2024 Workforce Trends Report reveals that gender inequity still exists in Australia and women are dissatisfied with the bias in their workplaces. As per the report, female employees are struggling with workplace wellbeing as compared to male employees.

Amongst all the problem in the world, gender inequity tops the list when it comes to challenges faced by women. Over the years, women have always strived to overcome the inequalities and venture in every field possible. However, their every life, be it at home or at work, is riddled with a plethora of challenges.  

In the past few decades, women have been enterprising and explored the corporate sector in order to gain independent. However, workplaces across the world are yet to overcome the inherent gender bias they have been afflicted with. Despite having proved that women are as capable as men, inequalities such as gender wage gap continue to exist in the corporate realm. These factors not only affect their professional life but hampers their mental and physical health as well.

Having a Gross Domestic Product (GDP) of $1692.96 billion in 2022 (as per official data from the World Bank), Australia is one of the highly developed countries across the world. Nevertheless, women struggle to get equality in the workplace in Australia as well.

A global insurance, risk management and consulting firm, Gallagher has produced the 2024 Workforce Trends Report survey which is based on the insights of Australis’s 2,499 full-time, part-time, and casual employees that shows it is the largest report of its kind in the nation.

Struggle of Workplace Wellbeing

The new study, 2024 Workforce Trends Report has been released which reveals that women face lower levels of workplace wellbeing as compared to men while also underlining how gender inequality continues being the reason holding women back at work. Taking into account that the annual report provides a ‘Workplace Wellbeing Index’ that caters as a barometer for how the employers in Australia are tracking in creating positive, safe and effective workplaces for the employees.

2024 is the third consecutive year where the index shows that the male employees consistently claim more positive sentiment across key metrics whereas female employees assert the largest gap between ‘importance’ and ‘satisfaction’. This is prevalent across all Australian workplace remuneration areas considering over a double in comparison to men.

According to the index, this gap indicates towards the (a) base salary (b) incentives (c) employee benefits, exemplifying individuals being focused on the financial aspects of their personal as well as professional lives while given the living pressures’ rising cost.

Analysis of the Report

The largest gaps are more witnessed in case of women rather than men. Women have more than double the gaps across all workplace remuneration areas that includes base salary for women at 33 percent and men at 17 percent; incentives for women at 32 percent and men at 16 percent, and lastly employee perks for women at 26 percent and men at 11 percent.

Gallagher’s Senior Consultant, Laura Bennett stated, “The finding sheds light on the importance of efforts needed to close the gender pay gaps. Tackling the gender pay gap in a continued challenging economic climate with sustained cost of living pressures is both an area of challenge and opportunity for all Australian employers.”

Comparisons of Positive Workplace Wellbeing

As per the study, better workplace wellbeing has been reported by executives and senior leaders in comparison to team members. In estimation, senior leaders and executives claim 63 percent positive wellbeing 72 percent positive engagement while 83 percent goes to an intention to stay with the company whereas 51 percent of the team members claim positive wellbeing, 53 percent towards engaged and 65 percent of them intend to stay.

Researchers say, “Similar to our 2023 report, there is a clear disconnect between the experiences of executives and team members.”

*They call it ‘executive blind spot’.

Adding to the statement, “If they can see past their own experiences, executives may be able to better understand the need for wellbeing programs at their organisations and meet their obligations to provide a workplace in which all staff members can thrive.”

Besides, 64 percent of male executives claimed that they are satisfied with their personal finances whereas only a 45 percent of female executives admits to the same. Likewise, 70 percent of female executives consider ability to work from home important while only 53 percent male executives was counted.

Conclusion

In addition to all the findings, the report also reveals that employees look for family building as well as fertility support from their workplaces that can be in any form i.e., reimbursements that includes egg /sperm freezing, IVF/IUI treatments, adoption, or surrogacy expenses; leave to attend treatments along with on-call support and on-demand education.

In conclusion, women working in the corporate sector of Australia are still struggling and are not satisfied with what they get in comparison to their male counterparts. Improvements can be made by the employers following the consideration of this report and gender equity can be maintained that shall help the country to balance the economy.