Public Trust’s commitment to gender pay equity

This was achieved through a change in approach to how we compare our people’s remuneration against similar roles in the external market. We moved away from a ‘broad banding’ approach, which grouped roles together from different job families/sectors based on size and assigned a broad salary range for each band. 

Instead, we carried out a detailed market-matching exercise using data from a range of remuneration surveys; almost every role at Public Trust was matched against a similar role (or roles) in the external market. 

Our commitment is for our people’s total fixed remuneration (TFR, which includes base salary + KiwiSaver) to continue to be well above the living wage. In other words, all roles at Public Trust are paid a minimum of $60,000 p/a (base salary + KiwiSaver) and must be comparative to market for similar roles as well as competitive. 

As at July 2022, our gender pay gap is 18.7%, calculated using the average of full-time equivalent base salaries for permanent and fixed-term employees. This is the same as one of the ways that MBIE has calculated their gender pay gap across their organisation. (Reference data at Kia Tū Ranga: Pay Gap Action Plan 2022 page 5, and described further in MBIE’s Gender Pay Action Plan 2020 page 8).

This compares favourably to the gender pay gap across the financial services sector more generally, which is currently 25% (reference data at Manatū Wāhine Ministry for Women).

In 2022, 67% of our workforce are women – at the executive leadership level 44% are women, 46% of our entire senior leader population are women, and 55% of the entire people leader population are women. We have actively worked on implementing changes to our recruitment processes, removing bias, and ensuring women are able to have the same opportunity to discuss remuneration as men.

With our baseline pay gap measurement established, the next steps in our journey towards ensuring gender pay equity will be to develop a bespoke plan that addresses Public Trust’s unique role requirements and workforce demographics.

Our commitment to lowering the gender pay gap aligns to our strategy to create a sense of belonging and diversity, equity, inclusion. Some of the initiatives underway are a six-monthly review of our people’s total fixed remuneration (TFR), development of career pathways and continuous improvement of our internal recruitment practices including around selection and appointment.  

These initiatives ensure Public Trust is an attractive employer for all genders at all levels including in leadership roles. We are proud to maintain our YWCA Gender Pledge.

We also offer flexible working and generous parental leave to all our people.