This week Australian finance workers mark Equal Pay Day – the additional 88 days women in finance and insurance have to work from the end of the last financial year (30 June) to earn the same amount as men.
This is why we're launching our #StartTheDiscussion #PayTransparencyMatters campaign to build on the work we’ve done since 2019, when we first wrote to your employers asking them to remove pay confidentiality clauses from your employment contracts.
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Take the pledge to start the discussion on pay transparency in your workplace.
Did you know that Equal Pay Day (across all industries) fell on 31 August, but finance and insurance industry women have to work an additional 26 days to earn the same as men! This means women in finance 88 more days to keep up with their male counterparts, almost an entire quarter!
Pay transparency is exactly what it sounds like, it’s the degree to which employers are open about what, why, how and how much employees are paid, and to what degree employees are allowed to share that information with others. Our goal is to eliminate confidentiality clauses so you can start the discussion with your colleagues about pay.
Pay confidentiality clauses only benefit employers. The concealment of pay allows more money to be allocated to those who negotiate more aggressively, those who threaten to quit, or those who are friends with the boss. Unconscious bias can also infiltrate salay decisions when pay is kep quiet. When pay is transparent, organisations must be able to justify each employee’s salary – which can eliminate or reduce bias, conscious or unconsious.
Pay transparency forces organisations to improve the way they attract and retain staff. It forces employers to develop well thought through, data driven approach to remuneration that is fair to employees and is proactive, rather than reactive. When pay transparency is part of an organisations remuneration policy it has been shown to have a positive impact on job satisfaction, employee engagement and productivity.
The FSU understands that within banking and finance there is a culture of secrecy about pay. Our campaign is to get your employers to agree to allow workers to freely discuss their pay and remuneration. This campaign is about shining a light on the 24% gender pay gap faced in our industry – and that means being able to start the discussion with your colleagues without fear of repercussions.
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