Equal pay is fundamental to achieving equal rights, as well as financial independence and professional fulfillment. Today is European Equal Pay Day, and at MAPFRE we are joining in the commemoration.
MAPFRE has committed to reducing its overall gender pay gap to within +/- 1%. The equal pay gap at the closing of 2022 came in at 1.86%.
Actions we have taken to work toward equal pay include:
- Remuneration analysis of new recruits and internal promotions.
- Improvements in the analysis methodology and its application through the job map and career and development plans.
- Awareness and information actions
- Creation of pay gap dashboards and calculators with advanced analytics tools and data display for faster and more efficient monitoring.
This objective is in addition to the other actions that MAPFRE leads to advocate for equality:
- We have our Policy on Diversity and Equal Opportunities, which respects the individuality of all persons, recognizes their diversity, and condemns any exclusionary or discriminatory behavior.
- Our Compensation Policy lays out a compensation model that focuses on productivity and added value, has no gender criteria, and is adapted to the competitive environment. At MAPFRE, we analyze remuneration discrepancies annually with a methodology that is verified and compared externally by the consultant Ernst & Young (EY). Our branches in every country have an action plan in place to reduce the pay gap, where it exists.
- We have been signatories since 2020 to the UN Women Principles, the United Nations organization dedicated to promoting gender equality and women’s empowerment; since 2021, we have been included in the Bloomberg Gender-Equality Index for our gender policies and practices; and we are part of the Target Gender Equality of the United Nations Global Compact, a worldwide movement to accelerate action on SDG 5 “Gender Equality.”
With our participation in the European Equal Pay Day, today we recall and reinforce not only SDG 5 “Gender Equality,” but also SDG 1 “No Poverty,” SDG 3 “Good Health and Well-being,” SDG 4 “Quality Education,” SDG 8 “Decent Work and Economic Growth,” and SDG 10 “Reduced Inequalities.”
At MAPFRE we understand that large companies are a critical agent of change in society, and we have taken up the torch by #PlayingOurPart.