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.

Board commitment
Each year, Genworth’s Board commits to measurable diversity and inclusion objectives against which progress is reviewed at the end of the year. In 2019, we will continue to build on our diversity and inclusion efforts with a focus on the following objectives:

  • Support equality of opportunity regardless of gender, age, ethnicity, sexual orientation, disability or carer status;
  • Draw on the board range of experiences and different thinking styles of our people to enable idea generation, drive innovation and encourage creative solutions to business problems;
  • Commit to working as one team in which everyone feels valued and is able to make their own unique contribution;
  • Organisational accountability for ensuring our workplace is free from discrimination, harassment and bullying and commit to supporting an environment which fosters positive, respectful working relationships where people are able to achieve their best;
  • Ensure we reflect the diversity of our customers and the communities we operate in to drive greater understanding and better solutions to meet their needs.

The targets we have established to support these objectives include:

  • 40 per cent female representation on the Board;
  • 40 per cent female representation on the Senior Leadership Team;
  • Minimum 40 per cent female representation in other management roles;
  • Gender diverse candidate slates for all 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 December 2018:

Diversity and Inclusion Council
Genworth’s Diversity and Inclusion Council provides continued focus on and promotion of a diverse and inclusive workplace. The Diversity and Inclusion Council has an oversight, advisory and advocacy role for achieving the company’s diversity and inclusion goals. It is chaired by a member of the senior leadership team and is comprised of employee volunteer members.

Workplace Gender Equality Agency (WGEA)

In June 2020, Genworth lodged their Workplace Gender Equality Agency (WGEA) compliance report for 2019 / 2020. Genworth is pleased to confirm that it meets all of the minimum standards for reporting organisations against each of the WGEA’s ‘gender equality indicators’. Of particular note is their continued strong female representation at senior management and Board levels, high uptake and satisfaction with our offering of flexible work arrangements and a strong focus on providing leadership on gender equality both within and external to the Company.

A few highlights in relation to their 2019/2020 diversity and inclusion initiatives include:

  • We increased our secondary carer’s parental leave from 10 to 15 days paid leave. This provides further support for employees to balance their caring responsibilities, particularly around the time of the birth or adoption of a child into their family.

  • Genworth sponsored two of Youth Off the Streets national scholarships for two female students. These young people, along with other recipients, have demonstrated their drive and commitment to education. The scholarship programs will assist them to pursue further education and training – and work towards a positive future.

  • Genworth has continued to maintain strong female representation at both senior leadership and Board levels. In December 2019, the Board approved the 2020 Diversity and Inclusion strategy which included a new Board and Senior Leadership Team gender representation target to achieve / maintain at least 40% female representation by the end of 2021. Their previous target was 30%.
      
  • In 2019, Genworth participated in the Diversity Council of Australia’s second Inclusion@YourWork survey. The survey was an opportunity for Genworth to measure their people’s experience of workplace inclusion and compare their results to national benchmarks. The results from the survey identified Genworth as an inclusive employer and some of Genworth’s key strengths are outlined below:
    • My manager values a diverse and inclusive team – 86.3% (7.5% above the average)
    • I have the flexibility I need to manage work and other commitments – 95% (11% above the average)
    • In my team, employees are comfortable being themselves – 90% (7.5% above the average)
    • In my team, people treat each other with respect – 92.5% (6.2% above the average)
  • Genworth continues to have strong uptake of flexible working across the organisation with 90% of women and 70% of men indicating they work flexibly in their 2019 flexible work survey.

You can find the report attached if you would like to read the full WGEA compliance report.

30% Club
In addition, in recognition of our Board diversity, Genworth’s Chairman Ian MacDonald is a member of the 30% Club, a global campaign designed to accelerate progress towards better gender balance at all levels of 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 per cent female representation target.

Diversity Council of Australia’s Diversity & Inclusion survey
In 2017, Genworth participated in the Diversity Council of Australia’s inaugural Diversity & Inclusion survey. The aim of the survey was to provide participating companies with the opportunity to measure their employees’ experience around workplace inclusion and compare their results with national benchmarks. Creating a diverse and inclusive culture at Genworth is a priority for our business and the results of the survey rate Genworth as an inclusive organisation. Inclusion means feeling respected at work, having a sense of belonging and acceptance, being able to make a contribution that is valued and having equitable access to opportunities in the workplace. An inclusive workplace is consistent with our company value of working as ‘one team’ whereby everyone feels valued and can make their own unique contribution.

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