Westpac staff can now shout their salaries and bonuses from the rooftop. It's an important step.
Background: Westpac staff have had secrecy clauses in their contracts, which prevent staff from disclosing their salaries to other colleagues.
What happened: It recently removed these clauses from new hire contracts. But now, it's decided to scrap them altogether - even for existing employees.
What else: From today, Westpac staff will be free to shout about their salaries and bonuses from the rooftops. And it's all in the hope that more open pay conversations can help close the gender pay gap.
💡 Pay transparency can be an important tool in combating gender inequality in the workforce. In fact, workplaces that are more transparent about employees' pay have narrower pay gaps.
💡Case in point: when Sony Pictures was hacked and Charlize Theron found out she was being paid $10 million less than her co-star... and negotiated a bigger pay-cheque.
💡Discussing pay has historically been a 'lil taboo - not to mention prohibited by contracts. But as the broader conversation around the gender pay gap grows louder, businesses like Westpac are realising pay transparency is actually a good thing.
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