Westpac NZ has just released their first gender pay gap report. Gail Pacheco, Professor of Economics and Director of AUT’s New Zealand Work Research Institute (NZWRI), provided oversight for the data and methodology of the analysis.
Gail says it is great to see large organisations like Westpac taking steps towards achieving gender parity. “It is important that organisations are transparent about their gender pay gap and analyse it across different levels within the workplace so that appropriate change can be implemented.”
The methodology used compares the median total full-time equivalent pay (including base salary, bonuses, superannuation, overtime and miscellaneous payments) of all men and all women employees. Westpac NZ believes this is the most transparent measure for their analysis because it includes every element of pay for all employees. The organisation’s overall gender pay gap is 30.3%. However, when analysing the gap in each of their 13 pay bands, 6 of these bands have a pay gap of 3% or less.
Westpac NZ acknowledges that while women make up a majority of their workforce, they are not represented equally in their highest paid roles. In light of these revelations, Westpac is committed to actioning further steps to reach gender parity.'