‘Inspire Inclusion’ this International Women’s Day: Bridging the global gender pay gap
This International Women's Day, we focus on breaking down barriers and addressing the challenges hindering women's progress in leadership and success.
By AnsaradaTue Mar 05 2024Industry news and trends, CEO-CFO, Environmental Social and Governance, Culture
International Women's Day (IWD) is an annual celebration dedicated to recognizing and appreciating the achievements of women globally. This year’s theme – ‘Inspire Inclusion’ – encourages society to embrace diversity and empowerment, break down barriers and challenge the stereotypes that continue to hinder women's progress.
While we celebrate the accomplishments of women, it’s important to shed a light on persistent challenges, with the gender pay gap making recent headlines.
Statistics from the Workplace Gender Equality Agency (WGEA) revealed last week show that eight out of Australia's 20 largest companies have fewer women in their top pay quartile than the national average of 35%. Australian men, on average, are paid 19% more than women on a median measure of total remuneration (Australian Financial Review).
Across all businesses with at least 100 employees, women accounted for just 35% of roles earning the top 25% of salaries. This increased to 52% in the next quartile down, followed by 57% down to the bottom quartile, where they held 60% of roles.
The WGEA Employer Gender Pay Gaps Snapshot assesses gender pay disparities across industries, considering factors such as the percentage of women in leadership roles, the industry's gender composition, and the employer's size.
Industries including Construction, Financial & Insurance Services, and TMT have the most work to do.
Recognizing and addressing these issues will be crucial for leveling the playing field and fostering an environment where all individuals can thrive, regardless of their gender.
Female-driven initiatives will be especially important for breaking down gender-related barriers in these traditionally male-dominated sectors.
The disparity in pay can be largely attributed to the barriers that women face in reaching senior leadership positions, which hinders their potential for equal remuneration. Society often expects women to take on the majority of caregiving and family duties, making it harder for them to go after and succeed in well-paying jobs.
However, when female leaders thrive, everybody benefits. Statistics from CIO show that companies with over 50% female leadership are more likely to offer equal pay. These statistics underscore the urgent need for systemic change.
While there are still plenty of improvements to make, some organizations are making great strides towards pay equality.
Ansarada’s commitment to sustainability is starting to reflect positively in gender pay equity. Of our leaders, 32% are female and we have 20% female Board representation, thus achieving our commitment to WGEA two years ahead of target. Across the whole company, the team consists of 37.1% females – a significant improvement on the tech company average of 27.6%. But there is undoubtedly more work to be done.
“Cultivating diversity in Tech is about building a future where everyone's potential is realized. To truly empower women in tech, we must create inclusive environments, challenge stereotypes, and provide equitable opportunities for all aspiring minds to thrive. This begins with young girls and women and why this year, Ansarada will be investing in creating opportunities for more children to learn about coding, starting with our employees and their families," said Heidi Rossi, Chief People & Culture Officer at Ansarada.
International Women’s Day affords us the opportunity to highlight the collective responsibility to create a more inclusive world for women, addressing the gender pay gap as a pivotal aspect of this mission.
By raising awareness, advocating for change, and supporting organizations that champion gender equality, we can collectively strive towards a more inclusive and equitable future.
While we celebrate the accomplishments of women, it’s important to shed a light on persistent challenges, with the gender pay gap making recent headlines.
A wake-up call: New Australian data reveals the extent of the gender pay gap
Statistics from the Workplace Gender Equality Agency (WGEA) revealed last week show that eight out of Australia's 20 largest companies have fewer women in their top pay quartile than the national average of 35%. Australian men, on average, are paid 19% more than women on a median measure of total remuneration (Australian Financial Review).
Across all businesses with at least 100 employees, women accounted for just 35% of roles earning the top 25% of salaries. This increased to 52% in the next quartile down, followed by 57% down to the bottom quartile, where they held 60% of roles.
A harsh reality for male-dominated industries
The WGEA Employer Gender Pay Gaps Snapshot assesses gender pay disparities across industries, considering factors such as the percentage of women in leadership roles, the industry's gender composition, and the employer's size.
Industries including Construction, Financial & Insurance Services, and TMT have the most work to do.
- The Construction Industry was revealed to have the largest gender pay gap at 31.8%. Men working across all areas of construction are likely to earn an average of nearly $40,000 more than females per year.
- Financial and Insurance Services had the second largest pay gap, at 26.1% overall. Investment banks were among the worst culprits, with some having as low as 12% representation of women in their top 25% of earners. Women in investment banks earn less than 60 cents for every dollar earned by men, who hold the majority of senior roles - characterized by long hours and substantial bonuses.
- In the Tech, Media and Telecoms sector, the gender pay gap in Australia is 24.2%. Similarly, in the US, the average salary of females in tech is over $15,000 less per annum than their male counterparts. It comes as no surprise then, that 38% of women in the industry are unsatisfied with their pay. Only 26% of leadership roles in tech are held by women.
Recognizing and addressing these issues will be crucial for leveling the playing field and fostering an environment where all individuals can thrive, regardless of their gender.
Female-driven initiatives will be especially important for breaking down gender-related barriers in these traditionally male-dominated sectors.
Overcoming barriers to leadership
The disparity in pay can be largely attributed to the barriers that women face in reaching senior leadership positions, which hinders their potential for equal remuneration. Society often expects women to take on the majority of caregiving and family duties, making it harder for them to go after and succeed in well-paying jobs.
However, when female leaders thrive, everybody benefits. Statistics from CIO show that companies with over 50% female leadership are more likely to offer equal pay. These statistics underscore the urgent need for systemic change.
While there are still plenty of improvements to make, some organizations are making great strides towards pay equality.
Ansarada’s commitment to sustainability is starting to reflect positively in gender pay equity. Of our leaders, 32% are female and we have 20% female Board representation, thus achieving our commitment to WGEA two years ahead of target. Across the whole company, the team consists of 37.1% females – a significant improvement on the tech company average of 27.6%. But there is undoubtedly more work to be done.
“Cultivating diversity in Tech is about building a future where everyone's potential is realized. To truly empower women in tech, we must create inclusive environments, challenge stereotypes, and provide equitable opportunities for all aspiring minds to thrive. This begins with young girls and women and why this year, Ansarada will be investing in creating opportunities for more children to learn about coding, starting with our employees and their families," said Heidi Rossi, Chief People & Culture Officer at Ansarada.
Embrace diversity and empowerment this International Women’s Day
International Women’s Day affords us the opportunity to highlight the collective responsibility to create a more inclusive world for women, addressing the gender pay gap as a pivotal aspect of this mission.
By raising awareness, advocating for change, and supporting organizations that champion gender equality, we can collectively strive towards a more inclusive and equitable future.
Inspiring Inclusion
Learn more about careers at Ansarada or get a pulse check on how inclusive your company is with our free 10-min ESG Gap Analysis & Benchmarking Assessment.
