This is further acknowledgement of our ongoing commitment to lead our workplace, the industries we serve and the broader Australian community, towards achieving genuine pay equality.
Listen to Deanne Stewart talk about the importance of advocating for gender pay equality and closing the gender pay gap.
Why do we need Pay Equity Ambassadors?
Pay equity ambassadors raise awareness on the issues relating to unequal pay and drive change within the business community, working with business leaders to improve commitments to gender equality.
Pay equity is important, not only because it is the right thing to do, but because
it makes good business sense. Creating supportive, inclusive and fair environments for workers means they are able to bring their best to work, increasing productivity and overall organisational well-being. It is important for today, but also vital for future generations and ongoing economic prosperity.
Although there has been genuine progress in closing the gender pay gap, we believe at 14%^1 it is still far too high, and that it is incumbent upon leaders in the community to pave the way.
“With women currently retiring with 47%^2 less super than men, this is an issue that affects everyone. So, while we have made great progress over the past decade, there is more work to be done, and I am honoured to be able to support the WGEA and its important work as a Pay Equity Ambassador.”
– Deanne Stewart, CEO First State Super
How the pay gap impacts women in retirement
The gender pay gap, combined with more time spent out of the paid workforce caring for family members, means that women often lose out on the benefits of compound interest on their super balances.
More than two-thirds of our members are female - we see every day the very real long-term impact that Australia’s gender pay gap has on them during their working lives and throughout their retirement.
Everyone, regardless of gender, deserves a reasonable and fair income. But for women facing retirement, the super pay gap is exponentially larger than the pay gap. For Australian women in retirement this means more than 40% with partners rely on their partner’s income as their main source of funds, and 40% of single retired women live in poverty and experience economic insecurity.^2
What is a Pay Equity Ambassador?
Pay Equity Ambassadors must renew their commitment every two years. They help to create change by:
- Playing a leadership role in their business community and to the broader public
- Reinforcing their commitment to pay equity within their own organisation
- Profiling and promoting their approach to pay equity
To become a Pay Equity Ambassador, our organisation was also required to:
- undertake a pay gap analysis of our workforce in the last two years
- take action on the results
- report pay equity metrics to the executive and board, and
- communicate our pay equity initiatives to our employees.
We are an Employer of Choice
Earlier this year, we were named an for the third year in a row. This citation was awarded to only 140 organisations demonstrating a genuine commitment to achieving gender equality in Australian workplaces.
Partnering with employers to address the super gap
We believe that providing access to education and easy to use tools can be instrumental in helping women achieve financial confidence and a more secure future. To address the gender gap in superannuation, we partner with our employers to deliver financial wellbeing programs that educate and empower their female workforces.
Talk to your relationship manager about workplace programs today.