Tackling Pay Equity in the Insurance Industry
October 7, 2020 by Zev Eigen
The insurance industry has a well-known pay gap that is worse than the national average and larger today than it was in 1951.
Fortunately, insurance companies are getting serious about pay equity based on gender and race — and for good reasons: One: it’s the law. Two: it’s good for business. Three: it’s the right thing to do. The current dialogue around race disparity has raised the stakes, forcing brands to assess their role in ending systemic racism, including creating a more diverse and inclusive workforce.
However, whether you’re talking about race, gender, ethnicity or other elements of diversity, inclusion initiatives won’t succeed without ensuring equal footing for all employees on the most fundamental element of the job: fair compensation. Pay disparities are both a symptom of and a contributor to inequality. That’s why the best leaders are tackling workplace bias by taking real action: finding and fixing pay equity issues.