Workplace equality has come on a long way, although there are still barriers women face. But the good news is, there are plenty of simple ways employers can address these issues and create a supportive and inclusive workplace for women. This is important because on average, when women retire, their pension incomes are 40% less than men’s¹. So helping to keep women earning and saving for their retirement can help close the gender pension savings gap.

Here are eight ways we think workplace policies can help to create a supportive and inclusive environment for women.

1. Equal pay policies

Equal pay policies are critical for a supportive and inclusive workplace for women. Transparent and fair pay structures mean that women receive equal pay for equal work.

2. Flexible working arrangements

Flexible working helps all employees navigate the balance between work and life. For women, this can mean they’re able to save more for their retirement by staying in work that is flexible enough to accommodate their other commitments, such as childcare needs.

Flexible working covers a variety of different options including things like remote work, flexible hours, or compressed workweeks.

3. Shared parental leave

Offering shared parental leave that allows both parents to take time off to care for children means women have more choice and flexibility about when they return to work after having a child. Shared parental leave policies should also cover surrogacy and adoption as well to be fully inclusive.

4. Career development

Training programmes, mentorship initiatives, and clear pathways for progression help women advance in their careers and increase their earning potential.

5. Enhance financial literacy

Studies² have found that on average women have lower financial literacy compared to men. Offering workplace financial education programmes tailored to women's needs helps address this issue, and supports women to make informed decisions about their financial future.

6. Offer flexible benefit packages

Offering customisable benefits packages that cater to diverse needs, including parental leave, carer’s leave, and wellness programmes to cover things like menopause support, can help women feel supported throughout their careers, and crucially stay in work.

7. Mentorship and networking opportunities

Mentorship programmes and networking opportunities for women to connect with career mentors and peers can help with professional growth and development.

8. Create a supportive culture for all

Creating a supportive workplace culture that values diversity and inclusion benefits everyone, and creates an environment where women feel respected, heard, and empowered to thrive.

How we support women at Phoenix Group

As part of our commitment to provide an inclusive and supportive workplace for all our colleagues, we offer a range of benefits to help support specific issues women might face, including:

• A comprehensive approach to reproductive health support
• Ten days paid carers leave for all colleagues per year, with five days additional unpaid
• £15,000 of fertility treatment under Personal Medical Insurance cover
• Six months paid leave for all parents, with a two month phased return to work
• All new roles advertise and promote flexible working

We want to lead by example and be the best place that any of our colleagues have ever worked. That’s why we model good work in practice. We think good work is secure, rewarding, flexible to meet changing needs, sustainable over our longer lives and supportive of employee wellbeing.

By implementing these benefits and strategies, employers can play a pivotal role in creating workplace cultures where women feel valued, supported, and empowered to work. So make sure to check out an organisations benefits and policies next time you're looking for a new job.

Resources

1. Pension savings gap
2. Financial education and women