Pay Transparency Matters

#StartTheDiscussion

Our Equal Pay Day


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.

If you'd like to know more or have any questions, check out or FAQs below, or email fsuinfo@fsunion.org.au.



#StartTheDiscussion


Talking about pay transparency in the workplace can be difficult. To help, we’ve created a set of cards to collect and share. Share the link to the pledge with your coworkers and see how many you can reveal together and get a better sense of why #PayTransparencyMatters.

Take the Pledge


Take the pledge to start the discussion on pay transparency in your workplace.


 

Quick Facts 2021


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!

Finance fail


The national gender pay gap is 14.2%, while the Financial and Insurance Services industry national pay gap is 24.1%.

Inequality


On average, women working full time in the finance and insurance industry earned $560 less than their male counterparts.

In this together


Men in heterosexual relationships have fewer options and are less likely to take primary parental leave when their partners are earning less.

FAQs

 

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.

Join your Union today

 

View our membership rates here.

 

Error: Unable to display form, your Web Browser is not supported. Please use a more current web browser, https://browser-update.org/update-browser.html to access this website. Internet Explorer cannot be used for this form.