible working practices with a view to recommending an approach that Barbican can sustain in practical business terms and will attract a wider pool of talent now and in the future, while helping to retain experienced and skilled staff.
- Making sure that recruitment, especially middle management and above continue to include a balanced representation of female applications.
- Look to engage with a Senior Level independent female Executive, who would act as an Adviser to Barbican and to help drive forward our initiatives aimed at attracting more women into middle management and senior roles.
We can confirm that the data contained within this report is accurate and meets the requirements of the Gender Pay Gap reporting regulations.
David Reeves, Group CEO
Mark Harrington, Group CUO
Jon Godfray, Group COO