VÍS Success Story

Building a Culture of Gender Equality

VÍS, the largest insurance company in Iceland, has been a longstanding advocate for gender equality and equal pay within its organization. VÍS has embedded its commitment to these principles into its core operations. Dating back to its first equality and equal pay strategy in 2002, the company has consistently reviewed and updated its policies to ensure a fair and inclusive workplace.

CHALLENGE

Achieving Equal Pay Certification

Despite its proactive stance on gender equality, VÍS recognized the need to formalize its efforts and undergo Equal Pay Certification well ahead of it becoming mandatory by law in Iceland in 2018. The challenge lay in evaluating and rectifying any existing gender pay gaps while establishing a transparent system that upheld the company's commitment to fairness and equality.

SOLUTION

Making Pay Equity a Reality

Under the leadership of Anna Rós Ívarsdóttir, the Director of HR at VÍS, the company embarked on a comprehensive job evaluation process. This involved creating a robust job evaluation system in collaboration with management, ensuring that each role's value to the company's operations was accurately assessed. To prevent subjective evaluations, detailed job descriptions were incorporated, providing clarity and consistency in the assessment process.

Reflecting on this process, Anna Rós states, "It was essential to get the senior management buy-in and their say in which competencies are necessary for the operations." She adds, "The team held meetings with managers on the existing job classification and how it served the operations. Then, to help us with the job evaluation, we in the HR department adapted it to our operations at VÍS."

Despite the absence of available consulting services at the time, VÍS persisted in its efforts, leveraging internal expertise to develop its equal pay approach. Regular salary analyses became a cornerstone of the company's approach, conducted four times a year to identify and address any discrepancies promptly. Through transparent communication and corrective actions, VÍS ensured that its commitment to equal pay was not merely a policy but a tangible practice ingrained in its organizational culture.

For companies embarking on the pay equity journey today, Anna Rós recommends getting advice from experts. "The other thing I would recommend for companies is to get access to powerful analytical software like PayAnalytics to measure results and get recommendations on the next steps to close the pay gap."

BENEFITS

Eliminating the Adjusted Gender Pay Gap in 5 Years

VÍS's unwavering dedication to equal pay yielded significant results. By 2021, the company achieved a negligible adjusted gender pay gap of 0.05%, marking a substantial milestone in its pursuit of gender equality. Moreover, the unadjusted pay gap decreased from 19.3% in 2017 to 10.2% in 2021, a testament to VÍS's efforts in reshaping the gender composition of its workforce and closing existing disparities.

Furthermore, VÍS observed heightened employee loyalty and pride, fostering a positive work environment characterized by trust and transparency. As Anna Rós reflects, the company's commitment to equality not only enhanced its brand image but also attracted qualified individuals seeking an inclusive workplace.