Creating an inclusive workforce is fundamental to maximising diversity and succeeding in today’s complex global environment. Our workforce should reflect our customers and the communities in which we operate. At NAB, diversity of thought, background and experience is respected, valued and promoted. The Board approved the enterprise Diversity & Inclusion Strategy (PDF, 3.2MB) (the Strategy) for 2017-2020.
The Strategy is directly aligned to our business strategy to ensure the evolving needs and expectations of our customers, people, shareholders and the community are acknowledged. The overarching priority of the Strategy is inclusion. The three imperatives of
the Strategy are:
• Gender equality.
• Life stage inclusion.
• Lesbian, gay, bisexual, transgender and intersex (LGBTI+) inclusion.
We are also focused on cultural inclusion and improving accessibility for our people and our customers. The three imperatives are underpinned by three key enablers:
• Employee Resource Groups.
Through the inclusion measure in our annual employee engagement survey, 74% of our people told us that they experience an inclusive workplace, a 2% increase from 2018. Our aim is to reach 77% or higher, which represents the top quartile of organisations in Australia.
NAB’s Executive Leadership Team has direct accountability for the execution of the Strategy, and for actively promoting a culture that builds a diverse and inclusive workforce that will drive innovation, engage our people, build productivity and ultimately result in a great customer experience.
The Board receives an annual update on diversity and inclusion from senior leaders and regular updates on performance against the Strategy’s measurable objectives for achieving gender diversity. In August 2019, the Board approved an updated Group Diversity & Inclusion Policy which applies to all employees in the NAB Group as well as the Board of Directors, where relevant, including in relation to diversity characteristics. The Group Diversity & Inclusion Policy includes a requirement for the Board to set measurable objectives for achieving gender diversity and to assess, at least annually, the objectives and the progress towards them. These measures satisfy Recommendation 1.5 of the ASX Corporate Governance Principles.
The NAB Diversity & Inclusion Steering Committee, led by our Chief Legal and Commercial Counsel and our Group CFO, champion and enable the Strategy at a Group and divisional level, by being a voice for inclusion at NAB and by removing barriers to drive equality. The committee includes senior representation from each business area and our four employee resource groups.
Our 2020 Objectives
Gender equality remains a key priority for NAB. From our Board through to our entry level roles, we are striving for every level to have 40-60% of either gender represented by 30 September 2020. ‘Towards 2020: NAB’s road to gender equality’ outlines how we plan to achieve this, and is published in the Gender Equality section of our website. The Board has approved measurable objectives for achieving gender diversity for 2018, 2019 and 2020. Our progress during 2019 towards achieving our measurable objectives is set out below.
Despite an increase in representation of women in our senior levels of the bank, we have not met our 2019 targets. This is a concern for NAB’s Executive Leadership Team and the Board and we remain committed to our 2020 goal for achieving gender equality at every level
of the business. In 2019, we have continued our focus on lifting female representation at every level. Some of the initiatives that will occur in 2020 include:
• Increasing senior leadership accountability for achieving NAB’s gender equality targets through continued emphasis on gender diversity in senior leaders’ 2020 performance goals.
• Encouraging participation in our Breakthrough development programs for women.
• Striving to have women equally represented during our talent assessment process.
We are also committed to ensuring equal pay for work of equal value, and reducing the gender pay gap. NAB has complied with our reporting requirements under the Workplace Gender Equality Act 2012 (Cth) for the period from 1 April 2019 to 31 March 2020. More information can be found in the 2019 – 2020 Public Report (PDF, 419KB). NAB has also met the minimum standards in relation to specified gender equality indicators, as set out in the Workplace Gender Equality (Minimum Standards) Instrument 2014.