Sun Life U.S. receives Wage Equity Impact Award from Boston Women's Workforce Council

Rhea-AI Summary

Sun Life U.S. has received the Wage Equity Impact Award from the Boston Women's Workforce Council (BWWC) for its efforts in closing gender and racial pay gaps. The award will be presented today at Boston University's Center for Computing and Dynamics. Sun Life has confirmed no systemic pay gaps for women or professionals of color within the organization through extensive research. The company's commitment to wage equity started in 2016 when it signed the BWWC's Boston Women's Talent Compact. Recent BWWC data shows women now earn 79 cents for every dollar earned by men, an improvement from a 30-cent gap in 2021. Sun Life has been recognized as a Forbes Best Employer for Diversity and is listed on the Bloomberg Gender Equality Index. Globally, the company aims for gender parity at vice president levels and above by 2025.

Positive

• Sun Life U.S. received the Wage Equity Impact Award from BWWC.
• Confirmed no systemic pay gaps for women or professionals of color.
• Women now earn 79 cents per dollar earned by men, an improvement.
• Named a Forbes Best Employer for Diversity in 2023 and 2024.
• Listed on the Bloomberg Gender Equality Index.

Negative

• No explicit financial gains reported as part of the wage equity initiatives.
• Recognition primarily highlights social achievements rather than business performance.

WELLESLEY, Mass., June 12, 2024 /PRNewswire/ -- In recognition of its commitment and efforts to closing gender and racial pay gaps, Sun Life U.S. has received the Wage Equity Impact Award from the Boston Women's Workforce Council (BWWC). Six Boston-area companies, including Sun Life, will be recognized for their wage equity achievements at the awards event today at noon, at Boston University's Center for Computing and Dynamics. Through extensive research and analysis, Sun Life was able to drive a statistically sound, sustainable approach to pay equity, and confirmed that there are no systemic pay gaps for women or professionals of color across the organization.

"Wage gaps are unfortunate holdovers from outdated approaches to compensation, and I'm proud that Sun Life has a strong and equitable salary structure," said Tammi Wortham, senior vice president, Human Resources, Sun Life U.S. "Every worker brings equal value to our organization, and we have ensured that our compensation model reflects that – and will continue to do so."

In 2016 Sun Life was an early signer of the BWWC's Boston Women's Talent Compact, a region-wide commitment from local companies to work towards closing the gender and racial pay gap. The company's participation in the compact was facilitated by Laura Welz, assistant vice president of Total Rewards at Sun Life U.S., who will join the other awardees for a panel discussion at today's BWWC awards celebration.

"I am proud to represent Sun Life at today's event, knowing how committed the company has been to achieving this goal and becoming an example of wage and representation parity," said Welz.

In December 2023, BWWC data from compact signers revealed women earn 79 cents for every dollar a man earns, an improvement from the 30-cent wage gap reported by the organization in 2021.

"We are encouraged and impressed by these companies' efforts and the achieved results," says Kim Borman, executive director of the BWWC. "These companies are leading the way in Boston and nationally." 

In addition to its largest office in Greater Boston, Sun Life U.S. has office hubs in Portland, Maine, Hartford, Conn., Kansas City, Mo., and Milwaukee, as well as many remote employees throughout the country. The company has been named a Forbes Best Employer for Diversity in 2023 and 2024 and is listed annually on the Bloomberg Gender Equality Index. Globally, Sun Life has committed to gender parity at vice president levels and above by 2025.

About Sun Life
Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2024, Sun Life had total assets under management of C$1.47 trillion. For more information, please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

Sun Life U.S. is one of the largest providers of employee and government benefits, helping more than 50 million Americans access the healthcare and coverage they need. Through employers, industry partners and government programs, Sun Life U.S. offers a portfolio of benefits and services, including dental, vision, disability, absence management, life, supplemental health, medical stop-loss insurance, and healthcare navigation. Sun Life employs more than 8,500 people in the U.S., including associates in our partner dental practices and affiliated companies in asset management. Group insurance policies are issued by Sun Life Assurance Company of Canada (Wellesley Hills, Mass.), except in New York, where policies are issued by Sun Life and Health Insurance Company (U.S.) (Lansing, Mich.). For more information visit our website and newsroom.

Media Contact:

Devon Fernald
Sun Life U.S.
Devon.Portney.Fernald@sunlife.com 

Connect with Sun Life U.S.

https://www.facebook.com/SLFUnitedStates   
https://www.linkedin.com/company/sun-life-financial  

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SOURCE Sun Life U.S.

FAQ

What award did Sun Life U.S. receive?

Sun Life U.S. received the Wage Equity Impact Award from the Boston Women's Workforce Council.

What is Sun Life U.S.'s stock symbol?

The stock symbol for Sun Life U.S. is SLF.

When and where is the Wage Equity Impact Award being presented?

The award is being presented today at noon at Boston University's Center for Computing and Dynamics.

What progress has been made in wage equity according to BWWC data?

According to BWWC data, women now earn 79 cents for every dollar a man earns, an improvement from the 30-cent wage gap reported in 2021.

What is Sun Life U.S.'s commitment to gender parity?

Sun Life U.S. has committed to achieving gender parity at vice president levels and above by 2025.