2025-05-15-Jefferies-多元化金融领域人力资本领先者和落后者聚焦性别薪酬平等_21页_2mb

Summary of DivFin Human Capital Leaders and Laggards with a Focus on Gender Pay Equality

Core Content

This report analyzes the gender pay gap (GPG) and human capital management (HCM) practices across the diversified financial services (DivFin) sector in Australia, emphasizing the importance of diversity, equity, and inclusion (DEI) in driving competitive advantage and long-term financial performance. It highlights the efforts of ASX-listed companies to address gender pay inequality and identifies those that are leaders or laggards in this regard.

Main Points

• Gender Pay Gap Trends:

  • The average total remuneration pay gap in the DivFin sector is 15% in 2024, down from 21% in 2021, and continues to close.
  • The sector average salary pay gap is 8%, significantly lower than the national average of 15%.
  • At this rate, the sector may close the gender pay gap by 2030.

• WGEA Data and Public Scrutiny:

  • The WGEA gender pay gap data is a blunt instrument but is updated annually and subject to public scrutiny.
  • 50% of companies have a GPG larger than 12.1%, with 68% of employers conducting a GPG analysis in 2024, up from 55% in the previous period.

• Key Companies in the Sector:

  • CGF is the leading company in the DivFin sector with a 74% overall effort to achieve gender pay equality and a 8% salary pay gap that has been decreasing.
  • PNI and AMP are also performing well, with 73% and 70% overall effort respectively.
  • SIQ, HUB, and CCP are laggards, with 69%, 32%, and 47% overall effort, respectively.

• Pay Gap by Company (2024):

  • CGF has the lowest salary pay gap at 8%, while SIQ has a 0% gap.
  • AUB and MFG have the largest salary pay gaps at 30% and 29% respectively.
  • Total remuneration pay gap shows similar trends, with CGF at 2%, and SDF at 27%.

• Human Capital Management (HCM):

  • HCM is financially material and includes DEI, employee retention, turnover, work-life balance, and engagement.
  • Companies must attract, retain, and develop skilled employees to meet customer needs and deliver financial returns.

• Corporate Culture and Brand:

  • Corporate culture and brand are closely tied to employee engagement and retention.
  • The Financial Services Royal Commission has prompted changes in culture, employee engagement, and board diversity.
  • CGF has a Glassdoor rating of 3.50, while MFG has the highest rating at 4.20.

• Board Representation and Policies:

  • Board female representation varies, with AMP, ASX, and AUB having 50% or more female representation.
  • CGF has a 44% female board share, and SIQ has a 43%.
  • CGF and AMP have clear targets and comprehensive policies to improve gender pay equality.

• Flexible Work and Parental Leave:

  • Employer-funded paid parental leave is a key factor in addressing the GPG, with 18 weeks available for both primary and secondary carers.
  • Companies like PNI, CCP, and SIQ have made improvements in part-time roles and flexible work arrangements post-COVID.

• Management Promotions and Appointments:

  • Female management promotions outpace males in PNI, AUB, and CPU, but male appointments are still higher across the sector.
  • CGF has a 0.8x promotion ratio (relative to males), while MFG has a 4.4x ratio.
  • Female management appointments are still lagging, with male appointments outpacing females in most companies.

• Executive Pay and DEI Outcomes:

  • Executive pay outcomes should be linked to DEI metrics, including gender diversity and employee engagement.
  • Companies should disclose HCM targets in remuneration reports and align them with short-term incentives to drive performance.
  • Only CPU has not completed a gap analysis in the past 2 years.

• Talent Retention and Workforce Dynamics:

  • The war for talent is increasing, with technological shifts and workforce shortages affecting the sector.
  • Low turnover and sticky engagement are linked to inclusive cultures and effective HCM strategies.

Key Information

• CGF is the most progressive in the sector, with comprehensive policies and improving female management appointments.
• SIQ, HUB, and CCP are laggards in HCM and GPG improvement.
• The WGEA data is now publicly available, increasing scrutiny and pressure on companies to improve.
• Part-time roles and flexible work arrangements are beneficial in attracting and retaining a diverse workforce.
• Employee engagement and corporate culture are critical for long-term success and brand reputation.
• DEI and HCM are financial material issues that can impact costs, productivity, and reputation.
• Executive pay should be aligned with DEI outcomes to ensure accountability and performance.

Conclusion

The report underscores the importance of DEI and HCM in the financial services sector, highlighting that CGF is a leader in addressing gender pay inequality, while SIQ, HUB, and CCP are laggards. Companies must invest in comprehensive policies, transparent reporting, and flexible work arrangements to remain competitive and meet the demands of a diverse workforce. The increasing public scrutiny of WGEA data suggests that improving gender pay equality is not only a moral imperative but also a strategic necessity.