QBE Australia reveals huge gender pay gap
QBE Australia reveals huge gender pay gap | Insurance Business Australia
Insurance News
QBE Australia reveals huge gender pay gap
“We have more to do” says CEO
Insurance News
By
Roxanne Libatique
QBE Australia has released its gender pay gap statistics for the fiscal year 2022-2023 in alignment with the Australian Workplace Gender Equality Agency’s (WGEA) efforts to enhance transparency.
The data showed a significant disparity in earnings between male and female employees, with a 24% gap in base salary and a 25.7% difference in total compensation.
Sue Houghton, CEO for QBE’s Australia Pacific operations, highlighted the organisation’s commitment to addressing the gap.
“We maintain a commitment to fostering an inclusive and respectful environment which promotes and enables gender-equality across our workforce. Our 2022-2023 gender pay gap is an important measure and tells us we have more to do to address this gap,” she said. “We recognise that the gender pay gap is driven by a range of factors that cannot be addressed with salary adjustments alone; it requires a multi-faceted approach and a sustained commitment to change.”
How QBE is addressing gender pay disparity
The insurer has initiated several measures aimed at addressing its gender pay disparity. These efforts include annual assessments to rectify pay discrepancies in similar roles, leadership training programs to prepare a diverse group of future leaders, and the promotion of gender diversity at all levels of the company.
Notably, QBE has surpassed its global goal, achieving over 40% female representation in leadership roles across Australia and New Zealand by December 2023.
The organisation is also working to debunk gender norms through its progressive parental leave policy, “Share the Care,” which has notably boosted the number of male employees taking parental leave. This is part of a broader initiative to cultivate a supportive, family-oriented work environment through comprehensive policies and adaptable working arrangements, it said.
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