Banker Salaries Are No Longer Closely Guarded Secrets at Westpac

(Bloomberg) -- The water-cooler conversations at Westpac Banking Corp. are about to get a whole lot more interesting.

One of Australia’s largest banks said Wednesday it will no longer stop employees from openly discussing their salaries as part of an initiative to help narrow the gender pay gap. From April, pay confidentiality clauses won’t apply in existing employee contracts, a change it first introduced with new hires that joined the lender from December. 

“The past two years has seen increased visibility and awareness of important issues including gender equality, women’s economic security and women’s safety,” said Christine Parker, group executive for human resources. “There is more to do, but we’re encouraged by the current conversations and willingness to engage.”

Men Twice as Likely to Be Well Paid as Women in Australia

Australian men are twice as likely to be highly paid than women, according to a report from the Workplace Gender Equality Agency last month. While the pay gap narrowed to 22.8% in the year through March 2021, the drop was just half a percentage point, as calls grow louder for stronger visibility and treatment of women in the country’s labor force.

Westpac said the increased transparency would be another step in reducing the risk of bias against women in the workplace.

©2022 Bloomberg L.P.