A message from CEO Richard Van Breda.
I am pleased to announce that I have recently been appointed as a Pay Equity Ambassador by the Workplace Gender Equality Agency (WGEA).
Signing the pay equity pledge is something I do not take lightly and while I recognise Stanwell is taking positive steps in our efforts to improve inclusion and diversity in our business, I also understand there is still much work to be done when it comes to closing the gender pay gap within our industry and throughout Australia.
Australia’s gender pay gap still sits at 14 per cent, with women earning on average $241.50 per week less than men. Thankfully, these numbers are dropping, but they are still far too high.
That is why I’ve signed the pay equity pledge.
Pay equity at Stanwell is an important differential which we continually monitor. Our 2022 Inclusion and Diversity aspirational targets include a specific target regarding the gender pay gap which is: that there is no gender pay variance that cannot be explained by experience, merit or performance.
In January 2018, Stanwell identified a gender pay gap of 15.1 per cent, a number we found to be unacceptable. In response to this finding, our People and Culture team has implemented initiatives to improve the gap – including undertaking six-monthly audits to monitor progress, recruitment strategies to attract more females (including to non-tradition roles), improved career pathways, leadership behaviours, flexible work options, and more.
As of July 2019, our gender pay gap has reduced to 9.29 per cent. We are happy with this improvement, but we will continue to work hard on driving that number down wherever possible.
At Stanwell we believe in the inherent strength of a vibrant, inclusive and diverse workforce where we are all unique and different. It therefore makes sense that, regardless of one’s gender, life experiences, perspectives and backgrounds, they should not be disparately remunerated if they’re equal in value for our business.
We are not just investing time and effort into improving our inclusion and diversity because every one else is – we’re doing it because we want to help facilitate positive change and because it is good business. Diversity adds innovation and creativity, it improves the quality of decision making and it means we can tackle challenges and opportunities from different perspectives. To achieve that, we need to ensure our business is inclusive and open – and that includes ensuring pay equity.
Reducing the gender pay gap will be a challenge, but I know I can speak on behalf of everyone at Stanwell when I say we look forward to approaching it head on. I strongly encourage other leaders in my industry to sign the pledge and help make gender pay inequity a thing of the past.