Actions needed to close the Gender Pay Gap

The gender pay gap is not something new, however it’s something that seriously needs attention and it is up to all sectors to take action in order to see any real impact.

KPMG has just released a report, She’s Price(d)less: The Economics of the Gender Pay Gap in partnership with the Australian Workplace Gender Equality Agency on where the gender pay gap is right now.

The report findings revealed that in Australia the gender pay gap is currently $966 million per week or $51.8 billion per year.

The Key Drivers of the Gender Pay Gap are: 

• Gender Discrimination
• Care, Family and workplace participation
• Type of job

The report called for greater action by industry, the community, and governments to address the systematic drivers of the gender pay gap stating it is both a collective obligation and an investment in our future economic prosperity.

Closing the gap across the three key driver categories is equivalent to $898M per week in national earnings.

Actions to effect change:

• Eliminating workplaces sexual harassment, every-day sexism and gendered violence.
• Addressing discrimination in work practices such as hiring, promotion and access to training.
• Increased pay transparency and reporting on gender pay gap audits and actioning findings.
• Breaking down social norms regarding what roles and industries are appropriate for men and women.
• Addressing wage inequality in feminised industries.
• Increasing the share of women in leadership positions, including through targets or other diversity policies.
• Developing networks of advocates for gender equality among men and women who can address barriers and affect change.
• Improving work life balance, increasing availability of flexible work.
• Increasing availability of childcare and decreasing cost.
• Enhancing availability and uptake of shared parental care.
• Reducing disincentives to increasing workforce participation through personal tax, family payment and childcare support systems.
• Changing workplace culture and addressing unconscious bias.
• Rethinking and redesigning part-time roles for managers.

What changes are you making in your business? What steps are you taking to assess where your gaps are?

It’s time to make actionable change. Get your management team together and start planning how you can implement these recommendations.

Read the full KPMG report HERE

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