Equal pay – A guiding principle
Achieving gender parity is an important part of being a truly inclusive and equitable organization. One of Sun Life’s five guiding principles for compensation is to support fairness for all employees and reward top performance. We’re committed to ensuring managers make unbiased, performance-driven pay decisions and regularly review pay by gender.
In 2019, we analyzed total average pay by gender, for roles within the same levels in Canada. We found no difference in pay at the Vice-President and Senior Vice-President levels and less than 2% difference among management and professional roles. The small differences were mainly due to differences in roles and demographic factors such as geographic location, as the cost of talent varies across Canada.
To monitor and address even small pay gaps, every year we review by gender:
- base salary increases
- individual performance incentive awards
- long-term incentive grants
We found no systemic gender bias in the proportion of women and men who received annual and long-term incentives, or in the performance-based values of those incentives.
We also introduced a new tool in 2019 for managers to use during the annual compensation cycle. The tool shows managers how their decisions compare across women and men for performance distribution, salary adjustments, annual incentive awards and long-term incentive grants. As data becomes available, we are expanding this pay analyses for other diverse groups.