BT Financial Group (BTFG) has won Employer of the Year in Money Management/Super Review’s inaugural Women in Financial Services Awards 2013.
The group, part of the Westpac Banking Corporation, set up a dedicated program in 2010 to improve the representation of women in leadership roles.
“We fully believe that having gender balance will bring diversity of thought, diversity of experience and diversity in approach and that will drive greater commercial outcomes,” the nomination letter said.
The strategy is long-term and broad, and goes beyond the setting of formal targets.
The initiative has resulted in Westpac achieving its initial target of 40 per cent of women in leadership roles two years early. It is now aspiring to reach 50 per cent by 2017.
BTFG wants to double the number of female financial planners by 2017.
“It was important to take more action to raise the bar in terms of progress of women in the workforce and to remove the barriers preventing women achieving their full potential,” Westpac Group CEO Gail Kelly said.
In October BTFG launched the Stella Network, which aims to change the face of financial planning by providing a platform for women to connect and network. Over 200 leaders and participants from across the industry attended the formal event, with the launch receiving positive feedback from media and online.
The network has 580 members since starting in September, illustrating the appetite for change and connection within the industry.
“The initiative goes beyond addressing the gender balance within BTFG; by acting as the catalyst for change in the industry we will reap the benefits in our organisation,” the nomination letter said.
BTFG launched many internal initiatives to focus on increasing the number of women in financial planning, including an internal six-month development program for female employees to become financial planners.
Sixty-nine per cent of BTFG employees participate in at least one type of flexible working arrangements – up from 43 per cent in 2010.
There is a focus on increasing the number of women in the company’s recruitment process through targets in their recruiter’s scorecards, and in service level agreements with recruitment providers.
It has launched additional group tools such as a carers’ concierge, and a job-share database.
Click here to find out more about the winners in the Women in Financial Services Awards.
