Campaign to close financial services gender pay chasm
The Finance Sector Union (FSU) has begun a campaign to reduce the gap between male and female wages in the financial services industry, a gap it claims is the largest of all industries in Australia.
FSU research has found that the average woman working in financial services earns just 57 per cent of what the average man earns. The union has begun negotiations with the major banks to conduct a series of ‘pay audits’, to find out why.
“[The union will be] asking the banks to take an honest look at their pay data…We may start with choosing one or two occupations and comparing the earnings of men and women. FSU will move to address the causes of the pay gaps identified,” said the union in a statement.
The FSU said probable reasons for women’s low pay were their higher rate of part-time employment, the fewer promotion and training opportunities which sprung from this part-time status, and the prevalence of women in service jobs and men in sales-related jobs, which had the largest bonuses and commissions attached.
The union said these factors were not confined to Australia, pointing out the UK financial services sector also had it’s country’s largest gender pay imbalance.
The FSU is seeking stories from workers on the gender pay issue to take to the banks.
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
