How I tackled my own gender pay gap

It was back in the early 1980’s when I emerged from education not really feeling equipped to enter the world of work. At school I wasn’t encouraged to think of insurance as a profession and I left not feeling confident I could be an insurance underwriter, let alone one day become the first female CEO of Lloyd's in the insurance market's 328-year history.  I only entered the insurance profession because an internship in the holidays with Prudential led to a permanent job offer as an underwriter.  Back then I was grateful to be offered the job.

After more than a decade working in insurance – and moving from Prudential to GE (General Electric) – I was offered my first promotion.

Rather than grab the opportunity I didn’t feel I was up to the job and turned it down. GE was very proactive in managing talent and immediately came in and supported me in all sorts of ways. I had mentoring and coaching and went on an “assertiveness for women” training course. That course changed my life and I came back to the office full of confidence and I took the promotion!

Then a bit later on in the late 1990s I caught a glimpse of a list that human resources should not have let me see.  That list showed I was being paid less than two of my male peers.  I wasn’t happy but felt too scared to mention that I was being paid less than my male counterparts for doing the same job.

It was only by being part of women’s network, and speaking to these other women and sharing my experience, that I realised I had to raise my pay with my manager.

Back then the equal pay act was already in place, but I guess that some companies didn’t take positive action to resolve inequality and, if you hadn’t asked for money, you didn’t get it. However, GE was a company that took this issue seriously, and once I’d brought the matter up, they took action to increase my pay.

I felt really empowered by this.

Insuring Women’s Futures has uncovered that many girls are still not being encouraged to reach their full potential and women are still not getting the pay they deserve.  Women of all ages must feel confident to ask for what they are worth.  Girls should be encouraged to be assertive, ambitious and equip themselves with the skills and knowledge they need to reach the top of whatever profession they choose to enter. Men need to understand and empathise how different it can be for girls and women. And importantly men and women need to take on the challenge of achieving gender parity TOGETHER.

I’m thrilled to support the work of the Insuring Women’s Futures initiative and to take part in the Talk 2 10K challenge. 

A thousand insurance professionals and financial advisers have committed to talk with 10 friends, family or colleagues about female financial wellbeing this week.  It is vital women share their experiences. We can learn so much from listening to each other.

Insuring Women’s Futures has identified 12 financial perils and pitfalls that girls and women face during their lives. To learn more about the perils you face and take action, click here: https://www.insuringwomensfutures.co.uk/resources/ 

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