Closing the Gap: What Employers Need to Know About Gender Pay Equity Reporting
“Achieving gender pay equity isn’t just about compliance— it’s a strategic advantage that fosters trust, boosts retention, and attracts top talent.”
Understanding the New Requirements
Mandatory gender pay gap reporting is now required for Australian private sector employers with 100 or more employees, commencing with the 2023–2024 financial year. Under this requirement, employers must submit workforce composition, salary, and bonus data to the Workplace Gender Equality Agency (WGEA). While individual organisation data will not be publicly disclosed initially, industry-wide results will be available, fostering benchmarking and transparency. Given that women in Australia earn, on average, 22.8% less than men, this initiative is a significant step toward addressing pay disparities and promoting accountability.
Steps to Prepare for Compliance
Employers must take proactive steps to comply with the new reporting obligations. A key initial measure is conducting a comprehensive payroll audit to identify and analyse any existing pay disparities. Understanding the reporting framework and requirements is crucial to ensure accurate submissions. Beyond compliance, organisations should leverage collected data to develop strategic action plans aimed at closing pay gaps. This includes reviewing hiring processes, promotion criteria, and bonus structures to ensure they are equitable and gender-neutral.
Engaging leadership in this initiative is vital, as their commitment will drive meaningful change. Transparent communication with employees regarding the steps being taken can help build trust and reinforce an inclusive workplace culture.
The Business Advantage of Pay Equity
Addressing gender pay gaps is not solely a compliance requirement—it is also a strategic business advantage. Organisations that prioritise pay equity often experience higher employee morale, improved retention rates, and an enhanced ability to attract top talent. A fair and equitable workplace fosters engagement and productivity, contributing to long-term organisational success.
At The BelRose Group, we specialise in guiding organisations through gender pay audits, action planning, and compliance with reporting requirements. Our expertise can help your business navigate these changes while strengthening workplace culture and ensuring equitable opportunities for all employees.
Take Action Today
To stay ahead of the changes and demonstrate leadership in workplace equity, contact The BelRose Group today. We can assist in ensuring compliance while supporting your organisation in fostering a fair and inclusive work environment.