Employers, per new regulation, are under scrutiny to talk publicly about their plans to close the gender pay gap.
But what most advisers don’t realise is they play an important role in equalising the workforce.
How? Companies look to advisers to recommend employee benefits packages that engage and support their workforce, while providing a return on investment.
According to The World Bank, women make up nearly half of the UK workforce, so helping employers pull together an employee benefits package that best protects this group of workers makes good business sense.
Here are the top five reasons advisers should get more women covered:
Women are under protected
Although women make up a large portion of the UK labour force, group income protection data from Unum shows that women are unprotected compared to men.
In fact, Unum’s data reveals that men are one-and-a-half times more likely to have income protection than women, leaving thousands of females without protection and at risk should they fall ill and be unable to work.
Aside from the risk this presents for those lacking cover, this gap also has consequences for employers.
An annual Capita employee insight report tells us that 66 per cent of staff say they would be more likely to stay with an employer that offered good benefits. This shows a strong, relevant benefits package can help employers get the pick of employees at recruitment.
Helping employers with a competitive benefits package so they can recruit strong talent will add to the value you bring as a broker. Your work will be even more meaningful if you can help employers improve take-up rates to keep their workers retained and committed.
This may mean tailoring communications or checking to see whether non-covered workers are getting cover elsewhere – perhaps through a spouse or partner.
Leaving employees without cover is too risky in the war for talent.
The pipeline for future leadership
We can all recognise the pipeline issue; the lack of women in senior leadership or top-earning positions can lead to huge gaps in pay.
And since women represent a large, productive population of the UK workforce that is uninsured, brokers who can get more women covered will make a big difference for businesses’ bottom lines.
They’ll also be aiding in the quest for better gender equality since comprehensive benefits packages are effective at keeping women engaged in the workforce, allowing them the opportunity to stay at work and advance in their careers.
Women claim more consistently throughout their working lives
Unum’s data reveals that while women are under protected, compared to their male counterparts, they make up nearly 45 per cent of the total claims.
They also claim earlier and more consistently throughout their working lives than men and, according to the Scottish government, long-term health problems are more common in women than men.