Beyond Bank’s ambition is for our people to feel safe and connected by fostering an inclusive culture that values individual differences and promotes mutual respect, acceptance and fairness for all employees. We promote a workplace that encourages our people to bring their whole selves to work, contributing their individual talents, skills, experiences, perspectives, and beliefs, ultimately enabling them to deliver for our customers and communities.
An important aspect of achieving workplace gender equality, as reported to WGEA, is gender pay gap. This measure highlights the difference between the average and median pay of women and men across organisations, industries and the workforce.
As reported by WGEA, Beyond Bank Australia’s median total remuneration gender pay gap increased by 3.5% to 12.6%, and our average total remuneration gender pay gap increased by 3.0% to 23.1% in the 2023-24 reporting period. Relative to the banking industry gender pay gap, this placed us 10.4% lower than the median and 0.7% higher than the average.
Our representation of women across each quartile of our workforce is better than the banking industry average. Notwithstanding this comparison, our gender pay gap is influenced by a lower representation of females in senior leadership roles and a higher representation of females in less senior roles.
Our gender pay gap increased in the 2023-24 reporting period through the inclusion of the CEO’s remuneration in this year’s reporting (which was not previously required). Also, in what proved to be a competitive employment market, we appointed more males to newly created senior positions and high-demand roles, which also affected our gender pay gap.
Over the past year, in pursuit of gender equality and enabling our people to reach their full potential, we have undertaken the following activities:
- To understand the experiences and observations of our people, we conducted an anonymous organisation wide gender equality survey. This survey centred around leadership, career development and advancement, remuneration, caring responsibilities, flexible working and a safe work environment.
- To further deepen this understanding, we arranged in-person focus groups with our employees, facilitated by an independent organisation specialising in diversity, equity and inclusion (DE&I).
- We reviewed our people polices to remove unnecessary barriers, improve flexibility and outline the tiered responsibility on our employee and leadership groups in the promotion, role modelling and upholding of diversity, equity and inclusion principles.
- We identified 34 initiatives, aligned with each of the 6 Gender Equality Indicators, aimed at improving gender equality by removing barriers, increasing communication, awareness and a structured approach for ongoing support.
- We analysed our gender mix and gender pay gap across employee levels and performed scenario modelling across a variety of our departments to better understand the makeup of our gender pay gap.
We acknowledge there is further work to be done and remain confident in our well-devised plan that demands time, persistence, and a commitment to cultural transformation. We will continue to strengthen and build on our efforts, focusing on key strategies to ensure we deliver on and are recognised for gender equality, diversity, and inclusion in our workplace.
Beyond Bank Australia is compliant with the Workplace Gender Equality Act 2012 (Act) for the 2023-24 reporting period. See Certificate of Compliance.
For more information about Beyond Bank’s gender pay gap and gender composition please refer to The Workplace Gender Equality Agency, an Australian Government statutory agency created by the Workplace Gender Equality Act 2012 - www.wgea.gov.au.