New Respect@Work laws have been introduced by federal parliament to eliminate sexual harassment in the workplace. They serve to strengthen Australia’s existing sex discrimination regulatory framework and shifts the focus from response to prevention.
Sex-based discrimination can happen in any business, but there is a higher risk in industries with a pronounced gender and power imbalance, such as investment management. To help our partners and the wider industry get across the new legislation, Future IM/Pact co-hosted an industry briefing webinar on 9 February 2023.
Watch the webinar replay here (passcode: 2&v*77@)
Facilitated by Ombpoint Managing Director Lindall West, in conversation with Yo&Co and Future IM/Pact Founder Yolanda Beattie and Azuhr Managing Director Peitra Moffat, the panellists explored the implications of the new legislation for organisations and discussed the unique cultural dynamics at play within our industry.
Key reforms introduced by the legislation include a positive duty for employers to take reasonable and proportionate measures to eliminate sex discrimination, sexual harassment and victimisation, as far as possible. It also prohibits conduct that results in a hostile workplace environment on the basis of sex, and allows for more enforceable compliance measures.
Having worked within and for the investment management industry for many years, Yolanda shared her insights on how sexual harassment behaviours can often manifest within high-pressure, male-dominated environments.
“Sex-based harassment is a power issue. When a power dynamic is more than just hierarchy, but also has an ego and status element to it, confounded by work intensification and a profit imperative, research shows this can create environments where subtle sex-based harassment behaviours are more likely to occur.”
“While these cultural nuances certainly do not apply to all investment management teams, the threshold for tolerance of such behaviours has been lowered with this new legislation so all organisations need to be aware of potential issues and take proactive action to prevent discrimination. “
Despite the challenges, Yolanda believes the investment management industry is well placed to meet the new obligations due to its inherently compliant and risk-aware nature. Most firms already have well established practices in place to address harassment such as training, reporting and complaints handling.
To ensure our partners and organisations across the industry are prepared and protected, Ombpoint, who co-hosted the webinar with us, have created a Respect@Work Checklist covering practical steps to help businesses comply with the new legislation.
For more information about the new laws, the Government’s Respect@Work website offers a comprehensive set of resources to support organisations address workplace sexual harassment.
If you would like to transform the cultural dynamics within your team or organisation, reach out to Yolanda for a chat or find out more about the programs our sister company Yo&Co provides here.
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