The recent release of the Workplace Gender Equality Agency’s private company gender pay data1 revealed gender pay gaps at the majority of Australia’s largest private companies, which is alarming. Add to that the statistics around older women and their lack of financial independence—women over 55 make up the most rapidly growing homeless population in Australia—and it’s clear that economic equality between genders still has a long way to go.

In the midst of widespread concern and frustration over persistent gender pay gaps and the scarcity of women in senior positions, International Women’s Day emerged as a pivotal moment to celebrate women's achievements and advocate for a future of greater gender equality.

Even with the best of intentions, many corporations are struggling to maintain their commitment to diversity and inclusion in the workplace, even if they were celebrating International Women’s Day with their people this year.

In these challenging economic times, budgets are stretched thin, compelling many companies, both in Australia and globally, to cut back on their DEI investments.

This trend has raised alarms, with Forrester2 forecasting an "employee experience recession," as they predict DEI investments will plummet from 33 percent in 2022 to a mere 20 percent in 2024. Such drastic reductions threaten to derail the progress we've made towards equality in our workplaces.

A staggering 74 percent of women are contemplating leaving their organisations if their careers are not actively supported, and 35 percent have already switched companies in the past 18 months3.

Reducing investment in diversity, equity, and inclusion (DEI) initiatives significantly increases the risk of attrition. Companies must recognise that investing in employee development is far more cost-effective than the higher expenses incurred from replacing talent that departs due to a lack of support.

While these short-term........

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