Women in Finance Charter
Women in Finance
We are proud to be a signatory of the UK’s Women in Finance Charter and have put practices and programs in place to advance and support women’s leadership at our company, within the insurance industry, and across financial services. When XL Catlin (UK) signed the Charter in 2018 we had 32% representation of women in senior management. By 2020, we have undergone a significant transformation as we’ve become AXA XL, and in the process, have adjusted our definition of senior management to better align to the insurance market and other UK entities, provide consistency, and ensure that we are focusing our initiatives on the right leaders to driving meaningful progress. Using this new definition, we currently have 32% women in senior management with a target of achieving 35% by 2023. We believe we are on track to meet our Charter target by our deadline.
1. Development and advancement : To increase the representation of women in senior leadership, we have a focus on sponsorship into critical on-the-job development opportunities that accelerate advancement. Senior leaders will identify critical opportunities across the business—large, highly visible projects, mission-critical roles, and international assignments—and then identify high-potential women to give them equal opportunity to demonstrate their capabilities. The senior leaders will then make sure that these women have the resources they need to be successful as well as the visibility to showcase their work and accomplishments. Research shows this is the most powerful predictor of advancement.
2. Recruitment: In addition to promoting from within, recruitment is a critical driver for increasing the representation of women in senior leadership. All hiring managers will always consider a highly qualified, diverse candidate slate prior to making a hiring decision. For all roles across all levels, hiring managers must have 50% of women on their short list of finalists. This applies to roles being sourced with external candidates, internal candidates, or a mix of both. We have also updated our contracts with external recruiting agencies to require a gender balanced list of finalists. Compliance with the policy and conversion rates will be tracked and leaders will be held accountable.
3. Engagement: Our Business Resource Groups (BRGs) are colleague-led initiatives with senior executive sponsorship that help drive our talent strategy forward. In the UK, we have six groups: LEAD (gender), PRIDE (LGBTQ+), RISE (race/ethnicity), EnABLE (disability), Back in Business (leaves and career breaks), and Health and Wellbeing. By participating in these BRGs, colleagues have the opportunity to develop professionally, expand their networks, gain visibility with senior leaders, and experience stretch opportunities they might not have in their day-to-day roles and responsibilities. BRGs are critical to fostering a culture where everyone feels they can bring their full selves to work, and they have an equal opportunity to be successful. We’ll track employee engagement in BRGs through our company-wide pulse surveys.