Super, Gender Equality & Journeying Towards The Future

closing

 the

Gender

gap

Building Futures

Since then, we’ve been setting targets, tracking our progress, and making changes to the status quo wherever possible.

We’re publishing everything we do and everything we know about gender equality and inequality in our workplace, to be as transparent as possible and hold ourselves accountable to the vision we have. We’re not perfect, but we’ll always strive to model the change we want to see in the world.

We hope that you can learn from our journey – we certainly still are. Borrow an idea here, improve something there, or take this as a license to do something new to bridge the divide of gender inequality.
Future Super cares about what the future looks like. We know the future is only as good as we decide to make it.

So, understanding that women’s futures are coloured with such inequality, we realised we had a responsibility to do more.

April 2018 marked the start of our journey. Future Super, now growing out of our infancy as a business, began to review our company’s performance on gender equality, diversity and the pay gap.
Did
you
know
?
Women retire with 42% less superannuation than men

WGEA Gender Workplace
Statistics At a Glance

Our journey

All non-probationary employees eligible for 14 weeks paid (or 28 weeks half pay) parental leave.

Future Super will accommodate flexible working locations, hours and reduced working hours for new parents.

Staff earning under $80,000 p.a. will be paid an additional 1% super. Staff who are working part-time due to carer responsibilities will be paid super as though they are a full-time worker. Staff taking parental leave will continue to receive super payments for up to one year.

Women-aligned comms channels to facilitate the sharing of workplace experiences and build support networks between women at Future Super.

Future Super members taking parental leave can apply to have their fixed administration fees refunded for up to 12 months.

Future Super became the first Australian super fund to divest from companies with all-male boards in May 2019.

Removing gender specific bathrooms to make our company a safer place for trans and non-binary employees.

Encouraging all employees to share pronouns in communications signatures to make our company a safer place for trans and non-binary employees.

WE’RE JUST
Getting started...

2019
how we did
Target for
2020
WE ADDED MORE WOMEN TO
OUR BOARD

2019 Target: Future Super to have minimum 30% female representation at board level.

In Review: The appointment of Rachel Etherington to Future Super Group’s Board of Directors moved female representation from 20% to 33% at board level. This was an important step towards achieving equal and diverse representation at all company levels.

2020 Target: Future Super to have 40% representation of men and women at board level.

WE HAD A
GENDER DIVERSE LEADERSHIP TEAM

2019 Target: Minimum 30% representation for men and women within Future Super’s Senior Management Team (SMT).

In Review:
Future Super’s SMT is made up of three women (43%) and four men (57%), meeting our 2019 target and showing a healthy balance of representation at the company’s most senior level.

2020 Target: Future Super to have 40% representation of men and women in the Senior Management Team.

OUR TOTAL ORGANISATIONAL PAY GAP INCREASED

2019 Target: Reduce Future Super’s total organisational pay gap to +/- 5% between men and women.

In Review:
In 2019 our organisational pay gap increased from 12% to 17% in favour of men, an increase which can be attributed to recruitment in the second half of the year. In attempting to address the gender disparity across the organisation, we focused our hiring efforts on bringing women into the business (in May 2019 only 35% of our staff were female, by December 2019 this figure had increased to 44%). These women hires were at the junior "core" level, which disproportionately impacted the organisational pay gap.

2020 Target: Reduce Future Super’s total organisational pay gap to +/- 5% between men and women.

WE ADDRESSED OUR DIVERSITY AND PAY GAP BY EXPERIENCE LEVEL

2019 Target: Reduce the pay gap at each level to +/- 5% between men and women by June 2020.

In Review: Future Super categorises its employees in four levels: Core, Experienced Core, Senior Management and Managing Directors.

At the Core level, our gender split improved with the percentage of women increasing from 34% in May 2019 to 54% by December 2019. Across this same period the gender pay gap increased from 7.38% to 9.65% in favour of men, driven by recruitment of several women into this group.

At the Experience Core level, our gender split also improved with the percentage of women increasing from 31% in May 2019 to 39% by December 2019. We  saw a sizeable shift in the gender pay gap, from 7.42% in favour of men in May 2019 to 2.20% in favour of women in December 2019.

At the Senior Management level, gender split remained the same (43% women) across 2019. The gender pay gap reduced by 13.5%, although still heavily favours men at 28.90%. One outlier salary heavily distorts the pay gap figure at this level, due to the small size of the team (seven people).

In our three-person Managing Director team (33% women) salaries remain equal, and we are pleased to report that no gender pay gap exists at this level.

2020 Target: Continue reducing the pay gap at each level to +/- 5% by June 2020.

Coming 
soon

If you have any questions about any of the information included here, please drop us a line at info@equalityiseveryonesbusiness.com.au