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.
Each year, Genworth’s Board commits to measurable diversity and inclusion objectives against which progress is reviewed at the end of the year. In 2018, we will continue to build on our diversity and inclusion efforts with a focus on the following objectives:
- Create an inclusive culture where differences are valued and diversity of thought and experience are effectively leveraged;
- Provide visible leadership on diversity and inclusion, both internally and externally;
- Mainstream flexible working to make our business more agile and enable our people to better balance work/life commitments; and
- Achieve and sustain gender diversity within the leadership of Genworth.
The targets we have established to support these objectives include:
- 30 per cent female representation on the Board by 2018 (achieved in 2016);
- Continued strong female representation (minimum 30 per cent) on the senior leadership; team (achieved, current female representation 38 per cent)
- 40 per cent 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 December 2017:
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.
Workplace Gender Equality Agency (WGEA)
Genworth’s commitment to diversity is reflected in our employment practices including recruitment, training and development, remuneration, talent identification and development, succession planning and flexible work arrangements.
For three consecutive years between 2015 and 2017, Genworth has been recognised by the Workplace Gender Equality Agency (WGEA) as an Employer of Choice for Gender Equality. We believe providing equality of opportunity in our workplace is consistent with our company value of ‘act with integrity’ and is fundamental to our business.
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.
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.