Increasing the proportion of women in leadership is critical to our success.
Achieving gender equality at Swiss Re
Although a diverse and inclusive workplace is core to our beliefs, we recognise that women continue to be underrepresented in our executive and 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. Also, 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. We've exceeded our target in the recent years, which has helped us to move the needle.
Building a female talent pipeline
We have achieved our target of 50/50 gender split in nomination-based leadership development programmes, and we systematically follow up with talents after their attendance in these programmes to ensure their skills and career ambitions meet the company's needs in the best possible way. We also systematically follow up on the career progression of those who participated in our Global Female Sponsorship Initiative between 2017 and 2019.
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 average pay of all men and all women at Swiss Re and ignore characteristics such as location, role and experience level, we see a "relative gender pay gap". This gap is driven by the higher proportion of men than women in executive/senior management positions. Increasing female representation at the most senior levels of our company will raise women’s average pay and thereby eradicate the relative gender pay gap.
An inclusive and diverse workforce is crucial to our success and we have a number of initiatives in place to increase the proportion of women in leadership positions at Swiss Re (see “Gender promotion ratio” and “Building a female talent pipeline” above). You can find more details on the relative gender pay gap data in our UK branch here.
When we look at an "adjusted gender pay gap", comparing pay for people in similar roles, in the same country and in the same corporate band, we do not see systemic bias. At Swiss Re globally, on average, the adjusted pay gap between men and women is 1.7%.
Among the justifiable reasons for a pay gap are factors like performance, experience in the role, relevant special qualifications or team management responsibilities. We make continuous refinements to ensure and maintain pay equity at Swiss Re, for example, by enhancing our analytical capabilities and reviewing our processes and practices through an inclusion and diversity lens.
Line managers and HR work together to ensure that there will be no unjustified differences and no systemic biases.
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. Read more about our Own the Way You Work programme here.
PowHer is our mentoring programme for women, and it aims supporting our ambition to attract and retain female talents. Through PowHer participants will pair with their mentors to learn, enhance their skills and grow their networks. Currently we have about 80 mentees, and the initiative has helped them to expand their networks, enhance their career paths and inspire to apply and get new roles.
Find out more in Swiss Re Institute's research on