Australia’s annual Equal Pay Day marks the additional days that, on average, women would be required to work to earn the same as men. According to the Workplace Gender Equality Agency, women working full-time need to work more than 14 months on average to earn the same as men earn in a year.
At Commonwealth Bank, we are committed to eliminating the gender pay gap as part of our holistic approach to diversity and inclusion. We believe success is not reliant on any single initiative. Instead it requires multi-faceted, sustained effort and action from every level of the organisation.
The gender pay gap can start as early as graduate roles in some industries and often continues throughout a woman's career. Our detailed analysis across the employee lifecycle highlighted hot spots in our business where pay gaps may creep in.
Pay equity progress at CBA
To counteract the hot spots, Commonwealth Bank has put in place multiple initiatives and processes across four broad areas of action: a) leadership and education; b) information and reporting; c) systems and processes; and d) governance and policy.
You can read our pay equity case study with the Workplace Gender Equality Agency (WGEA) here.