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Super funds lag on pay equity strategies or plans
Superannuation funds are not doing much when to creating a pay equity strategy or action plan after conducting a pay gap analysis, according to the Workplace Gender Equality Agency (WGEA).
While 53.9 per cent of the super industry is female, only 33.3 per cent of funds have a specific gender pay gap equity objective included in formal policy or strategy.
The WGEA also found that only 10 per cent of employers created a pay equity strategy or action play following a remuneration gap analysis.
After conducting a remuneration gap analysis half of super funds said they identified cause/s of the gaps, 20 per cent reviewed the remuneration decision making process, 20 per cent analysed performance pay to ensure there was no gender bias (including unconscious bias), 40 per cent analysed performance ratings to ensure there was no gender bias, and 20 per cent analysed performance pay to ensure there was no gender bias.
Only 10 per cent trained people-managers in addressing gender bias (including unconscious bias), 50 per cent corrected like-for-like gaps, and while 60 per cent reported pay metrics to an executive, only 20 per cent reported to the board.
However, remuneration gap analyses are on the rise with 56.3 per cent of employers conducting one within the last 12 months, compared to zero per cent between two to four years ago.
The gender pay gap was the highest when it came to key management personnel at 21.7 per cent, followed by other executives/general managers (20.5 per cent), other managers (20.1 per cent), and senior managers (14 per cent).
The WGEA data found only 5.9 per cent of chief executives were female, 30.9 per cent were key management personnel, and 32.2 were other executives/general managers. Senior managers and other managers was where the gap seemed to be closing at 40.9 per cent and 42.6 per cent respectively.
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TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
Perhaps the "bias" can start to be overcome with "Women In Super" circulating job vacancy advertisements to all employees at a Fund, not just the females. That way the male employees, who they push to help with projects such as Mothers Day Classic, won't continue to suffer discrimination.