The financial and insurance services sector is at the top of the list with respect to the gender pay gap for full-time roles in Australia.
The concerning statistic comes from a recently released study commissioned by Bankwest Curtin Economics Centre and the Workplace Gender Equality Agency. Entitled Gender Equity Insights 2017: Inside Australia’s Gender Pay Gap, the study revealed that top-tier female managers in Australian organisations earn, on average, $93,000 or 26.5% less each year compared to their male counterparts.
Additionally, the study reported that, in the financial and insurance services sector, women employed full-time can expect to earn on average around $30,000 or 26% less each year in base salary than men employed in the same industry. The gap increases to more than $52,000 or 33% when taking into account additional remuneration including superannuation and bonuses.
“The case for change is clear,” says Libby Lyons, director of the WGEA, in a foreword to the report.
“Research shows that diverse work teams lead to better workplace culture, greater innovation and improved performance. And, the analysis shows organisations that increase their gender balance at the leadership level improve working conditions for women, as evidenced by lower pay gaps.”