In 2021, Chartered Accountants Australia and New Zealand (CA ANZ) published the results of its Member Remuneration Survey that found female accountants were being paid far less than their male counterparts. This amounted to a gender pay gap of about $50,000 in Australia and $60,000 in New Zealand. These figures were drawn from data sourced from over 4,500 CA ANZ members earlier in the year and indicated that over 85% of employers did have pay gaps favouring men.
Now, the accounting body has launched a playbook dubbed “Narrowing Your Gender Pay Gap” to help fix the problems identified in the 2021 survey. It includes detailed resources, case studies, and guidelines on how to create a more inclusive and fair workplace. It provides detailed guidance on how to conduct analysis on gender pay gaps, identifying the causes, building a business case for closing it, creating an action plan, and developing a culture of diversity and change.
A key problem the playbook notes is the misconception that a gender pay gap does not actually exist. This comes soon after another study conducted by Intuit QuickBooks and Momentum Intelligence found that about 43% of male accountants disagree with the view that there is a gender pay gap. To address this, the playbook recommends that organisations undertake a gender pay gap analysis that would provide solid data. It also encourages management to look into what multiple and complex factors could be contributing to the problem.
Amongst the challenges that women in the workforce face include gender discrimination during hiring and promotion. They were also faced with the problem of ‘flexism’. This is a form of discrimination against those that work flexible or part-time hours. This resulted in such workers missing opportunities, suffering penalties, and ultimately earning less for comparable work done by men. Women were also found to more likely lose out on compounded salary increases and bonuses.
According to CA ANZ general manager, Joe Consedine, the playbook was developed in response to the discussion elicited from the 2021 survey. It sought to give answers to the tough questions raised, clear up myths, and provide action plans. He described the playbook as being practical and concise. He added that it drew on the challenges members had faced and the changes they made to remedy them.
Consedine noted that research found that organisations with pay parity achieved stronger performance at all levels. His observation is supported by a 2019 McKinsey and Co study that found gender-diverse companies were 25% more likely to have above-average profitability than those where women were not as well represented.
The benefits associated with closing the gender pay gap include a tendency by organisations that have a gender diverse workforce to record above-average profits, nurturing of better workplace culture, and making them a more attractive employer. Being an attractive employer is vital at a time when pandemic restrictions have resulted in a smaller talent pool for employers to tap into.
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