AIA Australia's commitment to diversity, equity and inclusion (DEI) is underpinned by our Operating Philosophy – Doing the Right Thing, in the Right Way, with the Right People and the Right Results will come.
For the 2023-2024 reporting period, AIA’s median gender pay gap was 21.5%, and the average gender pay gap was 19.2%. Although this result aligns to the Financial Services and Insurance industry result, it does reflect an increase from 2022.
The gender pay gap represents the difference in median and average earnings between men and women across all roles in the organisation.
There are several factors that have contributed to the gender pay gap increase since last year. This year for the first time, WGEA’s 2023-24 employer gender pay gaps includes CEO remuneration which has impacted the overall calculation compared to 2022. Additionally, gender balance changes across a small number of roles in a workforce of AIA’s size can impact the calculation of the pay gap. For some of the reporting period, three of our most senior roles were vacant, and later filled by women – given they were not in their roles for the full reporting year, this has also contributed to the calculation of the gender pay gap for 2023-24.
Whilst AIA’s total workforce is 54% female and 55% of our most senior roles are held by women, a higher proportion of women (57%) occupy non-management roles which generally have lower relative rates of pay across industry. This workforce composition can also contribute to the gender pay gap. A lower representation of women in management roles remains a challenge across the financial services and insurance industry, and we are committed to addressing this.
Some of the actions we have taken and will continue to focus on include:
- implementing a DEI strategy and a formal workplace gender procedure that supports our ongoing commitment to gender balance and DEI
- establishing a DEI Council to lead the DEI strategy, drive DEI initiatives and oversee our employee networks
- conducting ongoing gender pay analysis to identify and address any pay inequity
- expanding our flagship women's leadership development program Elevate by offering a post-program mentoring option and increasing participation for the 2025 program
- providing ongoing training on inclusive hiring practices and wellbeing.
While we are proud of the progress we’ve made, we recognise that there are still areas where we need to improve. To further strengthen gender diversity and reduce the pay gap, we will:
- aim to strengthen gender representation at all levels of our organisation with a focus on increasing the number of women in management roles. This will include refining our talent processes to build strong talent and succession pipelines for current and emerging female leaders
- enhance our parental leave procedure and benefit to encourage a more equal gender uptake, fostering a more balanced approach to caregiving
- review our employee value proposition to identify opportunities to enhance key policies and benefits
- conduct further research on women’s experience of career development at AIA through focus groups and interviews.
Closing the gender pay gap requires sustained effort and change. We are committed to driving this change and ensuring our workplace remains a place that is welcoming, safe and inclusive for all.