Frasers Property in Australia
February 2024
Gender Pay Gap Report
2023
Foreward
Frasers Property in Australia (encompassing
Frasers Property Australia and Frasers Property Industrial) has a long-standing commitment to gender equality within its workplaces and the broader property industry:
• Founding member Property Champions of Change Coalition
• Annual WGEA reporting – ongoing compliance
• Accredited WGEA Employer of Choice for Gender Equality
• White Ribbon Accredited
• WiN (Women in Industrial) founding member
• Leading workplace policies, practices and education supporting gender equality and diversity and inclusion
We welcome WGEA’s focus on highlighting the gender pay gap across Australia and shining a light on this important topic.
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About WGEA
The Workplace Gender Equality Agency (WGEA) is an Australian Government statutory agency created by the Workplace Gender Equality Act 2012.
WGEA’s purpose is to:-
• promote and improve gender equality (including equal remuneration between women and men) in employment and in the workplace
• support employers to remove barriers to the full and equal participation of women in the workforce
• promote, amongst employers, the elimination of discrimination on the basis of gender in relation to employment matters (including in relation to family and caring responsibilities)
• foster workplace consultation between employers and employees on issues concerning gender equality in employment and in the workplace
• improve the productivity and competitiveness of Australian business through the advancement of gender equality in employment and in the workplace.
The Act requires employers with 100 or more employees to report annually against six gender equality indicators.
In February 2024 WGEA will publish, for the first time, median gender pay gaps for employers with 100 or more employees.
We have curated this document to share our Gender Pay Gap with you, highlighting our progress and opportunities for improvement.
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What is the Gender Pay Gap?
The gender pay gap is the difference in average earnings between men and women in the workforce.
It is not to be confused with women and men being paid the same for the same, or comparable, job. That is equal pay and has been a legal requirement in Australia since 1969.
The gender pay gap is a useful proxy for measuring and tracking gender equality across a nation, industry or within an organisation.
Closing the gap is important for Australia’s economic future and reflects our aspiration to be an equal and fair society for all.
Increasingly we will see gender pay gap become a key measure of social impact performance (the ‘S’) in ESG.
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Our Pay Gap
(Frasers Property in Australia - data as at WGEA Annual Report submission – March 2023)
Our gender pay gap has reduced year on year since we started tracking it in 2020.
This progress demonstrates that our actions continue to move us in the right direction, increasing females in senior roles &, as importantly, improved gender balance in entry and non-manager roles.
Our gender pay gap over time
All employees 2020-21 2021-22 2022-23
WGEA ‘Industry’ classification:
**(WGEA industry comparison is to “Property Operators & Real Estate Services 500-999 employees”)
We have a gender pay gap, and we know why.
At Frasers Property in Australia (that’s FPA and FPI combined), one of the factors influencing our gender pay gap is the result of fewer women represented in leadership roles and a higher proportion of women represented in entry and nonmanagement roles. Gender pay gap is often influenced by the gender of the most senior leader(s) in an organisation.
Whilst we have made good progress at senior levels, we know it is just as important that our actions are effective throughout the entire organisation.
A more balanced workforce composition across all levels within Frasers Property in Australia will close the gap.
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Median total remuneration 31.3% 29.2% 25.8% Median base salary 31.8% 28.1% 26.3% FPAU compared to Industry**
FPAU **Industry comparison
Median total remuneration 25.8% 27.4% 19.0% Median base salary 26.3% 22.4% 14.5% Average total remuneration 25.9% 27.4% 21.7%
2022-2023
National
Our progress to date
implemented a range of gender workplace initiatives in recent years that we believe reduce our gender pay gap including :
enhanced workplace provisions for our working parents including improved parental benefits, and greater access to associated support networks
adoption of the PCA’s 40:40:20 gender targets for all Frasers Property working groups, leadership teams targeted approach to recruiting women into historically male dominated roles
sponsorship of women at specific property industry networking groups and associated programs to support and supplement their professional development
implementation of gender equality commitment KPIs in the form of Short-Term Incentive scorecards
unconscious bias training for all staff focused on eliminating the potential for bias to influence hiring and talent decisions
internal and external benchmarking of remuneration and incentive arrangements as part of our annual remuneration review process
continuing annual pay audits eliminating like-for-like pay gaps
inclusion of employees on parental leave for annual remuneration and bonus to ensure this cohort remains competitively remunerated.
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What next – our commitment
committed to building upon our progress to date. We will continue to identify opportunities to reduce our gender pay gap by:
implementing 40:40:20 gender representation targets in our recruitment processes
expanding our approach to reviewing our gender pay gaps through the implementation average, median and quartile analysis, providing a comprehensive and more granular insight into the distribution of earnings that will help inform other actions we take to close the gap
ensuring there are no systemic barriers in our decisions, systems and processes, that barriers to closing the gender pay gap
ensuring succession planning continues and recognises the need to bring both female male talent through into critical and non-traditional roles
promoting our parental leave policy that provides support equally for our men women
maintaining and promoting our commitment to flexible work arrangements inc. partwork across all leadership levels including senior roles
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