The 2022 German HR Management Prizes (Personalwirtschaftspreis) were awarded in Cologne at the beginning of September. Allianz, a global insurance company based in Germany, won the first prize in the HR Tech and Digital category for its global approach to closing the equal pay gap globally. This project ensures equal pay for over 100,000 employees in more than 70 countries, meaning that at Allianz insurance companies women and men are paid equally for equal or comparable work.
Global in scope, the Allianz project sets an excellent example for other multinational companies on how to approach pay equity across the organization. It stood out among other prize entries because of its impressive timeline and results: in a matter of months, Allianz was able to reduce and then close the pay gap globally at its insurance entities. This timeline shows how fast a company can move when it has management and peer support, clear goals, quality data, and the technology that enables well-informed straightforward pay equity decisions.
The technology behind the award-winning entry was provided by PayAnalytics. Our technology is based on a universal approach to pay equity that considers local differences and reporting requirements, thereby ensuring local relevance.
PayAnalytics began partnering with Allianz on this project in mid-2020. We rolled out our platform to their entities worldwide and supported their approach with dedicated training through our training portal. Within a few months after rollout, each local entity had run its independent analysis and made the suggested pay adjustments, which resulted in Allianz being able to eliminate the equal pay gap globally.
Allianz has not stopped there: the company is in the process of making pay equity part of its corporate DNA. This ongoing effort includes integrating pay equity considerations into compensation decision processes, such as hiring and annual reviews, and using data-informed technology to support decision-makers across the HR and compensation ecosystem. We are very proud to have partnered with Allianz on its award-winning pay equity journey.