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BONUS EP: Happy Equal Pay Day! · She's On The Money

• 0:00
  Speaker 1: She's on the Money. She's on the Money.
• 0:23
  Speaker 2: Hello and welcome to a bonus episode of She's on
• 0:26
  Speaker 2: the Money, the podcast from millennials who want financial freedom.
• 0:30
  Speaker 2: Today is Equal Payday, a day to bring attention to
• 0:33
  Speaker 2: the financial inequality that still exists between men and women
• 0:37
  Speaker 2: in the workplace in Australia. Why is it today? Well,
• 0:41
  Speaker 2: the thirty first of August marks the extra sixty one
• 0:45
  Speaker 2: days from the end of the financial year that women
• 0:47
  Speaker 2: on average need to work to earn the same pay
• 0:50
  Speaker 2: as men. My name is Georgia King, and joining me
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  Speaker 2: to discuss Equal Payday today, including how far we've come
• 0:58
  Speaker 2: and how far we still have to go in closing
• 1:01
  Speaker 2: the gender pay gap is of course financial advisor Victoria
• 1:04
  Speaker 2: Divine V.
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  Speaker 3: Happy Equal Paydata.
• 1:07
  Speaker 4: Oh, happy Equal Payday to you too.
• 1:09
  Speaker 3: My exciting day.
• 1:12
  Speaker 4: Ah, what a time to be alive and be reminded that.
• 1:15
  Speaker 3: For the same work we get paid left. What a dream?
• 1:20
  Speaker 2: Well, that's it, it's it's a day. I hadn't heard
• 1:23
  Speaker 2: of it before. Have you heard of Equal Pay Day before?
• 1:25
  Speaker 3: Yes?
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  Speaker 4: I have, sir.
• 1:26
  Speaker 2: Well that makes sense because you're a financial adviser and
• 1:28
  Speaker 2: I am merely and I'm.
• 1:30
  Speaker 4: Also often on my high horse about being paid equally
• 1:33
  Speaker 4: and equality and rights and all of that. So I'm
• 1:35
  Speaker 4: not surprised that you hadn't heard of it, But that's
• 1:38
  Speaker 4: why we're doing this episode because I think everyone should
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  Speaker 4: hear about it.
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  Speaker 2: One. So let's start from the start. Where did equal
• 1:47
  Speaker 2: Payday come from? What's the point of it took us
• 1:49
  Speaker 2: through all of this stuff?
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  Speaker 4: So Equal Payday or Unequal Payday as it is known,
• 1:54
  Speaker 4: is a day for all of us to take a
• 1:56
  Speaker 4: pause and talk about the gender pay gap which still exists,
• 2:00
  Speaker 4: and remind us all that we have a long way
• 2:02
  Speaker 4: to go in achieving financial equality between genders in the workplace,
• 2:06
  Speaker 4: which is really really sad. Like I just am so
• 2:10
  Speaker 4: upset that we're still having this conversation, like, yes, we've
• 2:12
  Speaker 4: come so far, but we are still so far away
• 2:15
  Speaker 4: from being equal to that of men in the workplace. So,
• 2:18
  Speaker 4: as you said, gee, the date is actually decided by
• 2:21
  Speaker 4: how many extra days women have to work to match
• 2:24
  Speaker 4: earnings of men, and this year it falls on the
• 2:26
  Speaker 4: thirty first of August to mark sixty one extra days
• 2:29
  Speaker 4: that we have to work each and every single year
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  Speaker 4: to earn exactly the same amount of money.
• 2:34
  Speaker 3: So if you want to know the.
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  Speaker 4: Nitty gritty of exactly how they calculate it, because I
• 2:37
  Speaker 4: always do to quote the WGA website. They derive the
• 2:42
  Speaker 4: difference between women's and men's average full time earnings as
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  Speaker 4: a percentage of women's earnings and multiply that figure by
• 2:49
  Speaker 4: three hundred and sixty five days weekly earnings.
• 2:52
  Speaker 3: Right.
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  Speaker 4: Yes, it is the weekly earnings. And it's an initiative
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  Speaker 4: from the Workplace Gender Equality Agency, who we respect the
• 3:00
  Speaker 4: very highly, and they are a government organization that was
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  Speaker 4: set up in nineteen eighty six and it was designed
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  Speaker 4: to help progress gender inequality, equality opportunities, and pay equality
• 3:10
  Speaker 4: in the workplace. I think up front, something that I
• 3:13
  Speaker 4: really want to talk about here is we are talking
• 3:15
  Speaker 4: men versus women, And when we were researching the episode
• 3:18
  Speaker 4: to give you guys all the juicy, sexy statistics, the
• 3:21
  Speaker 4: thing that we were most disappointed about was the lack
• 3:24
  Speaker 4: of research, the lack of study, the lack of information
• 3:28
  Speaker 4: that existed around minority groups. So, yes, we're talking about
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  Speaker 4: women being worse off, but I guarantee you the statistics
• 3:36
  Speaker 4: would be far worse for people of color, for people
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  Speaker 4: who are trans, for anybody in the LGBTQI plus community,
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  Speaker 4: they are definitely going to be even worse off than women.
