The decade since the Global Financial Crisis can be regarded as one of considerable change in relation to incumbency and reward.
We note that in reports of early November, the Workplace Gender Equality Agency (WGEA), using ABS data, revealed that the national gender pay gap presently stands at 14.6%, the lowest in twenty years. The WGEA noted that the gap had hovered between 15% and 19% over the past two decades.
The past 10 years has highlighted that movement in Average Weekly Ordinary Time Earnings (AWOTE) are almost twice that of the movement in the Consumer Price Index (CPI).
As traditional employer / employee relationships evolve, so does the complexity of these relationships and this complexity may foster further triggers of pay disparity.
The Banking Royal Commission’s Interim Report provided us with insights into two very different outcomes resulting from the activities of several financial services organisations.