Gender Pay Gap Report 2021
Sabre Insurance Group plc and Sabre Insurance Company Limited – Gender Pay Gap Report
Whilst Sabre currently has fewer than 250 employees, and therefore is not required to submit a formal statement on its gender pay gap, our intention is to be transparent and commit to publish the gender pay gap report on an annual basis. Sabre believes that by publishing this information it holds the Company accountable to ensuring gender equality regarding pay. Sabre is committed to being a diverse and inclusive employer and wants to ensure transparency on gender pay throughout the organisation. Sabre wants all its employees, regardless of their gender, race and ethnicity, sexual orientation, religion, age or disability to have the same opportunity to progress and reach their full potential. As of 28 February 2022, we employ 149 people, with a gender split of 56% male and 44% female.
We confirm that the data and supporting narrative contained in this report is accurate and that the figures in this report have been calculated using the standard methodologies used in the Equality Act 2010 (Gender Pay Gap Information) Regulations 2017. Information on the reporting requirements can be found: https://www.gov.uk/guidance/gender-pay-gap-reporting-overview. The figures for 2022 are based on the period 1 March 2021 to 28 February 2022, and the figures for 2021 are based on the period 1 March 2020 to 28 February 2021, and are provided from comparison purposes. The figures include the Executive Team, but do not include the Company’s Non-executive Directors. At Sabre we are committed to being a diverse and inclusive employer and want to ensure transparency on gender pay throughout the organisation. We want all of our employees, regardless of their gender, race and ethnicity, sexual orientation, religion, age or disability to have the same opportunity to progress and reach their full potential.
SABRE’S APPROACH TO PAY
We continue to develop an inclusive and diverse company. During our recruitment and interview process we ensure fair, non-discriminatory and consistent processes are followed, and Sabre has a policy of, where practical, advertising all roles internally to allow employees to progress and develop. Sabre also supports working parents through shared parental leave, enhanced maternity leave, and where possible embraces flexible working for our employees. Since Sabre was listed, salaries have been reviewed and increased annually. We benchmark salaries from the insurance industry, offer competitive salaries and are proud to offer a personal performance bonus plan for all of our people.
MEAN AND MEDIAN PAY GAP RESULTS
Our mean (average) Gender Pay Gap is 28%, showing a 12% increase since last reporting and our median Gender Pay Gap is 13%, showing a 7% increase. As reported by the ONS, the UK National Gender Pay Gap average was 15.4% in 2021 for all employees across all sectors. As reported by Statista, the mean Gender Pay Gap in the UK insurance sector 2021 was 26.5%. The reason for the Gender Pay Gap at Sabre is representation, with women under-represented in senior roles and in functions such as IT and Business Systems, where pay is typically higher. The main reason for the changes year on year, was due to gender representation changes at senior and manager levels, due to leavers not being replaced. As Sabre is a small company, these leavers have a disproportionate impact on the data. During 2021, two senior women left Sabre and one male actuary joined, which has attributed to the gender representation gap.
BONUS PAY GAP RESULTS
Sabre’s bonus gap has a mean of 54% and a median of 31%, which is an increase of 11% for both.
(Note: the figures are for 2020 and 2021 as the next bonus is payable in March 2022 which falls outside of this reporting date).
PROPORTION OF FEMALES AND MALES RECEIVING A BONUS PAYMENT
100% of our employees, regardless of gender and working pattern, received a bonus in March 2021.
The employee Annual Performance Bonus is based on an employee’s individual appraisal score, and all employees are eligible, regardless of gender and working pattern. This allows for recognition on an individual basis depending on their yearly performance. In January 2021, 80% of the outperformer scores (employees who have been recognised for delivering over and above their normal duties) were female.
PERCENTAGE OF FEMALES AND MALES IN EACH PAY QUARTILE RESULTS
During the reporting period, we saw an increase in female representation in the Upper Middle (increase of 10%) and Lower Middle (increase of 5%) quartiles. The increase in male representation was in the Upper Quartile (increase of 8%).
- We are in the process of updating our Inclusion, Diversity and Equality Policy, for which there will be an Implementation Plan to accompany it. With this in place, our aim is for all of our people to feel respected and included. The Implementation Plan will guide us to being a fair and focussed employer, internally and externally.
- We are working towards strengthening our succession planning, by providing targeted training and development opportunities on an individual basis, across all employees.
- To investigate and analyse salary data to understand the gap further
Sabre acknowledges it will take time to readdress the imbalance, so we are committed to investing in time to achieve this, ensuring the gap will reduce over time.
Since Sabre was incorporated we have reviewed and increased salaries year on year. We benchmark salaries from the insurance industry, offer competitive salaries and are proud to offer a personal performance bonus plan for all employees.
Chief Executive Officer
1 March 2022