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  Speaker 4: And it is a shame that on a day like today,
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  Speaker 4: we don't have significant statistics to share with you around
• 3:52
  Speaker 4: that level of inequality, because it is wild to think
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  Speaker 4: how far they are behind in comparison to even women.
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  Speaker 4: So I just want to put that upfront. It's not
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  Speaker 4: because we're trying to avoid that topic. It's because the
• 4:03
  Speaker 4: research does not exist, like we haven't done enough, like
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  Speaker 4: we even see it on surveys like Georgia. Do you
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  Speaker 4: remember doing the census. It wasn't that long ago. Literally
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  Speaker 4: I put feedback in my sensus because the only gender
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  Speaker 4: options were male and female, like they did. Yes, they
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  Speaker 4: didn't even in the census have any information for people
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  Speaker 4: to say I don't want to disclose, or you know,
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  Speaker 4: I'm not either of those options, or I'm something else.
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  Speaker 4: And to me in twenty twenty one, it was like,
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  Speaker 4: that's a really big fail on behalf of the government
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  Speaker 4: doing a nationwide survey to not see that as an
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  Speaker 4: epic opportunity to one make people feel included, but two
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  Speaker 4: to actually collect that information because it is relevant to us.
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  Speaker 4: It is something we need to care about and by
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  Speaker 4: not putting that option there, they're saying they don't care.
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  Speaker 3: Yeah.
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  Speaker 2: I also emailed the WGEA P to ask what they
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  Speaker 2: are doing in terms of research. I haven't heard back yet,
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  Speaker 2: but when I do hear, I'll let you guys know,
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  Speaker 2: because I assume they are working in that area.
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  Speaker 3: I think they are out of me.
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  Speaker 4: Yeah, yeah, I absolutely think they are. It's just really
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  Speaker 4: sad that not enough information exists around that because also
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  Speaker 4: we have a lot of people from those communities in
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  Speaker 4: our community and it just makes sense that we talk
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  Speaker 4: to those people as well and not just go hey,
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  Speaker 4: this is women only. So every stat you hear everything
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  Speaker 4: that we talk about in this podcast, I want you
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  Speaker 4: to know, yeah, that's awful, but it's worse for those
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  Speaker 4: minority groups. And as soon as we have all that
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  Speaker 4: information and all the research, you best believe we'll be
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  Speaker 4: doing an entire episode on it. Okay, So where are
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  Speaker 4: we at in Australia when it comes to this issue. Oh? Look,
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  Speaker 4: unfortunately we have taken a step backwards over the last
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  Speaker 4: six months, which let's blame it on COVID. It's not
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  Speaker 4: just the fact that you know, women are not being
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  Speaker 4: as valued. That's a really I mean in comparison to
• 6:02
  Speaker 4: some of the other reasons, I think that's a pretty
• 6:04
  Speaker 4: good reason to have taken a step back. But the
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  Speaker 4: gender pay gap is currently fourteen point two percent, which
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  Speaker 4: is a rise of zero point eight percent over the
• 6:13
  Speaker 4: last six months.
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  Speaker 2: So that's pretty It was thirteen point four I think
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  Speaker 2: when we last spoke about this issue, yes it was.
• 6:19
  Speaker 4: So that's obviously disappointing, but from my perspective not the
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  Speaker 4: be all end all like. It's definitely something we can
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  Speaker 4: recover from. On average, though, while men working full time
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  Speaker 4: earned eighteen hundred and thirty seven dollars per week, women
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  Speaker 4: earned fifteen hundred and seventy five dollars fifty which is
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  Speaker 4: a total weekly Georgia difference of two hundred and sixty
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  Speaker 4: one dollars fifty or thirteen grand a year. So j
• 6:45
  Speaker 4: people might not think that that's that much because obviously,
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  Speaker 4: when it comes to the gender pay gap, there are
• 6:51
  Speaker 4: so many different factors, and you go, okay, well, women
• 6:53
  Speaker 4: take time off, and they do lots of unpaid labor
• 6:56
  Speaker 4: and all of that, But at the end of the day,
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  Speaker 4: how many of your mates do are paying two hundred
• 7:01
  Speaker 4: and fifty bucks a week rent? Look like that that
• 7:03
  Speaker 4: is truly, truly rent thirteen grand a year is so
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  Speaker 4: much money, Like if you were investing that amount, that's
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  Speaker 4: literally like over one thousand dollars a month that you
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  Speaker 4: could invest or save that men can do that week
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  Speaker 4: andnot And I just feel like that is so much
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  Speaker 4: money and we really need to take this seriously not
• 7:22
  Speaker 4: just go yeah, the pay gap exists, Like what does
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  Speaker 4: that mean? That means that if somebody is earning two
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  Speaker 4: hundred and sixty one dollars fifty more than a female
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  Speaker 4: each and every single week, they would have more than
• 7:35
  Speaker 4: one point two million dollars more in retirement had they
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  Speaker 4: invested that amount.
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  Speaker 2: Geez gee, what that like?
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  Speaker 3: That is a perspective.
