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McLarens (MYI Ltd) – UK Gender Pay Gap Report 2024
At McLarens, we highly value diversity in our workforce, prioritising a safe, professional environment, competitive compensation and benefits, work/life balance, personal development, and ethical leadership.
We are pleased to publish our 2024 Gender Pay Gap report for MYI Ltd – comprising McLarens Global’s UK operations.
We recognise that our efforts to create a more equitable and gender-balanced workforce is a work in progress and will take time, and we are pleased to see an improvement in our numbers since our last reporting period demonstrating positive steps in the right direction.
Our continued commitment to diversity, equity and inclusion, and to building a culture that recognises everyone’s contribution to delivering for our employees, our clients and our communities, is unwavering.
Progress towards gender balance is ongoing, and we’re committed to reducing the gender pay gap by working with employees, partners, and the broader sector for effective solutions.
Emma Youatt
Emma Youatt, Senior People Director EMEA & Global Specialty Lines of Business
I confirm the data and narrative contained in this report is accurate
What is a gender pay gap?
The gender pay gap measures the difference between the average hourly earnings of men and women.
Since 2017, all public, private and voluntary sector organisations in the UK with over 250 employees have been required to publish a report analysing their gender pay gap. Employers are required to publish the average (mean and median) pay gap in the hourly rate of pay on a ‘snapshot date’, specified by the government. For McLarens, the snapshot date is 5 April.
Alongside this, employers must also publish data on the average (mean and median) pay gap and overall gender split in bonus payments, as well as the proportion of men and women in each pay quartile.
Full details of the regulations and guidance can be found on the Government’s website.
Equal Pay
The gender pay gap is not the same as equal pay, where employees undertaking the same work or work of equivalent or equal value are compensated the same, and does not take account of job role, seniority or qualifications. The gender pay gap is a measure of the difference in average earnings between men and women irrespective of their role or seniority. Our pay gap is not the result of equal pay issues.
At McLarens we compensate our people based on the role that they perform and are confident that we provide equal pay to men and women for work of the same value.
McLarens’ Gender Pay Gap 2024
Snapshot date: 5 April 2024
A total of 298 employees were included in the pay gap calculation. Of these, 54% were men and 46% were women.
| Pay Gap | 2024 | 2023 | ||
| Mean | Median | Mean | Median | |
| Hourly rate | 37.6% | 36.4% | 41.6% | 42.1% |
| Bonus | 68.9% | 80.9% | 70.8% | 82.1% |
| Quartiles | 2024 | 2023 | ||
| Male | Female | Male | Female | |
| Lower | 21.33% | 78.67% | 20.3% | 79.7% |
| Lower Middle | 43.24% | 56.76% | 42.2% | 57.8% |
| Upper Middle | 73.33% | 26.67% | 81.3% | 18.8% |
| Upper | 79.73% | 20.27% | 81.3% | 18.8% |
| Who received a bonus | 2024 | 2023 | ||
| Male | Female | Male | Female | |
| 71.1% | 70.7% | 74.8% | 74.6% | |
Gender pay gap analysis
At McLarens, we ensure equal pay for equal work, regardless of gender.
Our gender pay gap is primarily due to a higher number of men in senior or higher-paid positions, particularly as Loss Adjusters. This is reflected in the significantly higher proportions of men in the Upper Middle and Upper pay quartiles and reflects our focus on offering technical loss adjusting services to complex, commercial and specialty markets. Many of our specialist practitioners have an average of 20+ years’ experience and, in line with historic challenges the sector has faced, are disproportionately male. This is something we are working hard to address.
This year we have seen an improvement in the proportion of women in the upper quartiles which has impacted the reduction in our pay gap since our previous 2023 reporting period.
The predominance of men in Loss Adjuster roles is particularly represented in the bonus pay gap. Whilst a broadly equal proportion of male and female employees received bonuses, the remuneration structure for Loss Adjusters results in a significantly higher pay gap.
The pay gap, whilst consistent with others in our sector, is higher than we would like, and provides insight for us to take further action to reduce the disparities, in line with our values and commitments to our employees.
We are encouraged by the improvements in our pay gap and the positive shift in representation of women in our upper pay quartiles since our last reporting period, and we remain committed to continue our focus on further reducing the gap.
What are we doing to close the gap?
McLarens is committed to building an inclusive and diverse culture that supports individuals from all backgrounds and recognises the intersectionality of individuals. Under the leadership of our ESG and Diversity, Equity & Inclusion (DE&I) committees, and supported by our DE&I Champions we have continued to strive to build greater female representation across the industry and within senior and higher paid roles across our business.
McLarens Family of Companies Recruitment Charter
Our Recruitment Charter sets out our commitment to five key steps to ensure inclusive recruitment and a diverse workforce, underpinned by our commitment to equal pay for equal roles and flexible/hybrid working opportunities:
Career progression and promotion
In a traditionally male dominated industry, we are supporting more women into McLarens through recruitment and training routes, such as actively promoting women to Trainee Adjuster roles and promoting those into Adjuster roles.
We continue our mission to develop alternative career paths through the development of our internal talent via Adjuster trainee programmes accessible to all. This has yielded improved female representation and an alternative pathway for development.
Alongside this, we have introduced accelerated development programmes for high performers, designed to upskill and provide opportunities for advanced career growth within the business. This has seen a cohort composition of 50% female representation.
We have continued our efforts to improve female representation at senior leadership levels, with female representation on the UK Senior Management Board being at 25%, and 26% of the wider UK leadership group being women.
Internal culture
We continue to deliver a programme of initiatives designed to ensure that McLarens continues to nurture a diverse and inclusive culture. All employees have access to a flexible on-line learning platform that provides training and guidance on developing inclusive cultures.
To bring our culture to life, we have published a global DE&I Charter and work with our DE&I Committee and Champions, who have led internal awareness campaigns on a multitude of topics including miscarriage and baby loss, the menopause and women’s health, to support, educate and enhance a culture of awareness and support. We will take learning from these resources and continue to review our policies to make them as inclusive as possible.
Our continued efforts to support work life balance was recognised in our last engagement survey with 91% satisfaction on flexibility with work arrangements and ability to balance work and home life. We have sought to further bolster this through the introduction of enhanced parental leave policies, providing greater support for both male and female employees to assist them in balancing their caring responsibilities and providing financial support during a key life event.
We have invested in the development of our Employee Value Proposition to further embed our culture of inclusivity, progress and opportunity and to drive our recruitment efforts and campaigns to demonstrate to prospective employees the diversity of our organisation, the work we do and what we can offer in return for their skill and commitment.
Early careers
Over this past year, we have worked with local colleges and schools to develop awareness of career opportunities in the loss adjusting sector, through attendance at career fairs and other educational events, and have also sought to raise the profile of loss adjusting pathways through attendance at a national STEM careers fair.
Recruitment
We will continue to review and enhance our recruitment practices, including widening access to trainee and graduate schemes and other alternative career paths, developing inclusive recruitment training for all hiring managers, and committing to gender-balanced interview panels as much as is practically possible.
By harnessing the benefits of our rich blend of talent and drawing from different backgrounds, experiences and perspectives, our business will continue to grow and prosper. Importantly, with a level playing field for all, each and every one of us will have the confidence and the opportunity to achieve our own personal goals, alongside delivering great outcomes for our clients and our communities.
