Why should employers become a WGEA Employer of Choice?

In a tight labour market, an #EOCGE (Employer of Choice for Gender Equality) citation is proving to be a key element to attract and retain great staff and boost business performance.

The citation recognises employers that go beyond compliance and make gender equality a critical part of how they do business. EOCGE employers take meaningful actions towards improving gender equality outcomes in their workplaces through seven criteria:

1. leadership, strategy, and accountability

2. developing a gender balanced workforce

3. gender pay equity

4. support for caring

5. mainstreaming flexible work

6. preventing gender-based harassment and discrimination, sexual harassment, and bullying

7. driving change beyond your workplace.

CEOs of companies that hold the coveted EOCGE citation say the public recognition that comes with being a citation holder has enhanced their ability to attract and attain the best possible talent. Potential employees know these companies follow best practice and have adequate supports in place.

When considering how they can act on gender equality, many employers only calculate the ‘hard’ costs of introducing an initiative such as paid parental leave. Many underestimate the cost to their bottom line of losing or failing to attract quality staff because they’re not competitive in what they offer.

The cost of turnover ranges from 33% of an employee’s salary, to more than 100% for more senior staff. And that doesn’t consider the negative impact on the morale of remaining staff, which can result in lower employee engagement.

As a result of attracting the top talent, EOCGE companies are more likely to be able to build a high performing workforce that will stay long-term. And many of the CEOs also reported a positive commercial impact, which has been backed by evidence.

The 2020 Bankwest Curtin Economics Centre WGEA Gender Equality Insights study found companies that increased the representation of women in key management positions by 10% saw an average increase of 6.6% market value, or the equivalent of $104.7 million.

Similarly, a 10% increase in the representation of women on ASX-listed company boards resulted in a 4.9% average increase in a company’s market value.

Find out how you can become a leading employer and attract top quality staff by reading our WGEA Guide to Citation. If you’re an employer that wants to improve gender equality in your workplace, you can also use the Guide as a roadmap for change.

Want to work for an employer that is demonstrating a commitment to gender equality and valuing its employees? Click on the link to find the names of all the current EOCGE citation holders.