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  Speaker 4: That is so much money. And one point two million
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  Speaker 4: dollars in retirement gives you about a sixty thousand dollars
• 7:50
  Speaker 4: income stream each and every single year. So that is
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  Speaker 4: wild if you extrapolate that out and be a little
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  Speaker 4: bit dramatic, but like if I'm anything, I am dramatic
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  Speaker 4: only podcasts. So WGA data also shows that in Australia,
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  Speaker 4: women's average full time wages are lower than men's across
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  Speaker 4: every industry and occupation. So not just some every single one. Surprisingly,
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  Speaker 4: organizations which have big female presences like education and training, healthcare,
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  Speaker 4: and social assistance sectors were revealed to be the lowest
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  Speaker 4: on average when it comes to their quote approach to
• 8:26
  Speaker 4: gender pay equality in the workplace. Plus they've shown the
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  Speaker 4: least improvement over the last five years. This is in
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  Speaker 4: contrast to industries like mining, finance, and insurance, who rank
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  Speaker 4: much higher.
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  Speaker 3: Than That's so surprising, though, isn't it.
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  Speaker 2: I know mine would be leading the way.
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  Speaker 4: Yeah, I feel like because there actually aren't as many
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  Speaker 4: women in mining, the gap isn't as big, And oh,
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  Speaker 4: I don't want to be that guy. But like, if
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  Speaker 4: you look at all of the data about the types
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  Speaker 4: of jobs women want to do, like on a base level,
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  Speaker 4: women are more maternal. Not saying that this is acceptable,
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  Speaker 4: women in war maternal. We're more quote caring. I'm not
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  Speaker 4: saying that that is true of everybody, but like we're
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  Speaker 4: talking about the topic and women are more likely to
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  Speaker 4: choose things like nursing and teaching and caring social assistance roles,
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  Speaker 4: which I think is really great. But because of that,
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  Speaker 4: we aren't valued as much because like that's a woman's
• 9:22
  Speaker 4: job and like that's not the case, I definitely don't
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  Speaker 4: believe that. But over COVID G, we've learnt very quickly,
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  Speaker 4: which we all should have known already, that people in education,
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  Speaker 4: people in healthcare, people in social assistance are the most
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  Speaker 4: important people in our community, yet they're the ones being
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  Speaker 4: paid the least.
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  Speaker 2: What. Yeah, it's a very backward system, isn't It makes
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  Speaker 2: no sense.
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  Speaker 4: It is wild. And last week, G, you and I
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  Speaker 4: spoke on our retirement episode that this stuff really matters
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  Speaker 4: long term, and I obviously just gave you an example
• 9:51
  Speaker 4: of what that means if you had invested it all
• 9:53
  Speaker 4: the way to retirement. But it doesn't just impact the
• 9:57
  Speaker 4: amount of money that you get in your back pocket
• 9:59
  Speaker 4: each and every single way. It also impacts our super
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  Speaker 4: because obviously, if you're earning less, you are having less
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  Speaker 4: super contributed. And we need to talk about this and
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  Speaker 4: understand how it's not just two hundred and sixty one
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  Speaker 4: dollars a week. It adds up so much over a
• 10:13
  Speaker 4: working lifetime.
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  Speaker 2: Even all of that are side b Like if I
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  Speaker 2: had an extra two hundred and sixty one dollars a week,
• 10:20
  Speaker 2: like the things I would do with it, you know,
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  Speaker 2: Like that is a substantial sum it would cover my rent,
• 10:26
  Speaker 2: it would cover my groceries, Like it's a big comfort
• 10:30
  Speaker 2: that we don't live with.
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  Speaker 4: I guess, yeah, And I mean it's on average and
• 10:34
  Speaker 4: lots of people. Yeah, oh my gosh, be like it's
• 10:36
  Speaker 4: not that's not exactly what it means. But let's be honest,
• 10:40
  Speaker 4: at the end of the day, that's an average g
• 10:42
  Speaker 4: So for some women, that's five hundred dollars a week. Yes,
• 10:45
  Speaker 4: for some it might only be thirty cents, but that
• 10:49
  Speaker 4: is massive on average to have. And the fact that
• 10:52
  Speaker 4: the average is only two hundred and sixty one means
• 10:55
  Speaker 4: there's a lot of people on either side of that number,
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  Speaker 4: and that is what concerning.
• 11:01
  Speaker 2: Yeah, definitely, before we go any further, let's talk about
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  Speaker 2: what the gender pay gap actually measures and the difference
• 11:08
  Speaker 2: between that and what pay equality is, because yes, I
• 11:11
  Speaker 2: had to head it, so yeah, let's make it really cool.
• 11:14
  Speaker 2: And I'm obviously wild about pay equality. Like pay equality
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  Speaker 2: to me is a no brainer. So pay equality refers
• 11:22
  Speaker 2: to the pay for work of equal or comparable value.
• 11:25
  Speaker 2: So equal pay is not just about equal wages. Equal
• 11:28
  Speaker 2: pay takes into account all of the other things, So
• 11:30
  Speaker 2: like discretionary pay, your allowances, performance payments, merit payments, all
• 11:34
  Speaker 2: of that fun stuff, including superannuation and unequal pay is
• 11:39
  Speaker 2: one of the key drivers of the gender pay gap.
