IAG has a long-standing commitment to gender equity. This is part of our commitment of creating a diverse and sustainable workforce that is reflective and respectful of the customers and communities we serve. We respect, value and foster the different experiences of our people by building an organisational culture that is built on the principles of inclusion, fairness and equity, and provides equal opportunities and outcomes for all.
IAG NZ is committed to pursuing and achieving pay equity across genders, which we understand is a crucial factor in achieving fairness for all our employees.
IAG NZ employs over 4,000 people across New Zealand. 62% of our people are women.
Our people are located in every region of New Zealand, working together across a broad variety of roles and functions to deliver IAG’s purpose: we make your world a safer place.
We want to make sure that we deliver this purpose not only to our customers, but to our people, too – and we know that we will be more successful in doing so when we continue our focus on diversity, equity and inclusion.
At IAG, we analyse gender pay equity annually, looking closely at pay across genders in like-roles, as well as calculating our organisation-wide gender pay gap.
The ‘like-role’ analysis compares the median Total Fixed Remuneration for men and women in comparable roles. On a like-role basis, IAG NZ is paying equally - we know that overall, where men and women are performing comparable work, their pay is also comparable.
The organisation-wide gender pay gap is the difference between full-time equivalent Total Fixed Remuneration between all men and all women at IAG NZ. These comparisons do not take into account differences in either role attributes (such as the career level or job family of the role), or employee attributes (such as the skills, experience or education an individual brings to their role).
We have chosen to publish our gender pay gaps using both median and average Total Fixed Remuneration figures, so that we are showing a clear picture of where we are currently.
IAG’s average organisational gender pay gap is 19.9%. The median organisational gender pay gap is 30.6%.
Because we know that there are no significant gender pay gaps on a ‘like role’ basis, our analysis tells us that the key contributing factor in our organisation-wide gender pay gap is representation: at IAG NZ, there are fewer women than men in roles at higher career levels (where pay is typically higher), and there are fewer women than men in higher-paying role types, such as Technology and Risk.
As part of our Diversity, Equity and Inclusion strategy, we identified five key areas to implement initiatives that support our gender pay equity ambitions.
Programmes:
We recognise that the answer to reducing IAG NZ’s gender pay gaps largely lies in initiatives designed to improve the representation of women in areas of the organisation where they are currently under-represented. IAG has a number of established programmes which focus on providing opportunities and support to women in those parts of the organisation, such as:
Developing an understanding of key Diversity, Equity and Inclusion principles and how they impact both our customers and our people, helps everyone play their part in building an equitable and inclusive workplace. That’s why all our people complete our Diversity, Equity & Inclusion module as part of the regular, ongoing learning and development programme.
Work arrangements and caring responsibilities:
We want to make sure that everyone has equal access to working opportunities, regardless of the roles and responsibilities they may have outside of their work at IAG.
MyFlex enables all employees to request a flexible working arrangement, for any reason to support work and life responsibilities.
Last year, we also introduced additional policies and benefits to support those with caring responsibilities, including additional paid Primary Carer Leave, and additional paid and unpaid Secondary Carer Leave.
Employee Network Groups & Communities
The support offered by a community of colleagues is fundamental to embracing and embedding diversity in our workforce, including gender diversity. IAG has a number of well-established Employee Network Groups (ENGs) to celebrate and support inclusivity and diversity at IAG, such as:
Strategies & targets:
At IAG, we understand the importance of formalising our Diversity, Equity and Inclusion commitments in order to achieve them. We have a Diversity, Inclusion and Belonging strategy for 2024, a Diversity, Equity & Inclusion Policy, and we have developed a Gender Equity Action Plan which includes commitments and actions to accelerate gender equity in the organisation. IAG has a target to reach 50% representation of women in senior management roles (WiSM) by 30 June 2023, and had achieved 44% WiSM in FY22.
Visibility:
We know that ongoing measurement, reporting and discussion of key gender equity metrics is vital to making progress towards our goals and commitments.
IAG reports the outcomes of its annual gender pay equity analysis in the Annual Review and Sustainability Report, as well as to the People and Remuneration Committee (‘PARC’) of the IAG NZ Board.
In addition to conducting a thorough and robust gender pay equity analysis each year, we proactively find opportunities to inform and educate IAG NZ’s leaders on the importance of considering equity, and in particular, the gender pay context, as part of their process when making decisions regarding performance, pay, recruitment and careers.
Please note: IAG New Zealand’s gender pay reporting pertains to the FY24 period, spanning from 1 July 2023 to 30 June 2024.