Gender Gap Is More In Insurance And Finance Industries - A Comprehensive Study

By Author: Ruby Martin
Total Articles: 5
Comment this article

In Australia, it is seen that the gender gap is much more in the fields of insurance and finance. Australia is also losing its momentum to bring equality in the workplace; a recent study shows that it will take more than 26 years in Australia to get the same pay in all sections of work. Though many women-supportive organisations and welfare societies are thinking about what is being done about the gender pay gap, there is no such remedy.

The study further shows that the gender pay gap is worst in insurance firms, which is almost 28% compared to 20% across all the other sections in the world. This study was conducted by the Government’s Workplace Gender Equality Agency and the Bankwest Curtin Economics Centre.

According to the WGEA chief Libby, “This report reveals a worrying level of apathy and indifference among many Australian employers toward improving gender equality,” The study also concluded that “Expecting Australian women to wait a quarter of a century for the total remuneration ...
... gender pay gap to close is unacceptable.”

The report came amid the concern that pointed out the lack of safety, equality, and respect for women in their workplace, followed by the toxic male culture's revelations even in the Parliament House in Australia.

The coronavirus pandemic also highlighted the stunted growth in employment during the high time of the crisis in April, compared to the 4% of men population. There can be gender pay equality among all the executives within the ten years and senior managers in 15 years in the current scenario. Still, this rate of change is very slow in the case of the non-management roles.

There has been a 10% point narrower of the gender pay gap in the last seven years in the finance and insurance industry. Still, the number of female board directors in large industries remains very low compared to the total number of women working these days.

It is also seen that the organisations that set targets for female board representation had the added women double the pace as compared it was before. It is seen that these targets are becoming less frequent and less ambitious.

A data published from the Australian Institute of Company Directors reveals that more than 3rd of the S&P/APX 200 companies still have not reached 30% for women on higher company levels. It is not due to the lack of qualified candidates working. According to Nicola Wakefield Evans, “One of the most significant barriers to women’s progression to boards has been unconscious bias in recruitment practices and a tendency to rely on personal networks,”

These are some of the facts showing that the gender pay gap is prevalent in Australia, mainly in the finance and insurance sectors. Some organisations are even working on the gender pay gap. They are fighting to offer the best solutions to several crises like the gender pay gap and inequality in the workplace. If you find someone close to you getting less salary for the same work or facing this situation, you should immediately seek help from such organisation.