• 11:43
  Speaker 2: Equal pay is when men and women receive equal pay
• 11:46
  Speaker 2: for the work of equal or comparable value. So it's
• 11:49
  Speaker 2: not the pay gap. The pay gap is actually made
• 11:53
  Speaker 2: up of a lot of different things. But the gender
• 11:56
  Speaker 2: pay gap measures the difference between the average earnings.
• 11:59
  Speaker 4: Of men and women in.
• 12:00
  Speaker 3: The workforce, not for lack for like jobs.
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  Speaker 4: It's not the difference between two workers being paid differently
• 12:07
  Speaker 4: for the same job, because that's actually illegal, and if
• 12:10
  Speaker 4: that's happening to you, my friend, you need to whistle
• 12:13
  Speaker 4: blow on that asap. So basically, the gender pay gap
• 12:17
  Speaker 4: refers to the difference on average between what women and
• 12:20
  Speaker 4: men get paid across different industries and organizations in.
• 12:24
  Speaker 3: The workforce over all.
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  Speaker 4: Does that make sense, Yeah, So it's kind of the
• 12:28
  Speaker 4: larger scope of the thing. It's like, yeah, it's the
• 12:32
  Speaker 4: bigger picture. It's made a bigger picture so many different things.
• 12:35
  Speaker 4: So it's not just being paid equally. It's also like
• 12:39
  Speaker 4: parental leave and things like that that all add up
• 12:42
  Speaker 4: and actually put us as women behind.
• 12:45
  Speaker 2: Yeah, and that leads me perfectly to my next question,
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  Speaker 2: which is why the gap.
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  Speaker 3: Let's talk about it.
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  Speaker 2: What are the facts?
• 12:52
  Speaker 3: So many contributing.
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  Speaker 4: Factors, which is really frustrating, but it all comes down
• 12:57
  Speaker 4: to the lack of value for women in the workplace,
• 12:59
  Speaker 4: sad but true, as well as the many barriers that
• 13:03
  Speaker 4: lead to a lack of women in senior, high paying roles.
• 13:06
  Speaker 4: It's not necessarily something deliberate, Let's just put that out there.
• 13:10
  Speaker 4: It's quite ingrained in many workplace cultures, which sees things
• 13:13
  Speaker 4: like conscious and unconscious biases in decisions around who to
• 13:17
  Speaker 4: hire and what to pay employees.
• 13:20
  Speaker 3: There are a whole heap of other.
• 13:21
  Speaker 4: Reasons as well g for the gap, including women working
• 13:23
  Speaker 4: part time time out of the workforce to care for
• 13:26
  Speaker 4: and raise families, which not only means they're not earning
• 13:29
  Speaker 4: money or super but they're losing the opportunity to continue
• 13:32
  Speaker 4: building their.
• 13:33
  Speaker 3: Careers in those years.
• 13:35
  Speaker 4: So like when you finally go back to the workforce,
• 13:37
  Speaker 4: how many times have we heard stories of women going, oh, well,
• 13:39
  Speaker 4: I worked in marketing and you know, been trying to
• 13:41
  Speaker 4: get back into the workforce, but because I've been out
• 13:44
  Speaker 4: for five years, they think that I'm redundant. Because you
• 13:46
  Speaker 4: know I'm not up with what TikTok is doing and
• 13:49
  Speaker 4: what the world is doing, and I know that those
• 13:51
  Speaker 4: are generalized examples, but you can see why they end
• 13:55
  Speaker 4: up adding up in that way. I'm not saying it's
• 13:57
  Speaker 4: acceptable by any stretch of the imagination, but it is
• 14:00
  Speaker 4: an example of how that works.
• 14:03
  Speaker 3: Gee.
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  Speaker 4: We know women also take on a large load on
• 14:06
  Speaker 4: average when it comes to things like unpaid work and
• 14:08
  Speaker 4: domestic work around the house. And I have no doubt
• 14:11
  Speaker 4: when our census comes back from this year it is
• 14:14
  Speaker 4: going to say exactly the same thing as it always has,
• 14:16
  Speaker 4: and that is women do more work around the household
• 14:19
  Speaker 4: than men do, and a lack of workplace flexibility exists
• 14:22
  Speaker 4: with hours that mean they may not be able to
• 14:24
  Speaker 4: take on larger workplace roles like senior roles, because they
• 14:28
  Speaker 4: need flexibility, right. They actually have family commitments that they
• 14:32
  Speaker 4: want to meet, which is so fair, and female dominated
• 14:35
  Speaker 4: industries like healthcare and teaching they attract lower wages, which
• 14:39
  Speaker 4: is confusing given how important they are. And we ranted
• 14:41
  Speaker 4: about it before because they are literally keeping us alive
• 14:44
  Speaker 4: and educated.
• 14:44
  Speaker 2: Oh they this topic has me.
• 14:48
  Speaker 4: I'm angry all the time.
