Meridian was last night confirmed in the YWCA’s Equal Pay Best Practice Compact for its commitment to pay equity.
Incoming Chief Executive, Neal Barclay, says becoming part of the Compact recognises the work Meridian is doing to drive value by building a fair and diverse organisation.
Meridian’s ongoing commitment to pay equity has closed the pay gap between male and female employees in its organisation from 2.34% to 0.55% across all pay bands in 2017.
“As one of New Zealand’s largest listed companies we play a key role in driving change on important topics like pay equity,” says Barclay. “We understand the benefits of a diverse team and equal pay is fundamental to this.”
Pay equity has been a focus for Meridian since 2013 when a review highlighted that gender imbalance at senior levels was making the biggest difference to pay inequality.
“My predecessor, Chief Executive Mark Binns, worked hard to increase women in senior leadership to 30% by 2016,” says Barclay. “We want to support women who will make great leaders and I’ll be looking to improve on this during my tenure at Meridian,” adds Barclay.
Meridian entered the YWCA Equal Pay Awards for the first time in 2017 and was a finalist in the silver category at the YWCA Equal Pay Awards. Becoming part of the YWCA Equal Pay Best Practice Compact recognises the impact that initiatives have had on pay equality in the company.
- Meridian has measured pay equity since 2013, performing an annual pay audit across all pay bands for the last four years.
- Pay gap at senior levels has been addressed by achieving more female representation in senior leadership, with 33.5% women in senior leadership roles as at June 2017.
- The impact of career breaks are managed for staff, with parents included in the annual remuneration review process whilst they’re on parental leave.
- Gender-neutral practices in the company cover recruitment, remuneration reviews and performance review processes.
- Meridian has long been committed to paying our people fairly. One example is our commitment to paying the majority of our permanent employees at a Living Wage level which now extends to all Meridian companies in NZ.
- Unconscious bias training is provided to all staff, not only hiring managers.
- Meridian is committed to increasing the number of women in people leadership and senior specialist positions to 40% by 2020.
“The progress we have made to close the gender pay gap is good for our workforce, our shareholders and wider society. It’s about fairness. It goes to the heart of who we are as an organisation and I believe who we are as New Zealanders,” says Barclay.
“Businesses understand that achieving pay equity drives real value. It provides the best opportunity to attract the strongest talent and helps foster an environment where the best workforce is retained and grown for the benefit of all.”
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