Allianz Success Story

Allianz wins HR management prize for global approach to pay equity

Allianz, a renowned global insurance company headquartered in Germany, operating in the Property-Casualty, Life/Health, and Asset Management segments, services around 125 million private and corporate customers around the world. With a vast workforce spread across more than 70 countries, Allianz is committed to fostering a culture of fairness and equity within its organization.

Challenge

Navigating the complexities of global pay equity

Despite a commitment to equality, Allianz faced a significant challenge in ensuring pay parity across its diverse workforce. With varying regulatory frameworks and cultural contexts, achieving equal pay for over 100,000 employees worldwide proved to be a daunting task, requiring a comprehensive and nuanced approach.

Solution

Partnering for a tailored Ssolution

In response to this challenge, Allianz chose to implement purpose-built pay equity software, PayAnalytics by beqom. beqom offered Allianz a tailored platform designed to navigate the intricacies of global pay equity while respecting local regulations and cultural nuances. Through this strategic partnership, Allianz aimed to streamline its efforts and accelerate progress towards closing the pay gap.

Leveraging the expertise of the beqom pay equity team and the robust capabilities of PayAnalytics by beqom, Allianz conducted thorough analyses and implemented necessary adjustments across its global entities. Within just a few months, each local entity had analyzed and adjusted pay, enabling Allianz to achieve the milestone of closing the pay gap globally, a testament to the power of technology-enabled decision-making and organizational alignment.

As a result, Allianz successfully closed the pay gap globally, ensuring that employees, regardless of gender or location, receive fair and equitable compensation for their work.

Benefits

Achieving recognition for global pay equity success

The culmination of Allianz's efforts was celebrated with the prestigious German HR Management Prize in 2022, where the company clinched first place honors in the HR Tech and Digital category for its approach to closing the equal pay gap globally. This recognition underscored Allianz's exemplary commitment to pay equity, setting a benchmark for multinational corporations worldwide.

Moreover, the implementation of PayAnalytics by beqom facilitated a rapid transformation within Allianz, enabling the swift identification and remediation of pay differentials across its diverse workforce.

Allianz's commitment to sustainable pay equity has not wavered. The company is actively integrating pay equity considerations into its core HR processes, embedding fairness and transparency into its organizational DNA. This ongoing effort underscores Allianz's dedication to fostering a work environment where every employee is valued and compensated fairly, setting a standard for excellence in global pay equity initiatives.