For Lloyd’s of London, the insurance market reported in February that it had a gender pay gap of 27.7 percent — a figure that Beale isn’t happy with. She does remain confident, however, that the actions that the firm is taking, such as setting targets, can help minimize this gap.
According to Beale, one of the reasons why the gap has occurred is because only a third of Lloyd’s senior positions are held by women. Consequently, other companies also are having to address these issues, by getting more women into senior roles.
“There are all sorts of things we can do as businesses in terms of our policies and practices; as individuals — to shout out inappropriate behaviors and actions. And we’ve all got to have a discussion about it quite honestly, we’ve got to understand everyone’s viewpoints. It’s not an easy subject.”
Lloyd’s is working hard to close its own gap, having changed greatly since the 1970s, when women first started working at the insurance-based firm, to the present day — when its CEO is a woman. The company has also become more involved in inclusion, with a number of inclusion networks formed in 2014, in addition to Lloyd’s recently becoming a signatory to the Women in Finance Charter and committing to the Working Forward campaign.
Beale remains positive on the future, “We have to think of everything we’re doing about being equal for all,” she said.
“And I believe that if we can get this gender thing right, we can then get it right for all sorts of other groups that feel perhaps marginalized or underrepresented, particularly in the senior levels in the workplace.”
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