• FWX Sept qtr 2023  78.1
  • FWX yr-o-yr  1.91
  • FWX qtr-o-qtr  1.5
  • ASX 200 Boards years to equality  5.7
  • Underemployment years to equality  19.9
  • Superannuation years to equality  19
  • Gender pay gap years to equality  24.3
  • Employment years to equality  26.7
  • Unpaid work years to equality  44
  • Education years to equality  138.9

How employees can leverage gender pay gap data

Employees can leverage gender pay gap data to make informed decisions and seek out employers progressive on gender equality. | Financy
Financy
February 2, 2024

We could see an increase in already high job mobility in the months ahead if employees ready themselves to move on over disappointing gender pay gap performance.

Australian employees will soon have increased visibility of the best and worst company performers on the gender pay gap from February 27.

At that point, the Workplace Gender Equality Agency (WGEA) is expect to publish on its main website and in Data Explorer, the following datasets for anyone to view:

  • company names of those organisations which have voluntarily reported to WGEA,
  • industries,
  • median base and total remuneration gender pay gaps in the first year,
  • median and average gaps in subsequent years and
  • a pay composition quartile.

Whilst many employees are early awaiting the releases, not to mention media outlets, many business leaders are already undertaking communications risk management activities to ensure that their results don’t come as that big of a surprise to their employees.

One of the biggest risks is that if an employee finds out that their employer has a gender pay gap that is worse than declared, that we could see an increase in employee discontent and even an exodus.

This could add to already high job mobility. According to the Australian Bureau of Statistics (ABS) job mobility remains at 9.5% which is the highest rate in a decade.

The share of job mobility remained highest for Professionals, at 24% of those who changed jobs. In total 2.3 million people left or lost a job in 2023.

The heightened transparency resulting from this initiative is expected to bring a seismic shift in employee awareness.

Here’s some of the ways that an employee can leverage gender pay gap data to make informed decisions about their career paths and seek out employers who prioritize gender equality.

  1. Research Prospective Employers:
    • Utilise the gender pay gap reports published by companies. Companies with 100 or more employees are required to disclose their gender pay gap data. Analyse this data to understand the extent of the pay gap within a potential employer’s organisation.
    • Look for companies that demonstrate a commitment to closing the gender pay gap over time. Positive trends in reducing the pay gap may indicate a proactive approach to gender equality.
  2. Compare Industry Averages:
    • Understand the industry-specific context of gender pay gaps. Some industries may have historically wider pay gaps due to various factors. Comparing a company’s gender pay gap to the industry average provides valuable context.
  3. Use Online Platforms and Resources:
    • Leverage online tools and platforms that aggregate and analyse gender pay gap data. Several websites compile information about various companies, allowing employees to compare the gender pay gaps of potential employers easily.
  4. Networking and Industry Insights:
    • Connect with professionals in the industry through networking events, social media, or professional organisations. Seek insights into workplace culture, diversity, and inclusion efforts from those who have firsthand experience.
  5. Ask Questions During Interviews:
    • During job interviews, enquire about the company’s commitment to gender equality, initiatives in place to address the pay gap, and the steps taken to create an inclusive work environment. An employer’s willingness to discuss and address these issues can be indicative of their commitment to change.
  6. Consider Company Reputation:
    • Assess the overall reputation of the company regarding diversity and inclusion. Positive reviews, awards, or recognition for promoting gender equality suggest a workplace culture that values fairness and equal opportunities.
  7. Evaluate Career Progression Opportunities:
    • Analyse not only the gender pay gap but also the representation of women in leadership positions within the company. A smaller gender pay gap coupled with a higher percentage of women in leadership roles may indicate a more equitable work environment.
  8. Explore Flexible Working Policies:
    • Consider a company’s policies on flexible working arrangements and parental leave. Companies with progressive policies tend to foster an environment that supports work-life balance and gender equality.

 

Financy covers gender finance, diversity, inclusion and ESG issues. We advocate for gender equity change through the Women’s Index report and help businesses take action on DEI through tech solutions like IMPACTER.

 

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Financy
February 2, 2024
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