Medibank unveils first-ever gender pay gap statement

Medibank unveils first-ever gender pay gap statement | Insurance Business Australia

Life & Health

Medibank unveils first-ever gender pay gap statement

Company outlines its strategy

Life & Health

By
Roxanne Libatique

Medibank has unveiled its first-ever statement on its gender pay gap.

Medibank’s median total compensation gender pay gap was recorded at 19.3%, again lower than the sector’s average of 29.9%, with both metrics demonstrating a skew towards higher remuneration for male employees.

Gender equality initiatives

David Koczkar, CEO of Medibank and an active member of the Champions of Change Coalition, underscored the organisation’s role in spearheading gender equality initiatives not only within its precincts but also in the larger societal context. He outlined the strategies employed by Medibank to mitigate gender bias and enhance gender pay equity.

“We recognise the critical role we play in driving gender equality in our business and in the broader community,” he said. “We’re proud to be a leader in gender equality and of the actions that we’ve taken to addressing gender bias, pay equity (like-for-like pay gaps), women in leadership, workplace flexibility, support for parents and carers and family, and domestic violence.”

Highlighting the distinction between pay gap and pay equity – the latter aiming for equal pay for the same or similar work of equal value – Koczkar noted Medibank’s achievements in maintaining a gender pay equity gap below 1% since 2018, following rigorous market rate comparisons.

Acknowledging the gender pay gap within Medibank, Koczkar attributed it to the entrenched gender segregation in Australian workplaces.

“We have a pay gap, and we know why,” he said. “Gender segregation remains persistent in Australia, by industry, occupation, and management category, and this disparity continues to be a key driver of our median gender pay gap.”

Pursuit of gender equality in Australia

The Champions of Change Coalition, together with Medibank and other members, has been actively pursuing gender equality at every leadership tier and working towards rectifying the economic imbalances faced by women in Australia.

Alongside the gender pay gap statement, the coalition introduced its report titled “Closing Gender Pay Gaps: Our Actions and Commitment,” which reinforces the commitment to eradicating gender pay discrepancies across the nation.

Koczkar reaffirmed Medibank’s commitment to rigorously evaluating its gender pay gap and implementing effective measures for sustainable progress.

“We know the drivers of employer gender pay gaps require more than just action at one organisation, and this is why we continue to work closely with other businesses to drive action and change at an industry and national level,” he said.

IAG also recently released a statement on its gender pay gap efforts after the Workplace Gender Equality Agency (WGEA) for the financial year ending in March 2023 revealed a median total remuneration gap of 25.2% and a base salary gap of 27.5% between genders in the group.