Diversity and inclusion
Genworth recognises and values the contribution that people with different backgrounds, experiences and perspectives bring to our organisation. We believe diversity is a strength for effective teams and drives value for our shareholders, customers and employees.
Genworth’s Diversity Council provides continued focus on and promotion of a diverse and inclusive workplace. The Diversity Council has an oversight, advisory and advocacy role for achieving the company’s diversity goals. It is chaired by a member of the Senior Leadership Team and is comprised of employee volunteer members.
Genworth’s commitment to diversity is reflected in our employment practices including recruitment, training and development, remuneration, talent identification and development, succession planning and supporting flexible work arrangements. In both 2015 and 2016, Genworth was recognised by the Workplace Gender Equality Agency (WGEA) as an Employer of Choice for Gender Equality. This award is a proud achievement for Genworth and an external validation of the actions we have taken in the area of gender equality.
In addition, in recognition of our Board diversity, Genworth’s Chairman Ian MacDonald has been invited to join the 30% Club, a group formed by the Australian Institute of Company Directors who are committed to achieving better gender balance in organisations. As a member of the 30% Club, Mr MacDonald has made a public commitment to gender diversity as a business imperative and to lend his support other Board Chairs to achieve the 30% female representation target.
As part of our annual remuneration review, Genworth conducts an extensive pay equity analysis and has confirmed that for like-for-like roles, there are no gender pay gaps. Our CEO, Georgette Nicholas, has affirmed her commitment to gender pay equity by becoming a WGEA Pay Equity Ambassador.
Each year, Genworth’s Board commits to measurable diversity objectives against which progress is reviewed at the end of the year. In 2017, we will continue to build on our diversity efforts with a focus on the following objectives:
- Achieve and sustain gender diversity within the leadership of Genworth
- Create a culture and work environment where differences are valued, respected and effectively leveraged
- Provide visible leadership around diversity, both internally and externally
- Mainstream flexible working to make our business more agile and enable employees to better balance work/life commitments.
The targets we have established to support these objectives include:
- 30% female representation on the Board by 2018 (achieved in 2016)
- Continued strong female representation (minimum 30%) on the Senior Leadership Team (achieved, current female representation 43%)
- 40% female representation in other management roles
- Gender diverse candidate slates for all leadership roles.
The following summarises the proportion of men and women on the Board, in senior executive positions and across the whole organisation as at 31 March 2017: