GPT promotes an inclusive workplace where employee differences like gender, age, ethnicity, culture, disability and lifestyle choices are valued.
The unique skills, perspectives and experience that our employees possess promotes greater creativity and innovation that better reflects and serves the needs of our diverse customer base, ultimately driving improved business performance.
GPT recognises that encouraging workplace diversity is not just the socially responsible course of action but is also a source of competitive advantage for the Group.
On a macro level, GPT acknowledges that females are underrepresented in senior leadership roles and as members of Boards across Australia. The Group is committed to improving gender diversity throughout the business with a particular focus on what can be achieved to improve the number of females in senior leadership roles with a target of 40% by the end of 2015.
In addition, GPT has a target to achieve a level of Indigenous representation in our business of 2.5%, consistent with the general Australian population.
During 2014 GPT ‘s Diversity Strategy gained further momentum and the Group remains committed to achieving 40% female representation in senior leadership roles by the end of 2015. As at 31 December 2014 female representation amongst this cohort was at 34%, an increase in representation of 6.42% during 2014.
GPT utilises a range of inputs to inform its Gender Diversity Strategy and assesses its performance in this area through mechanisms such as employee opinion surveys, targeted focus groups, the monitoring of a host of employee data as well as external benchmarking.
The employee statistics presented represent the diversity of our people for the 2014 calendar year and include location, contract type, age, position, gender and remuneration. Please note that all calculations are based on headcount figures as at 31 December 2014 and include employees on a leave of absence. Calculations concerned with remuneration are pro-rated based on each employee’s full time equivalent (FTE). All figures are an accurate reflection of our business as at 31 December 2014.
Location of our Employees
The majority of GPT’s 514 people are located in Sydney and Melbourne, reflecting the location of our head office in Sydney and the majority of assets being in NSW and Victoria. The teams within the Group’s shopping centres extend GPT’s reach along the east coast of Australia and into Darwin. 71% of GPT’s employees are located in NSW, 23% in Victoria, 4% in Queensland and the remaining 2% is comprised of a small number of employees based in the Northern Territory and Western Australia.
The majority (92%) of our employees are employed on a full time basis with 8% of employees working part-time.
Our people by contract type
Our employees span multiple generations with the largest proportion (43%) of our people in the 30-39 year age group.
Age of our employees
As an equal opportunity employer, GPT is proud to have an employee population which is 52% female. During 2014, the number of women on Boards at GPT was four (out of twelve non-executive directors in total, where there are six non-executive directors on the main GPT Board and six on the two Funds Management Boards). At 31 December 2014, the number of females on GPT's Leadership Team is one, being 10% of the total Leadership Team membership at that time.
Gender diversity by position
Remuneration by gender and position
At GPT we are committed to pay parity for our male and female employees in equivalent roles, i.e. within the same job function and same job level. An analysis of remuneration by gender and position shows there is relative pay parity across the more junior end of the business, however there are larger differences in male and female average salaries at more senior levels within the business.
Remuneration is presented by the classification levels consistent with WGEA categories reported during 2014. Figures are calculated based on the average male and female salaries compared to the full-time equivalent position average. It includes base salaries and superannuation guarantee (SG) for full time and part time permanent, full time and part time fixed term employees.
As a result, roles from different job families such as front end, revenue generating roles and enabling function roles are grouped together. This has the effect of creating an impression that at the different position levels, females are paid significantly less than males and vice versa. In fact, what is actually occurring is an imbalance of gender distribution between job families. For example, at GPT there is a concentration of males within the project director roles of development, whereas the marketing and communications roles are predominately occupied by females. Project director roles are paid at a higher rate in the market than marketing and communications management, creating an illusion that there is pay inequity, when in fact it is a matter of uneven gender distribution across job families.
Remuneration by gender and position level relative to respective averages
Ratio of CEO remuneration to average employee
The ratio of our CEO's base (or fixed) pay with our median employee base pay across all position classifications is 11.5:1.
GPT is an equal opportunity employer, and is compliant with the Workplace Gender Equality Act 2012.
Freedom of Association
GPT employees have individual contracts; hence there are no collective bargaining agreements. Despite this, our employees are able to join and be represented by a union without suffering any form of discrimination or prejudice. We comply with all relevant freedom of association legislation and regulatory requirements.
GPT has an Equal Employment Opportunity policy which promotes zero-tolerance towards all forms of discrimination, harassment and bullying. We take reasonable steps to prevent this from occurring in our workplace starting with every new employee having read, understood and signed this policy prior to commencement. The policy continues to be communicated throughout the employment process, being outlined and made easily accessible on the intranet and clearly articulated during the induction period. Further to this in 2012, a new elearning platform was launched at GPT, and compliance training on bullying and sexual harassment was delivered to all employees with this now being included in our induction program, launched in 2013.
Discrimination, in all its forms, is contrary to our values and culture, and we aim to have a work environment that is free of discrimination and harassment. However, if it should occur, we have grievance mechanisms in place to quickly, confidentially, impartially and effectively address the issue. Our process for handling allegations about discrimination and harassment covers all employees and contractors working for GPT. There were no incidents of discrimination registered or identified throughout The GPT Group in 2014.
In 2014, voluntary turnover stayed stable at 15%, with overall turnover decreasing from 18.35% in 2013 to 17% in 2014. GPT’s turnover figures were slightly below the voluntary industry average of 16.2% and less than the involuntary industry average of 3.8%
Voluntary turnover* refers to all employee resignations and retirements, whilst involuntary turnover refers to redundancies or dismissal. It does not include employees who are employed on a fixed term contract and completed their agreed contract term.
Voluntary and total turnover
*Source: AON Hewitt Property Industry Remuneration Report (November 2014)
There were a total of 121 employees hired during 2014, 69 women and 52 men. The following graph shows the age profiles of new hires.
New hires by age
New Hires Leaving Employment
During 2014, a total of 18 new employees left GPT, which is slight in increase from 203, 7 of these were men and 11 women. An employee was considered to be “new” if they had less than one years’ service at the time of the termination of their employment. The age profiles are represented in the following graph.
New employees leaving employment during 2014 by age
Employees Leaving GPT
During 2014 a total of 90 employees, 50 women and 40 men left employment with GPT, with the breakdown by age graphed below. It does include employees who are employed on a fixed term contract and completed their agreed contract term.
Employees leaving employment in 2014 by gender and age
Beyond our employees, GPT aims to support gender equality through building long-term, collaborative partnerships with organisations that share our values and that are willing and capable of helping us achieve our aspirations. We expect our suppliers to share our commitment to diversity and to be able to demonstrate how they fulfil this commitment, consistent with our policies