But what is WGEA reporting exactly? Let’s break it down.
For the past 14 years, all private-sector employers with over 100 employees have had to report data annually about the gender gap among their employees. Think of it like an annual check-up for our workforce health.
On February 27th, 2024, the Workplace Gender Equality Agency (WGEA) spilled the beans and publicly disclosed the gender pay gaps among Australian employers with 100 or more employees.
The findings have shed light on pay disparities leading to greater accountability and pushed organisations to take real action to bridge the gender gap.
What’s the difference between equal pay and the gender pay gap?
Simply put, equal pay is about fairness in specific roles, while the gender pay gap looks at the big picture of overall average earnings, irrespective of roles or seniority.
So why is the gender pay gap still hanging around like an unwelcome guest at a party?
Well, it’s not just one thing, it’s a mix of complex and interconnected factors:
Occupational Segregation:
Women and men tend to work in different industries and occupations, with women more likely to be employed in lower-paying sectors
Gender Discrimination:
Sometimes, people just don’t play fair. Whether overt or subtle, discrimination can influence hiring, promotions and salary decisions. Women might get offered lower salaries for doing the same job as men or face barriers when they try to climb the career ladder.
Negotiation and Confidence:
Ever heard that women are less likely to ask for a raise? Turns out, it’s true. Research shows that women are often hesitant to negotiate their salaries, and when they do, they might face pushback when negotiating assertively.
Motherhood Penalty:
Women often experience a “motherhood penalty” throughout their career lifecycle where they are penalised financially for taking time off to have children or for assuming caregiving responsibilities. This can result in lower wages, fewer promotions, and reduced career opportunities.
Unconscious Bias:
Even when organisations believe they’re being fair, sneaky biases can sneak in and mess things up. Ever notice how leadership roles are still seen as more “masculine”? That’s not just a coincidence.
The Gender Pay Gap Formula for WGEA
| ((Average male pay – average female pay) * 100) / Average male pay |
So, what’s next on the agenda?
Well, this year, the WGEA data will include the remuneration of CEOs, heads of business and casual managers. Plus, they’re switching up the way they calculate things to give a more accurate picture of who’s earning what.
You’ll need to submit your report through the WGEA Portal between 1st April and 31st May. To comply with the Act, your report must be submitted by the 31st of May. If you can’t meet this deadline, you must request and receive an extension before the 31st of May and submit your report within the extension period.
So, how can VeiraMal help make a difference?
- We’ll handle all the time-consuming stuff, like gathering data from your payroll and HRIS systems and filling out reports.
- We’ll make sure everything’s shipshape and compliant, so you can focus on the fun stuff.
- And hey, if there’s room for improvement for ongoing compliance, we’ll be right there with some handy suggestions.
Let’s team up and tackle the gender pay gap together. Got questions, or require help with meeting the deadline for your WGEA reporting? Call our experts on +61 433 892 300 or simply fill in our contact form and we will have a team member reach out to you.
