Retiring TAL Group CEO Jim Minto has been named a “pay equity ambassador” for the federal Workplace Gender Equality Agency (WGEA).

He is one of 32 business leaders who will encourage fellow CEOs to take action on pay equity.

It comes two years after TAL committed to closing the gender pay gap. The company’s ratio of female to male pay has since grown from 82% to 98.5%.

“We’re proof you can do this,” Mr Minto told insuranceNEWS.com.au. “It just requires planning, commitment and a disciplined program of implementation.”

The average man in full-time work earns 18.2%, or $283.20 a week, more than the average woman in full-time work, according to the Australian Bureau of Statistics.

Mr Minto says many company heads believe they are already tackling pay imbalances.

“I don’t think there’s a CEO alive who would disagree with the importance of achieving gender pay equity,” he said. “Their policies embrace equality, but the practice doesn’t. Nobody intentionally creates this inequality in their organisations, but they need to be doing something to fix it.”

WGEA says organisations must measure the progress of their stated aims on pay equity. It recently found 74% of Australian employers have never conducted a gender pay gap analysis.

Allianz GM Corporate Affairs Nicholas Scofield agrees measurement is crucial.

“Companies can start off with all the best intentions but at a certain point they realise that unless they measure outcomes and set explicit quantitative targets, it doesn’t get the same emphasis and focus required,” he told insuranceNEWS.com.au.

He says in Allianz’s “generic positions”, such as claims processing and call centre staff – which comprise more than 50% of the insurer’s workforce – there is “nil variance” between male and female employees’ wages.

At more senior levels, there is more to be done.

“We recognise we’re on an ongoing journey in terms of complete gender equality,” he said. “You can’t change organisations overnight, especially in those senior roles, and especially in the insurance industry, which has been a male-dominated industry for so long.

“We’ve had a fairly stable senior team in our business and one of the drawbacks of stability is that you don’t get turnover.”

Allianz has responded by developing a “talent pipeline” that ensures female candidates for promotion are “moving through the system”.

For jobs identified as “senior critical roles”, half have a female successor in place.

Suncorp Group EM Diversity and Inclusion Matt Dowie says his company has a “comprehensive approach” to gender pay equity, which includes regular remuneration reviews.

“Any imbalances are swiftly rectified,” he told insuranceNEWS.com.au.