• 14:50
  Speaker 2: Yeah, well rightly, so it's a very frustrating topic, but
• 14:54
  Speaker 2: you know, we will be talking about what the future
• 14:56
  Speaker 2: looks like on the other side of the break, and
• 14:58
  Speaker 2: hopefully that will leave us feeling with a little bit
• 15:01
  Speaker 2: more hope in our heart, a.
• 15:02
  Speaker 4: Little bit more empowered.
• 15:03
  Speaker 3: Yes, we'll be so stick around.
• 15:05
  Speaker 4: Friends.
• 15:11
  Speaker 2: We touched on it in the first half of the
• 15:13
  Speaker 2: show a little bit. They're talking about how minority groups
• 15:17
  Speaker 2: are so much worse off in this whole debacle.
• 15:20
  Speaker 3: We didn't find many stats.
• 15:22
  Speaker 2: Because there aren't many that have been created yet, but
• 15:24
  Speaker 2: we did find some stuff, So can you talk us
• 15:27
  Speaker 2: through that.
• 15:27
  Speaker 4: We know that there are frustratingly very few statistics that
• 15:30
  Speaker 4: sit around this, and you know what, it makes me
• 15:33
  Speaker 4: really interested in potentially doing your own study to find
• 15:36
  Speaker 4: these stats so we can start putting things on the
• 15:38
  Speaker 4: table and say, no, this is serious as well. We
• 15:40
  Speaker 4: need to take this into consideration. But there are a
• 15:43
  Speaker 4: few factors that are to it, and a lot of
• 15:46
  Speaker 4: the stats that we've got now actually come from the US,
• 15:48
  Speaker 4: so we're going to go with them because there's not
• 15:50
  Speaker 4: a lot coming out of Australia. But the few factors
• 15:53
  Speaker 4: are things like systemic racism and biases that see white
• 15:56
  Speaker 4: people promoted and employed at higher rates than people of color, which.
• 15:59
  Speaker 3: Is hard breaking.
• 16:01
  Speaker 4: And there's a quote that I will read out because
• 16:04
  Speaker 4: it is from a research paper and I thought it
• 16:06
  Speaker 4: was really interesting. It is from the US and it
• 16:08
  Speaker 4: says that interactions between individual characteristics can have significant impact
• 16:13
  Speaker 4: on gender pay gaps. For example, research from the United
• 16:16
  Speaker 4: States looks at women's earnings as a percentage of a
• 16:20
  Speaker 4: white man's earnings and finds that in twenty eighteen, the
• 16:24
  Speaker 4: gender pay gap for all women compared to white men
• 16:27
  Speaker 4: was nineteen point nine percent, but rose to thirty four
• 16:31
  Speaker 4: point seven percent for Black women and thirty eight point
• 16:35
  Speaker 4: four percent for Hispanic women. The gap can be exasperated
• 16:39
  Speaker 4: even further in different parts of the United States, which
• 16:42
  Speaker 4: g oh awful Like I would hate to think what
• 16:46
  Speaker 4: those stats are for other people of the LGBTQI plus community,
• 16:51
  Speaker 4: and for example, black women in Louisiana, which we know
• 16:55
  Speaker 4: is definitely not nearly as progressive as.
• 16:57
  Speaker 3: Other parts of the USA.
• 16:59
  Speaker 4: A page just forty nine cents for every dollar paid
• 17:02
  Speaker 4: to a white man. More work needs to be done,
• 17:06
  Speaker 4: obviously on how intersectionality impacts gender pay gaps in Australia,
• 17:10
  Speaker 4: but I think it's one of those things that I
• 17:13
  Speaker 4: think we would be horrified to find out what the
• 17:16
  Speaker 4: statistics are here in Australia. And I'm not saying that's
• 17:19
  Speaker 4: why the research hasn't been done. I think it's just
• 17:21
  Speaker 4: not being done yet. But I can't wait for it
• 17:24
  Speaker 4: to exist so we can start closing those gaps and
• 17:27
  Speaker 4: actually start making it not an issue.
• 17:30
  Speaker 2: What does the future look like at the moment be
• 17:33
  Speaker 2: because this is all quite doom and gloomy, but obviously
• 17:36
  Speaker 2: we've come a long way in the last fifty years,
• 17:39
  Speaker 2: so what do the next fifty years look like?
• 17:41
  Speaker 4: So according to research done by our friends at the
• 17:43
  Speaker 4: WGA and the Bank West Curtain Economics Center, it's expected
• 17:48
  Speaker 4: that it's going to take another twenty six years for
• 17:52
  Speaker 4: the full time total remuneration gender pay gap to close completely, which.
• 17:57
  Speaker 3: That's a long time ge That's how can we be
• 17:59
  Speaker 3: by then?
• 18:00
  Speaker 4: Will be in my fifties, You'll be in your fifties,
• 18:03
  Speaker 4: you're reigning for retirement, or I hope you'll be ready
• 18:06
  Speaker 4: for retirement because you'll be investing that two hundred and
• 18:08
  Speaker 4: sixty one dollars fifty per.
• 18:09
  Speaker 3: Week, won't you?
