Westpac reaches gender target
Westpac has met its target to increase women in leadership two years ahead of schedule, the Workplace Gender Equality Agency has reported.
In 2010 Westpac said it would increase the level of women in its senior positions from 33 per cent to 40 per cent by 2014. It found male and female employees’ perception for career advancement differed.
Interestingly, as of September 2011, 61 per cent of Westpac staff were female while 37.5 per cent of leadership roles and 30 per cent of directors were female.
It introduced the Women in Leadership Program and the establishment of a Centre of Excellence for Diversity and Flexibility as well as initiatives around targets and accountability, recruitment and selection, transparency in gender policies, and progression and development through mentoring and networking programs. Additionally, it refreshed and strengthened its flexible work policies.
The Bank is aiming for a 50/50 split between gender in senior positions by 2017.
“The fact that targets were publicly stated has heightened the focus, both internally and externally, on positive action relating to the advancement of women,” Jane Counsel, head of diversity and flexibility at Westpac said.
The Workplace Gender Equality Act 2012, replaces the Equal Opportunity for Women in the Workplace Act and will require businesses with more than 100 employees to publicly state the company’s gender split from next year.
Additionally, the Male Champions of change, a group which includes the chief executives of Qantas, Commonwealth Bank, ANZ, KPMG and Woolworths has committed to greater transparency in the reporting of female senior advancement
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
