The Worth of Women

by Diana Shen

Purpose and profit are often viewed as dichotomous, yet a marriage between the two should be strived for, as profit is the result of purpose.

The SDGs represents the world coming together to enhance the livelihood of our society. The rising significance of sustainability has prompted businesses to consider how to address existing and future societal issues.

Economic sustainability is making financial resources accessible to meet the needs of everyone. The 5^th SDG is gender equality, and inequality for women in the workforce has never not been an issue.

Female talent are one of the most underutilised businesse resources. In finance, women at an executive level is merely 15%. Alongside women being underrepresented in finance, women are not expected to reach pay equality for the next 43 years. Gender wage gap and the difference in representation in higher management positions are what stirs inferences that women are less capable. These issues exacerbate existing stigmas and spirals the underrepresentation of females in the workforce.

Westpac is just one of 4 ASX20 companies near 50% women in managerial positions. This target was emplaced in 2017 and has been upheld ever since. Furthermore, many of Westpac’s other policies break down outdated societal stigmas such as its paid parental leave being gender neutral and its gender transition leave to provide support for people coming back with a gender identity at work. This accepting work culture this will prevent existing and future gender discrimination. Westpac has identified that the large gender wage gap is caused by occupational segmentation as men dominate higher paid positions such as IT whereas women take up mostly lower paid positions in branches. Shifting this occupational skew will require time, but through this SDG education institutions may incorporate more STEM into curriculums to provide women as much opportunity as possible.