We believe increasing the proportion of women in leadership is critical to our success.
We recognise that women are underrepresented, particularly at our executive/senior management levels. We're therefore focused on increasing the number of women who join Swiss Re at all levels, ensuring diverse candidate slates as well as diverse selection panels. Our Group Executive Committee (Group EC) members closely monitor talent flows in their businesses and regions to ensure that all talent has opportunities to thrive.
Below are some of the steps we're taking to increase women's representation.
Gender promotion ratio
The 'Gender Promotion Ratio', or the proportion of women who are promoted into middle or senior management in a given year is a key internal performance metric for each Group EC member. Whilst we're doing well on this measure, we recognise the need to improve on others too to address imbalances in the gender composition of our workforce.
Flexible working practices can benefit all employees including working parents. We're committed to accommodating informal and formal flexible work arrangements in line with business requirements.
Swiss Re is committed to ensuring equal pay for equal work and complies with all legal obligations associated with pay equity. We have a non-discriminatory approach to determining pay at all levels. Every year we review individual pay levels with an eye to maintaining internal pay equity and pay-for-performance. When we compare the pay for similar roles, of people with similar characteristics (like performance or experience), we don't see systemic bias in the pay of men and women.
Yet we still have a 'gender pay gap': if you compare the average pay of men and women in Swiss Re, you will see a difference between the genders. This is because the proportion of men at higher pay levels exceeds the proportion of women. Increasing female representation at the most senior levels of our company would raise women's average pay and thereby reduce this relative gender pay gap.
You can see more details on our gender pay data in our UK branch here.
Our global Female Sponsorship Initiative started in 2017 and came to a successful close in March 2019 with very encouraging results. In that, we identified a pool of sponsors and sponsorees and paired them for an engagement that lasted 18–24 months, with the aim of preparing the sponsorees for leadership positions and strengthening our female talent pipeline. We are committed to following up on the career steps of these women as part of our overall talent pipeline and on integrating the concept of sponsorship into our talent development programmes.
Find out more in Swiss Re Institute's research on