Tiimely Employer Statement
Workplace Gender Equality Report
2023-24 Gender Equality Report
In accordance with the requirements of the Workplace Gender Equality Act 2012, Tiimely Pty Ltd lodged its annual compliance report. Copies of the report and data appendices can be found below.
WGEA Gender Pay Gap 2023
1. Introduction
At Tiimely, we are committed to creating an inclusive work environment and continue to build, develop and sustain our diverse and capable team. We have had considerable success in achieving this aim since our inception in 2015.
In 2023, Tiimely met the reporting criteria (private sector company with >100 employees) and in accordance with our obligations, we submitted our response to the Workplace Gender Equality Agency (WGEA).
This Employer Statement has been developed to provide additional context to Tiimely's published information and outlines our commitment to the work of WGEA, and to creating a professional environment that fosters and embraces gender equality and gender pay parity.
The Tiimely gender pay gap as published by WGEA (median total remuneration) is 8.3%.
2. Background
Two key measures of pay disparity between females and males are detailed below.
The Gender Pay Gap
The WGEA defines the gender pay gap as the difference in earnings between women and men in the workforce.
A positive percentage pay gap indicates that (on average) men are paid more than women and a negative percentage pay gap indicates that (on average) women are paid more than men.
Equal pay for equal work
Equal pay is where women and men are equally remunerated for performing the same role or different work of equal or comparable value. This supports individuals who are doing the same job, to receive the same pay, regardless of gender.
Tiimely practices equal pay for equal work and this commitment is embedded in our remuneration policy, framework and practices.
3. Tiimely Gender Pay Gap
Tiimely gender pay gap information as report by WGEA for 2022-23 is provided below. For additional context, we have also provided the average. Industry benchmarks are as published by WGEA.
| Method/Measure | Tiimely Pty Ltd | National WGEA | Finance & Insurance Industry (WGEA category) | Industry Comparison Group (6411 Financial Asset Broking, employee <250) |
|---|---|---|---|---|
Median Total Remuneration 2022-23 | 8.3% | 19% | 26.1% | 31.0% |
Average Total Remuneration 2022-23 | 7.9% | 21.7% | 26.2% | 33.4% |
Note:
- Part-time/casual/part-year employee remuneration is annualised to full-time equivalent.
- The 2022-23 gender pay gap calculation does not include voluntary salary data submitted for CEO, Head of Business(es), and casual managers. It also excludes employees who did not receive any payment during the reporting period.
- Employees identified as non-binary are not included while the WGEA establishes the baseline level for this information.
There is no relevant 'tech industry' benchmark/industry comparison group provided by WGEA.
Our observations
The Tiimely pay gap is well below both the national and industry comparator group data.
We have been able to achieve this result (relative to industry) due to an enduring commitment to:
- Continuously working towards the goal of achieving a gender balanced workforce.
- Fair remuneration embedded in policy, framework and practices.
- Operating as a values-based organisation, striving to be a great place to work for all employees.
4. Understanding the Tiimely Gender Pay Gap
Despite our current position (below and significantly better than the national and industry benchmark), we maintain a strong commitment to further reducing the gap.
Identifying and addressing the causes of gender pay gaps and embedding improvement practices is a Tiimely commitment at all levels of our organisation - through our board of directors, leaders, people and culture function and our employees.
There are currently two workforce composition dynamics that exist in Tiimely that indirectly cause the WGEA reported gender pay gap. These are:
An unequal gender composition in technology and senior technology roles
As a technology company, we are aware that women are unrepresented in the industry.
Currently, in Australia, there are proportionally more males than females in technology roles at all levels. This is a well-documented structural issue, the challenge of which is being worked on through the collective efforts of many, including (but not limited to) industry, government and educational institutions.
The impact of this industry dynamic is reflected in our workforce, where in technology roles (for example software engineering), a significant majority of our employees (including leaders/managers) are male. Through the development of a range of policies and practices, Tiimely is adopting methods to address this unequal gender composition. These range from partnerships, talent management practices and also through our embedded approaches to recruitment and workforce development.
If we can achieve equal (or closer to equal) gender composition in these roles, this will directly improve our pay gap.
Our commitment to increasing women's representation in technology is enduring and we are committed to continue building on current practices to achieve greater gender composition parity.
An unequal gender composition in our Home Lending, technical roles
The majority of our home lending specialist roles are held by females and the majority of our credit assessment roles are held by males. While this gender composition reflects industry norms, it also negatively impacts gender pay gap data.
