Vector’s commitment to pay equity and joining the Mind the Gap campaign
Vector has chosen to become involved with the Mind the Gap campaign to demonstrate our commitment to pursuing pay equity and being transparent with our employees and the public about this.
Paying people the same salary for the same skills and roles is a no-brainer and is an area that we have been focusing on for the past three years.
Each year we have reviewed salaries in roles across our business to make sure there is pay equity. Last year this identified 36 roles where adjustments were needed; this included some areas where men were being paid less than women.
Our commitment to equitable pay doesn’t start and finish with gender, so last year we included age and ethnicity in our scope.
This has become part of our business as usual and we will continue to regularly monitor and adjust salaries across all three categories if we identify any gaps.
Pay gap reporting through the Mind the Gap campaign is a great way to keep the spotlight focused on pay equity across New Zealand. It encourages the publication of an aggregate pay gap number across all roles.
Our average gender pay gap for last year was 13.4%. This shows that more senior and managerial roles are held by men; the average figure also reflects the higher salaries commanded for a specific skillset or talent shortages in some areas that are dominated by men.
Our approach in the past few years has been to look at pay equity, not just the gender pay gap, so we focus on like-for-like roles and whether they are paying the same irrespective of gender, age or ethnicity. This enables us to compare each employee with colleagues with the same skillsets, in the same roles, and address any gaps.