Recognising the gap
Recognising that gender pay can be a complex issue, we asked Deloitte to report on the way New Zealand businesses should be approaching the issue.Read more
Industry best practices
Following industry best practice, and with oversight from AUT, we looked into our own gender pay figures.Read more
Why are we talking about our gender pay gap?
In some countries, like the United Kingdom, large businesses are required to publicly report on their gender pay gap every year. This is not the case in New Zealand.
However, we think there needs to be a discussion about gender pay. That's why we decided to voluntarily make our numbers public. We wanted to spark a conversation about the kind of jobs women and men do and the way they are paid, and what needs to be done to make things more equal.
Paying a man and woman at the same level in the organisation equally is important. However it doesn't guarantee that both men and women have access to the same opportunities, and are represented evenly through an organisation.
Gender pay equity means paying men and women equal money for doing equal work. We're confident we've more or less achieved this, with exceptions in a small number of areas. Women earn slightly more than men in some pay bands and men earn slightly more in others.
The gender pay gap is the gap between the median pay of men and the median pay of women across all roles in an organisation. The gender pay gap at Westpac NZ is 30.3.%.
Why is our gender pay gap so large?
We believe that Westpac’s gender pay gap largely reflects historical structural characteristics which are common to our industry in the hiring of men and women to roles at different levels in the organisation. Traditionally, in service industries like ours, management roles were predominantly filled by men, and front line service roles by women. Despite our efforts to promote balance in recent years, including more than half of our leaders being women, a disparity remains.
Our gender pay gap includes all pay for all employees, including base pay, bonuses, overtime and superannuation. We think this is the fairest and most honest measure of the pay gap for our organisation.
The national gender pay gap, as calculated by Statistics NZ for the year ending June 2019, was 9.3%. This figure does not include superannuation. If we followed the Statistics NZ methodology, our gender pay gap would be 27.7%.
What are we going to do about the gap?
We know that continuing to operate in the same way that we have will not result in changes to our gender pay gap. We are therefore making the following changes to help bring us closer to gender parity. We will:
- Publish a comprehensive annual gender pay analysis
- Increase the proportion of our top three tiers of management who are women to 50% by 30 September 2025. (This figure is 37% as at 2019)
- Continue to detect and reduce any disparities in pay equity
- Apply for YWCA Gender Tick accreditation and work with other organisations that hold the Gender Tick on gender pay best practice
- Address the gender imbalance in branch and contact centre roles
- Review all related policies and processes to ensure they support gender pay
- Increase our paid parental leave to 100% of an employees pay for 22 weeks (implemented 1 July, 2019)