• 18:10
  Speaker 4: Absolutely right? Fantastic you'll be ahead of the game. I
• 18:14
  Speaker 4: love it. But twenty six years old, gee, you are
• 18:17
  Speaker 4: like what twenty seven years old? Yeah, like that's an
• 18:20
  Speaker 4: entire lifetime. That is that's wild, that is absolutely wild.
• 18:25
  Speaker 4: But at the same time, that's not too bad. We
• 18:28
  Speaker 4: can do that, and I think that there are definitely
• 18:30
  Speaker 4: a few things that we could do to turbo charge
• 18:33
  Speaker 4: that and.
• 18:33
  Speaker 3: Make it happen sooner.
• 18:34
  Speaker 4: But positively, the research actually found the gap will close
• 18:37
  Speaker 4: over the next ten years for executives, which I think
• 18:39
  Speaker 4: is really exciting because obviously, leadership roles are a really
• 18:43
  Speaker 4: big topic when it comes to gender and pay and equality.
• 18:47
  Speaker 4: And I read a fact the other day, what fact all,
• 18:51
  Speaker 4: Oh my gosh, I'm so excited about this. Of all
• 18:53
  Speaker 4: of the ASX listed top two hundred companies, not one
• 18:58
  Speaker 4: of them has an all megel or anymore.
• 19:00
  Speaker 3: Oh that's you. How cool? Is that?
• 19:03
  Speaker 2: Well done?
• 19:04
  Speaker 4: Well done? ASX top ten hundred. There you your work,
• 19:08
  Speaker 4: keep it good.
• 19:09
  Speaker 2: So when you say executives, that means like CEOs and CEO.
• 19:14
  Speaker 4: Level CEO CFOs like executive roles that are pretty fancy pants.
• 19:19
  Speaker 2: Okay, so I'm happy for them, but I guess that's
• 19:21
  Speaker 2: not many of us, is it.
• 19:23
  Speaker 4: No, Let's just take this more wins and celebrate everything
• 19:28
  Speaker 4: that we can.
• 19:29
  Speaker 2: And so, how are you feeling about this feet as
• 19:31
  Speaker 2: a business chick? Girl boss? Are you feeling optimistic about
• 19:35
  Speaker 2: the future? Sorry for saying girl boss, that was really name.
• 19:39
  Speaker 4: I don't like the term girl boss, but actually wait
• 19:41
  Speaker 4: wait full disclosure for everyone listening, Victoria Divine was wearing
• 19:47
  Speaker 4: a shirt last time we recalled said hashtag girls lady boss,
• 19:51
  Speaker 4: oh lady slightly better. Someone gifted it to me, and
• 19:55
  Speaker 4: I thought it was satirical, Like I thought it was funny,
• 19:59
  Speaker 4: Like I don't like being called a girl boss because like,
• 20:01
  Speaker 4: from my perspective, I'm just a boss, Like, yeah, my
• 20:05
  Speaker 4: gender actually has nothing to do with how I'm running
• 20:07
  Speaker 4: my business. And I would like to be known as
• 20:09
  Speaker 4: a good human and a good person, not just a
• 20:11
  Speaker 4: female running a business. Like I don't want to be token,
• 20:14
  Speaker 4: like you know what I mean. Coming from someone who
• 20:16
  Speaker 4: has a business called She's on the Money, I think
• 20:19
  Speaker 4: some people are going to be like they like, do
• 20:21
  Speaker 4: you realize what you're doing? And I'll be like, well yes,
• 20:23
  Speaker 4: but like the she and She's on the Money is
• 20:25
  Speaker 4: meant to be me and our community is so diverse,
• 20:28
  Speaker 4: and calling me a girl boss, Like, what's the point
• 20:30
  Speaker 4: of that? Like, I just want to be a total boss,
• 20:32
  Speaker 4: Like compare me to the men, Like do you know
• 20:34
  Speaker 4: what I mean?
• 20:34
  Speaker 3: Totally?
• 20:35
  Speaker 4: I don't want to be just the best woman in business.
• 20:38
  Speaker 4: I want to be the best person in business.
• 20:39
  Speaker 2: You know, I apologize for calling you shoot.
• 20:42
  Speaker 3: For the girls?
• 20:42
  Speaker 2: Does? So back to where we began, there, are you
• 20:46
  Speaker 2: optimistic about the future boss? The person?
• 20:50
  Speaker 4: Very I mean fifty years ago, a female running a finance.
• 20:54
  Speaker 3: Company would have been unheard of.
• 20:56
  Speaker 4: It would have been completely unfathomable. Like it is one
• 20:59
  Speaker 4: of those things that I can see the progression in
• 21:03
  Speaker 4: my own industry happening in leaps and bounds, and seeing
• 21:06
  Speaker 4: all of the beautiful females that are coming into our
• 21:09
  Speaker 4: industry is so special because even like six years ago,
• 21:14
  Speaker 4: when I was going to conferences and you know, meeting
• 21:17
  Speaker 4: people in the industry, I would very often be the
• 21:19
  Speaker 4: only female in the room and I would feel really uncomfortable.
• 21:23
  Speaker 4: And that is starting to become not a thing. And
• 21:26
  Speaker 4: it's really exciting and it's really empowering, and I love
• 21:29
  Speaker 4: that more women are taking up bigger roles in different
• 21:33
  Speaker 4: roles and starting to saturate industries that were predominantly male historically.
