Embracing societal change
Helping improve the way people work and live, as our society changes.
Why is this important?
The way people live and work is changing. Our population is ageing and becoming more culturally diverse, our economy is undergoing major structural shifts, and many aspects of day to day life are being radically changed by new technologies.
As our customers' lives are altered, so too are their expectations about how and where we serve them. Similarly, our employees' expectations about how, when and where they work are different from just a few years ago.
Given the scale of change underway, we recognise we have significant work to do to embrace these challenges and turn them into opportunities.
We are focusing on three key areas:
- Ensuring our workforce is representative of the community
- Extending working lives and quality of life
- Anticipating future needs of ageing and culturally diverse customers
Initiatives in action
Adopting a new way of working
Di Tuit was among the first of around 10,000 Westpac Group employees to shift into new workspaces along with a new, more agile style of working.
Equilibrium program for gender diversity
Rebecca Meli is one of five successful business women from industries outside of banking who took part in the inaugural round of Westpac's Equilibrium Program.
Indigenous Australian university internships
Aleacia McIntyre is one of at least 400 Indigenous Australian university students Westpac plans to recruit over the next decade through its partnership with CareerTrackers.
Connecting bright sparks from China and Australia
Westpac partnered with China Australia Millennial Project to connect 200 young innovators from China and Australia to tackle common challenges.
How we are tracking against our measures:
|Measure||2013||2014||2015||2016||Target by 2017|
|Ensuring our workforce is representative of the community|
|Women in leadership (%)||42||44||46||48||50|
|Participation of mature age workers (%)||20.5||20.9||20.8||21.5||>20.5|
|Financial wellbeing of 40+ women. Australia
||6.38 (total pop. 6.45)||-||6.10 (total pop. 6.41)||6.47 (total pop 6.57)||On par|
|Indigenous Australians recruited||1032||1062||150||140||5002|
|Extend length and quality of working lives|
|Mean employee retirement age (years)||60.6||61.6||61.6||60.5||61.63|
|Wellbeing Westpac Group average Workability Index (biennial index score out of 49)4||41||-||40||42||44|
|Anticipate future needs of ageing and culturally diverse customers|
|Initiatives introduced to support the financial wellbeing of ageing and culturally diverse customers (cumulative number)||1||4||5||7||5|
1. Biennial survey – conducted out of cycle in 2016. Index score out of 11, for Australian 40+ female employees compared with general Australian employee population. Score of benchmark population was 6.45 in 2013
2. 2015-17 cumulative target, introduced to align with 2015-17 Reconciliation Action Plan. Recruitment prior to 2015 not included in cumulative growth measure.
3. Revised target to reflect our emphasis on participation of employees across all age groups.