By Kath Deakin - PhD Candidate, Centre for Social Impact, Faculty of Business and Law, Swinburne University of Technology
07 Apr 2020
Originally published 4th March 2020, reposted with permission from Kath Deakin.
Over the past decade we have started to form a clearer statistical picture of the gender workforce composition in Australian finance and insurance.
Knowledge is power so here are some quick facts about our industry and gender equity drawn from the Workplace Gender Equality Agency – Data Explorer.
We’ve made some progress…
However, we shouldn’t be complacent. We still have some way to go.
Remember too, these gender pay and leadership gaps exist whilst the financial and insurance services sector has a highly feminised workforce.
Source: Workplace Gender Equality Agency(WGEA) 2020 – https://data.wgea.gov.au/overview
‘Get to know your data’
Statistics only tell one part of the story and need to be couched in context. The data does however help prompt important questions: How do we compare to other industries? What we can do better collectively?
Transparency of data can also help us individually. Non-public sector companies with 100 or more employees report their gender equity measures annually to the Workplace Gender Equality Agency. Perhaps it’s worth getting to know the data about your company before your next career move?
Kath Deakin is a PhD Candidate, Centre for Social Impact, Swinburne University of Technology currently researching Australian bank workplace gender equity.
[i] Total remuneration includes full-time base salary plus any additional benefits – bonus payments, performance pay, superannuation, discretionary pay, overtime, other allowances and benefits, for example share allocations. It is important to consider total renumeration calculations (over base salary calculations) given bonus payments and share allocations are a significant feature of Australian banking employee benefits.
[ii] Workplace Gender Equality Agency 2019 ‘Gender Pay Gaps: Financial and Insurance Sector’. https://data.wgea.gov.au/industries/27#pay_equity_content
[iii] Workplace Gender Equality Agency 2019 ‘Workforce Composition: Financial and Insurance Sector’. https://data.wgea.gov.au/industries/27#gender_comp_content
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