At Lockton, we are committed to providing an inclusive working environment where all our associates can fulfil their potential. We are also committed to employing the best and most talented people and ensuring they are paid appropriately regardless of gender.
In Australia, gender pay gaps are being published from 2024 onwards. The gender pay gap is the difference in average earnings between women and men in the workforce. This is different from equal pay, which requires that male and female employees carrying out the same or similar jobs or work of equal value, are paid the same.
The median pay gap is calculated by ranking remuneration from highest to lowest and working out the middle point. The national median gender pay gap is 19%. Every industry and almost three-quarters (73%) of employers have a gender pay gap more significant than 5% in favour of men.
Addressing the gender pay gap is a priority for Lockton and the insurance industry, and much work still needs to be done for the foreseeable future. As we continue to grow as a business, we are focused on facilitating an increasingly strong pipeline of female talent at the early stages of their careers. Our biggest challenge in reducing our gender pay gap is the underrepresentation of women at senior levels in our industry and continuing to target and attract female talent at the most senior levels.
We acknowledge that there are no quick fixes regarding the gender pay gap and that making a significant impact will take time. The publishing of these results motivates us to discuss and prioritise gender equality and to continue to take action. Lockton believes that diverse teams make better decisions, which is why we are so focused on Diversity, Equity and Inclusion and, as part of our values and philosophies, encourage our Associates to share their feedback.
Download Lockton Australia's gender pay gap statement here. (opens a new window)