How Australia's Largest Companies Measure Up on Gender Pay Equality

The gender pay gap is a harsh reality, even though women's empowerment is upheld in Australia through government policies and programs. The female workforce makes up close to 48% of the total employed people, and their economic participation has been growing steadily. Most of the working women find themselves stuck in low-paying supportive roles while their male counterparts get the opportunities to climb the ladders of success. Females struggle to grab profitable business opportunities in Perth or any other city because of inherent biases. The total remuneration average gender pay gap is at 21.8%, according to the Workplace Gender Equality Agency (WGEA).

The gender pay gap report published by the agency for 2023-24 indicates that women earn only 78c for every $ 1 earned by a man on average. The data shows that most big companies in the country are still lagging in achieving gender pay equality. It indicates that companies offering higher remunerations had a larger gender pay gap, which was in favour of men. Here are the details on how Australia’s largest companies measure up on gender pay equality. It reflects the existing biases and the need to bring pay parity.

1. Gender Pay Equality Stats

Unsurprisingly, the biggest employers in the country offer a much higher pay packet to men than women. Most of the guilty parties belong to the finance, construction and mining industries. The report collected data from 8000 employers across the country. The results showcased that 72.2% of these companies have a gender pay gap that offers better remuneration to men. A very small portion of these entities (6.5%) have a pay gap that is in favour of the female workforce, while the remaining 21.3% have a neutral gap.

A neutral pay gap reflects an average difference of 5% between men's and women's salaries. The stats have been drawn from remuneration data that covers superannuation, overtime and bonus amounts paid to employees during the period of April 2023 to March 2024. Despite the dismal figures, there has been an improvement in meeting this pay gap by some businesses. As per the report, 56% of employers have reduced their pay gaps compared to the last reporting period.

2. Gender Pay Gap in Big Companies

The report is helping the workforce understand how big players in the market are pushing values like diversity, equality and inclusion only for publicity. Gender divides and stereotypes still loom large in some of the biggest businesses. As per the report, Qantas has a major gender pay gap of 36.4%, with women employees earning only $0.64 for every dollar earned by men. Similarly, Jetstar showcased a gap of 46%, with women earning $0.54 for every $1 earned by men. Westpac was not far behind with a gap of 27.8% where women get $0.72 for every $1 earned by men.

NAB had a relatively lower gap than others at 15.3%, with women employees getting $0.85 for $1 earned by men. The biggest disappointments were from Apprenticeships QLD, Brisbane Broncos Rugby League Club and Rex Airlines, with gender pay gaps of 60.6%, 64.1% and 59.3%, respectively. The report has swayed the opinion of working professionals for these entities. Thus, aspiring entrepreneurs looking for businesses for sale in Perth or any other city must ensure they find a venture with a low pay gap to satisfy the workforce.

3. Businesses That Lowered the Pay Gap

The report is not all gloomy and has some positive indications, too. Some employers have effectively reduced the gender pay gap in their organisations from the last reporting period. These include Dyson Appliances, which has reduced the gap from 34.1% to 7.5%, and Metro Trains Victoria has decreased the disparity from 25% to 8.6%. The University of Newcastle is another employer that must be commended for reducing gender pay inequality from 9.9% to 3.2%.

Another big company winning the hearts of the female workforce is GSK, which has decreased its pay gap to 1.2% from 7.9% in just 12 months. The company waited for a female worker to come back from parental leave and kept a senior role vacancy on hold for her. The employee was encouraged by her seniors to apply for the role just a few weeks before her leave. It displays the company’s dedication to meeting the gender pay gap.

4. The WGEA report Is A Game Changer

The WGEA report has raised awareness about the gender pay gap across industries. Earlier this data was submitted to WGEA for generating industry reports without naming any company. So, the workforce was not aware of the pay gap in their companies. However, WGEA decided to name the companies with their pay gap data last year. It indicated a huge disparity in the wages offered to men and women in high-performing industries like banks, consulting firms, airlines, etc.

It made many entrepreneurs take note of the gender pay gaps in their organisations and reduce them in a year. It has enhanced their credibility and built a positive image among the workforce. It can also help generate high returns when they put up the business for sale at the time of retirement. Despite this effort, many high paying sectors are still lagging in decreasing the gap. Companies like Goodman and Macquarie Bank showcased a disparity of 66.4% and 41.8% respectively in the latest report.

5. The Need for Workplace Gender Equality

Gender equality and inclusivity do not end at the recruitment of a handful of women in different roles across the organisation. Big companies must pave the way for pay parity without gender discrimination. They must hire women in important roles and make them part of the decision-making process. Workplaces need to become more favourable to women and understand their needs as caregivers and nursing mothers. It can make them attractive entities among aspiring entrepreneurs looking for a Perth business for sale.

The struggle for women to break the glass ceiling and manage both work and home is real. Big businesses must develop a culture that offers flexible work hours to mothers and necessary leave entitlements to increase their participation. It can help to make them take up full-time roles rather than part-time jobs. In addition, they must be promoted into leadership roles based on their skill and performance rather than worrying about their ability to lead being a woman. All these changes can help reduce the gender pay gap.

Wrapping Up

The Australian commercial sector is a booming space that employs thousands of men and women. The big companies are known for their handsome pay packets but the gaps between the salaries of men and women remain a matter of concern. With the WGEA report increasing transparency, it is expected that the gender pay gap will be eliminated gradually.