The Insurance Industry
The insurance industry is traditionally well-known for being a male-dominated industry. However, in recent years the industry has aimed to become more instrumental in driving change towards Diversity, Equity, and Inclusion (DEI) in insurance jobs in Manchester and the rest of the UK.
Over the past few years, we are starting to witness a rise in women in more senior roles in the industry, due to a societal shift towards more female representation in business and closing the gender divide. Despite the industry’s efforts towards change, there is still a substantial difference in both the gender pay gap and gender seniority gap, highlighting a need for more representation of women in business and more inclusive strategies within insurance recruitment agencies in Manchester.
This blog will cover the types of challenges that women face within the insurance sector and what you can do to promote an inclusive workforce and gender parity. Working with an insurance recruitment company in Manchester that works with a diverse pool of candidates is a fantastic way of helping to improve the recruitment process.
What Hurdles Do Women In The Industry Face?
Up to senior management, the percentage of women in the insurance sector is mostly consistent. However, the UK insurance business has a low percentage of female CEOs, 'at 7%’, indicating a lack of female representation at the executive level.
If women do not perceive themselves as represented in both executive and managerial positions in insurance jobs in Manchester, this can provide a lack of hope and aspiration for women in the industry. Women's beliefs, confidence, and retention rates may be negatively impacted by this. More women from all walks of life are inspired to achieve higher when they witness representation of themselves in roles they never would have imagined.
The financial performance of firms has also proven to be positively impacted by the presence of women in leadership roles, according to the 2018 report published by Oxford Leadership. A company's image and standing in the market may suffer if there is a lack of dedication to diversity and gender inclusion across the board.
The Equal Pay Act was first introduced in 1979 to encourage gender equality and close the gender pay gap within not just insurance jobs in Manchester, but the overall workforce. Although the gender pay gap had decreased to 16% in 2023, the average salary for women in insurance is still less than that of males, even over 50 years after the Equal Pay Act was approved. As an insurance recruitment company in Manchester, we think that the insurance industry would massively benefit from showcasing a higher percentage of representation of women in executive positions, providing transparent progression routes and flexible working opportunities for colleagues with care responsibilities can all help towards reducing the gender pay gap.
What Are The Solutions To Addressing Gender Parity In Insurance?
As you may already know, sex is a protected characteristic under the 2010 Equality Act, therefore all businesses should be taking active steps towards a more inclusive work culture if they are not already doing so, including for Manchester’s insurance jobs. One way to encourage inclusion and diversity is taking active steps within the workplace to decrease unconscious bias, regressive beliefs and the mistreatment of women in insurance. This can be done so through investing in diversity and inclusion training, to educate the wider workforce and improve mindsets. DEI training can help to decrease bias and unfair discrimination against not just women but other minorities too and vouch for the benefits of gender parity.
Another way to improve female representation is to promote female leaders in the insurance industry. Insurance companies, alongside insurance recruitment agencies, can do so by attending events and awards created by governmental institutions that recognise and reward women, such as the UK Women in Insurance Awards. This portrays a powerful message to other women around the world seeing fellow women in higher up roles within organisations. Companies such as Aviva and AXA UK are paving the way by employing female CEOs in their businesses, providing more public exposure and proving that women in leadership roles within the insurance industry can and will excel. The industry's standing would be enhanced, and the current pay gap would be reduced with a more equitable representation of women in managerial roles.
Insurance Recruitment Companies
Gender parity requires a certain amount of effort and investment in improvement from companies. It is important to engage with and showcase opportunities for women in the industry from entry-level roles to executive jobs.
In a city with an abundance of opportunities within the insurance sector, there is never a better time to secure your next insurance job in Manchester. However, the market can be competitive and difficult to navigate. At Get Recruited, we work with a diverse pool of talented candidates and believe in promoting female representation within the industry and closing the gender gap.
Partnering with specialist insurance recruitment agencies in Manchester could place you a step above the rest, making the hiring journey faster and more enjoyable, and ensuring an inclusive experience for all involved.