The theme for this year’s International Women’s Day (IWD) on March 8 is “March Forward for All Women and Girls”. This year’s message focuses on the need to continue forwards.
“I think the important thing to take out of [this year’s IWD theme] is there’s still a long way to go,” says Kat Hyden, BizCover’s Delivery Manager. “So, although we can reflect on the achievements that people have had across the years, we need to be really conscious about the fact that we have a long way to go until women and girls everywhere are getting the respect that they deserve.”
Why gender equity matters in Australia
It’s a heavily researched and well-documented fact that diversity, equity and inclusion benefit everyone.
For almost ten years, McKinsey has reported on the relationship between leadership diversity and company performance on a global scale in their Diversity Matters report.
McKinsey found that companies with a higher percentage of women in their executive teams (more than 30%) were significantly more likely to financially outperform companies with less female representation. After looking at more than 1,200 companies around the world, it was found that organisations in the top quartile for gender diversity have 18% more chance to outperform their peers. Those in the bottom quartile are 31% less likely to outperform their peers.
Research conducted by the Workplace Gender Equality Agency (WGEA) in 2020 complements these findings. For average-sized Australian organisations, increasing the representation of women across key leadership roles increased the market value of that organisation between $52m and $70m per year.
This data demonstrates that promoting gender diversity in the workplace is not just ethically important but can significantly boost a company’s bottom line.
Despite progress, gender inequity persists in Australia
While the case for gender equity seems pretty cut and dry, there are still many challenges that women face. The gender pay gap persists and companies across most industries lack female representation in management and leadership positions.
Sofie Van Stappen, BizCover’s Talent Acquisition Lead, believes that IWD is a time for people to think of solutions to the problems women continue to face.
“It’s important to recognise that there are still lots of challenges for women around the world,” says Sofie. “International Women’s Day is the perfect opportunity to talk about everything that has been achieved in the last few years, but to also talk about how we can close that gap.”
The gender pay gap is shrinking – very, very slowly
The good news: According to the most recent data from the WGEA, the gender pay gap in Australia has been steadily trending downwards. This is a positive step forward.
The bad news: It currently stands at 21.8%.
This means that for every $1 a man earns, a woman will only earn 78c. Over the course of 12 months, this equals a difference of approximately $28,425. What this also means for women is that they will retire with significantly less super than their male counterparts. This can put them in a financially vulnerable position in their later years.
Sofie feels it’s important to acknowledge that while the gender pay gap is not going backwards, businesses need to work harder to close the gap.
“Equal pay is very important. But a lot of companies are still very reluctant to provide information on their gender pay gap,” she says.
Fixing the “broken rung” in the corporate ladder
Further research from the WGEA shows that women are still underrepresented in management and leadership roles around the country, making up just 1 in 4 CEOs.
Kanika Sharma, BizCover’s People and Culture Manager, believes that companies need to do more to support women in their career progression and professional development.
“It comes down to creating opportunities for women in business and also bringing in new talent,” says Kanika. “It’s about helping them grow within the business so they can actually move into those leadership roles, and then creating another way for the next generation of people coming through to excel.”
McKinsey recently released their 10th Anniversary 2024 Women in the Workplace Report. The report showed that modest gains for women have been made around the world. However, women still remain underrepresented at every stage of the corporate pipeline. Overwhelmingly, white men made up the majority of vice president, senior vice president and C-suite roles compared to white women and people of colour.
The McKinsey report also found that women are less likely than men to be hired into entry-level roles. This puts women at an immediate disadvantage to their male colleagues and has a significant flow-on effect. The fewer women in the pipeline to begin with, the fewer women there are to promote. The fact that employers promote women less often than men compounds this issue. In 2024, for every 100 male workers employers promoted, they promoted only 81 women.
McKinsey referred to this problem as the “broken rung”. Because of this “broken rung” in the corporate ladder, men far outweigh women in management and leadership roles. Fixing the broken rung can help women to continue to climb upwards and progress in their careers.
Championing women in the workplace
Breaking into and succeeding in male-dominated industries can be extremely challenging for women and girls. Obstacles like gender bias, a lack of mentorship, limited access to leadership roles and even practical issues like ill-fitting work gear can all pose problems for women. Addressing these issues in a proactive and transparent way can help businesses attract and retain talented women.
And, as the data clearly shows, diversity, equity and inclusion are incredibly important from an ethical perspective as well as a financial one. Kat agrees that companies who don’t encourage more female participation will quickly fall behind their competition in years to come.
“Everyone is unique, but women can bring a different perspective,” Kat says. “I think it’s very important that you have diversity in every workplace, and in every industry, to make sure you’re representing different peoples’ needs, opinions, and the different ways people think. When you have a primarily male-dominated industry, you’re going to limit the growth of the industry as well as limit the growth of women within it.”
Marching forward for all women and girls
At BizCover, we actively foster a workplace that supports and empowers women at all levels. Our commitment to gender equity is reflected in our policies, leadership opportunities, and inclusive culture.
“BizCover genuinely hire for diversity, and genuinely hires good people,” says Kat. “There are also quite a few women in leadership roles who we can look up to and work with.
“We actively want to promote the best people out there,” she continues. “Look out for BizCover. If you’re one of those people, then come and join us.”
Watch our IWD 2025 video below.
This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.
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