• 21:38
  Speaker 4: But I do think we still have a long way
• 21:41
  Speaker 4: to go. And yeah, my LinkedIn dms are a very
• 21:45
  Speaker 4: big factor in why I think we still have a
• 21:47
  Speaker 4: very long way to go.
• 21:47
  Speaker 2: Wait, what do you mean, What do you mean by that?
• 21:49
  Speaker 4: Oh? The amount of men and their audacity in my
• 21:52
  Speaker 4: LinkedIn dms, like it is one of the reasons I
• 21:55
  Speaker 4: don't love LinkedIn.
• 21:56
  Speaker 2: Gus in being little pervs.
• 21:58
  Speaker 3: Yeah, just being little pests.
• 22:00
  Speaker 4: Oh, absolutely, that's that's inappropriate and gross. That is kind
• 22:04
  Speaker 4: of gross, getting the bin. I'll start calling you out publicly. Good,
• 22:09
  Speaker 4: I've screened you for that, and send it to your wife,
• 22:11
  Speaker 4: bloody oath.
• 22:12
  Speaker 2: Didn't you do that last year? Not send it to
• 22:14
  Speaker 2: the wife.
• 22:14
  Speaker 3: But you did not. I posted it on LinkedIn.
• 22:16
  Speaker 2: That was good.
• 22:17
  Speaker 4: Yeah, I just I do like calling people out. And
• 22:20
  Speaker 4: you've probably seen it on my Instagram very recently, me
• 22:23
  Speaker 4: getting on my high horse about vaccinations and public health.
• 22:27
  Speaker 4: And I just think that these things are really important
• 22:29
  Speaker 4: to talk about because we aren't just talking.
• 22:32
  Speaker 3: About, you know, ourselves.
• 22:34
  Speaker 4: We aren't just saying this is going to be better
• 22:36
  Speaker 4: for Victoria, like we are saying this is going to
• 22:38
  Speaker 4: be better for our community. And I'm just about a
• 22:40
  Speaker 4: point where I'm really sick of hearing the division between
• 22:43
  Speaker 4: New South Wales and Queensland and what's happening over in
• 22:45
  Speaker 4: Perth and what's happening in Victoria, because at the end
• 22:48
  Speaker 4: of the day, like Australia is a community, like we're
• 22:50
  Speaker 4: all in this together, and like I got vaccinated yesterday. Gee,
• 22:54
  Speaker 4: we're just so exciting and I feel so grateful. But
• 22:58
  Speaker 4: it's also one of those things that I'm really grateful,
• 23:01
  Speaker 4: but not just because I'm protected, because I'm looking after
• 23:05
  Speaker 4: people who can't get vaccinated and minority groups in our
• 23:07
  Speaker 4: communities that are not actually able to access those things
• 23:11
  Speaker 4: and have them. And you know, it's it's cool to
• 23:14
  Speaker 4: do something for the greater good and be a part
• 23:16
  Speaker 4: of a community, and especially in Australia where we are
• 23:20
  Speaker 4: so lucky to have Medicare and a public health system
• 23:24
  Speaker 4: and a government that genuinely cares about our well being.
• 23:27
  Speaker 3: Like so so lucky. G All right, let's get back
• 23:33
  Speaker 3: to gen leap.
• 23:33
  Speaker 2: Let's get back to it to finish off today's show.
• 23:36
  Speaker 2: Let's talk about what we can be doing to make
• 23:38
  Speaker 2: change happen. When it comes to the gender pay gap
• 23:41
  Speaker 2: happen faster.
• 23:43
  Speaker 4: So first things first, I want you to have more
• 23:45
  Speaker 4: money conversations. Keep on keeping on. She's on the money community.
• 23:48
  Speaker 4: You are doing epic things, and I just feel like
• 23:52
  Speaker 4: this is only the beginning for what we can do
• 23:54
  Speaker 4: in this money space. Talk about our salaries, Tell your
• 23:57
  Speaker 4: friends what you earn. If you're going to go for
• 23:59
  Speaker 4: a pay increase, talk to people in the industry about
• 24:02
  Speaker 4: what they're earning. I don't think that there is any
• 24:04
  Speaker 4: shame in talking about this. Obviously, if you don't want to,
• 24:07
  Speaker 4: don't do that. But I think being more open just gives.
• 24:10
  Speaker 3: Us more leverage.
• 24:12
  Speaker 4: Know you're worth, like, know what your role is worth.