To address the gender imbalance in these roles, Tiimely has a demonstrated commitment to, and record of, supporting the career progression of home loan specialists into credit assessment and leadership roles. This career development also extends into other roles across Tiimely, such as Business Analyst roles.
Over time, career development (together with considered recruitment) has made some headway in addressing the gender composition imbalance - but there is more work to do in continuing to grow the careers of all employees, with particular focus on achieving equal (or closer to equal) gender composition balance in these roles. This will directly improve our pay gap.
Our workforce
To assist in understanding the Tiimely gender composition, we have provided the breakdown of our workforce by headcount at the time of reporting. This is as reported to WGEA, along with some added context to build the complete picture.
Tiimely gender composition of senior decision-making groups at reporting date April 2023
| Category | Female | Male | Total | Female % of total |
|---|---|---|---|---|
Chair | 1 | 0 | 1 | 100% |
Other Non-Executive Directors (NED)* (excl. the CEO and Chair) | 1 | 3 | 4 | 33% |
Chief Executive Officer | 0 | 1 | 1 | 0% |
Leadership Team | 6 | 3 | 9 | 67% |
Total | 8 | 7 | 15 | 53% |
*Note that Tiimely has an additional male NED (who is an alternate director) not included in this number.
Tiimely gender composition as per WGEA Submission and categories at reporting date April 2023
| WGEA Category | Female | Male | Total | Female % of total |
|---|---|---|---|---|
CEO | 0 | 1 | 1 | 0% |
Key Management Personnel | 7 | 5 | 12 | 58% |
Senior Managers | 2 | 5 | 7 | 29% |
Managers | 11 | 16 | 27 | 41% |
Overall Non-Managers | 2 | 5 | 7 | 29% |
Professionals | 26 | 38 | 64 | 41% |
Technical and Trade Workers | 2 | 3 | 5 | 40% |
Clerical and Administrative Workers | 22 | 17 | 39 | 56% |
Total | 72 | 90 | 162 | 44% |
5. Taking Action
We have identified that reducing our pay gap can be achieved through equal gender representation in job categories and role types.
At Tiimely, this is linked to the following specific actions, a commitment that will be taken over a 12-month period (and beyond) and apply to all employees:
- Introduction of Career Laddering for all job families (e.g. technology, credit assessment) to increase transparency of career pathways and how to progress in Tiimely.
- Introduction of a more formalised approach to performance discussions and career development to ensure conversations are occurring and in turn holding employees and leaders to a high standard to support career growth and learning and development.
- Continuing to create an employee value proposition that is attractive and supports competitive attraction, retention and growth of “Tockers” (our employees).
It is important to Tiimely that we do not simply 'acquire’ talent with special skills from industry via recruitment to achieve our balanced gender composition goals but rather (as outlined above), also take steps to retain employees, develop their talent and skills and support them to achieve roles in areas that are non-traditional for their gender. This will also help the industry to progress towards a sustainable workforce.
6. Our Progress
Tiimely has made good progress towards equal gender composition of our workforce since the reporting date of April 2023 (as outlined above).
We anticipate that this will have a positive impact on our gender composition and pay gap for future years.
We look forward to providing our updates to WGEA in April 2024 and sharing how we are building on our strong foundations, contributing to the Australian talent pool and employee experience through developing and supporting our employees.
Tiimely facts that highlight our commitment to equality
- Our All-Employee Share Plan is not pro-rated for part-time (equal participation for all employees)
- Employer Superannuation is paid at the pre-parental leave remuneration level for the entire parental leave period (including unpaid leave and supplementing any government payments).
- Tiimely funds employer paid parental leave.
- 67% female leadership team.
- Female chair on our board.
- 40% female board representation (compared with 34% nationally)*excluding CEO and alternate NED).
- Commitment to regular engagement surveys and other feedback mechanisms, actively implementing results, including gender analysis.
- Conduct minimum annual gender pay and fair pay audits.
- Talent and remuneration round tables to protect against unconscious bias.
- Female experts in non-traditional female roles (Head of Data, Chief Technology Officer, Chief Enterprise Officer to name but a few).
- Currently we do not offer cash variable reward (e.g. bonus or short-term incentive) schemes. These schemes can have unintended negative consequences and are an area of remuneration that can introduce gender pay inequality.