• 24:15
  Speaker 4: Know if you're being underpaid. So many times I speak
• 24:18
  Speaker 4: to people and I'll say, hey, are you being paid
• 24:21
  Speaker 4: what is average? Or you being overpaid? And they're like, oh,
• 24:24
  Speaker 4: I don't know, I've never looked into it. Go find
• 24:27
  Speaker 4: your salary guide, Go find what your average industry pay is,
• 24:31
  Speaker 4: and make sure that's the base expectation that you are
• 24:34
  Speaker 4: aiming for. From an organizational point of view. Libby Lyon,
• 24:38
  Speaker 4: who is the director of WGEA, she says research proves
• 24:42
  Speaker 4: that regular audits close pay gaps faster. The twenty twenty
• 24:47
  Speaker 4: one Gender Equality Insights Report from BCEC and WGEA showed
• 24:52
  Speaker 4: that employees who consistently did pay audits between twenty fifteen
• 24:57
  Speaker 4: and twenty twenty close their managerial pay gaps faster than
• 25:01
  Speaker 4: all other companies. By contrast, those who stop doing pay
• 25:06
  Speaker 4: audits actually saw their managerial pay gaps increase. So that
• 25:10
  Speaker 4: is pretty powerful. And if you personally want to support
• 25:12
  Speaker 4: Equal Payday, follow along with their twenty twenty one theme,
• 25:15
  Speaker 4: which is what's your pay gap as a hashtag, which
• 25:18
  Speaker 4: is quite cute, and ask how your workplace measures and
• 25:22
  Speaker 4: acts to address its gender pay gap, which I think
• 25:25
  Speaker 4: that's just a given. Ask KHR see what they're doing.
• 25:28
  Speaker 4: Are they actually running something today to talk about hashtag
• 25:32
  Speaker 4: what's your pay gap? Or are they just not addressing it?
• 25:34
  Speaker 4: I think it is really really important, and we can
• 25:37
  Speaker 4: obviously share that on socials, which I think we should
• 25:40
  Speaker 4: all do as well. I know I will be. And
• 25:42
  Speaker 4: you can find out more about equal Payday and equal
• 25:45
  Speaker 4: pay and literally everything to do with gender equality by
• 25:49
  Speaker 4: heading to the WGEA website, which is where we sour
• 25:52
  Speaker 4: still a lot of our stats for today's show, So
• 25:54
  Speaker 4: thank you, big shout out to them for making this
• 25:56
  Speaker 4: really easy for us to research, which is very kind,
• 26:00
  Speaker 4: but we genuinely love it.
• 26:01
  Speaker 3: Because it is a super valuable website, so we'll be.
• 26:03
  Speaker 4: Sure to link that in our show notes as well.
• 26:05
  Speaker 2: J one hundred percent All right, v D. I think
• 26:07
  Speaker 2: that is all we have time for today, but thank
• 26:09
  Speaker 2: you so much for the many words of wisdom. I
• 26:12
  Speaker 2: feel like I learned a lot today.
• 26:13
  Speaker 3: It's good to.
• 26:14
  Speaker 2: Kind of see how far we've come and how far
• 26:16
  Speaker 2: we still have to grow. And hopefully everyone listening today
• 26:19
  Speaker 2: has learned something as well.
• 26:21
  Speaker 4: Yeah, I think we all did, and I think it's
• 26:22
  Speaker 4: just something we should talk about more often and.
• 26:25
  Speaker 2: More keep talking about it.
• 26:26
  Speaker 4: But as always, that is all we have time for today.
• 26:30
  Speaker 4: So just before we head off, we'd like to acknowledge
• 26:32
  Speaker 4: and pay respect to Australia's Aboriginal and torust Right Islander people's.
• 26:37
  Speaker 4: They're the traditional custodians of the lands, the waterways and
• 26:40
  Speaker 4: the skies all across Australia. We thank you for sharing
• 26:44
  Speaker 4: and for caring for the land on which we are
• 26:46
  Speaker 4: able to learn. We pay our respects to orders past
• 26:49
  Speaker 4: and present, and we share our friendship and our kindness.
• 26:51
  Speaker 2: And remember, guys, the advice sheared on She's on the
• 26:54
  Speaker 2: Money is general in nature and does not consider your
• 26:56
  Speaker 2: individual circumstances. She's on the Money exists for educational purposes
• 27:01
  Speaker 2: and should not be relied upon to make an investment
• 27:03
  Speaker 2: or a financial decision. And we promise Victoria Devine is
• 27:07
  Speaker 2: an authorized representative of Australia Pacific Funds Management Proprietary Limited ABEN.
• 27:13
  Speaker 2: Oh gosh, my my screen's fuzzy and I couldn't see
• 27:15
  Speaker 2: the numbers and I don't remember them.
• 27:18
  Speaker 4: I'll do it an three four two four six three
• 27:21
  Speaker 4: two five seven afs L three three nine one five one.
• 27:26
  Speaker 4: Don't say I don't do anything for you. But let's
• 27:30
  Speaker 4: continue this conversation about equal Payday over in our Facebook
• 27:33
  Speaker 4: group where our community is going. I'm assuming rife over
• 27:37
  Speaker 4: this topic. We chat money topics, money conversations and share
• 27:41
  Speaker 4: tips and tricks every single day of the week, free
• 27:43
  Speaker 4: of judgment. Just so She's on the money on Facebook
• 27:46
  Speaker 4: and Joiner, we will see the.
• 27:47
  Speaker 2: Guys see tomorrow as well. Guys back in your.
• 27:49
  Speaker 3: Question, yes, check us out.
• 27:52
  Speaker 4: We are saturating the pod servers this Sorry, bie, guys,