Statement from Wesley Walden, Managing Partner, McKinsey & Company, Australia and New Zealand.
At McKinsey, we are committed to our diverse meritocracy. It is at the heart of who we are and how we serve our clients with distinction.
McKinsey Australia and New Zealand has reduced the total and base median pay gaps in Australia by more than 5% since 2024’s reporting. Our workforce is currently close to a 50-50 gender ratio, with women making up 40% of our consulting employees. We regularly conduct pay equity audits, which confirm that individuals holding the same roles are paid equally regardless of gender.
The latest data from the Workplace Gender Equality Agency (WGEA) indicates there is still progress to be made in narrowing our gender pay gap in Australia, which we are committed to addressing. This is particularly attributable to our most senior levels, where women remain less represented.
We are dedicated to maintaining an equal and fair workplace and creating opportunities for all colleagues to grow and advance in their careers.
3rd March, 2025.
2024 McKinsey & Company Australia and New Zealand Office figures and drivers
For the 2023 – 2024 Workplace Gender Equality Agency (WGEA) reporting period, our median total company pay gap is 33% and our median base salary company pay gap is 28.3%. Our mean total company pay gap is 44.3% and our mean base salary company pay gap is 30.2%.
We are proud to have reduced both total and base median pay gaps since 2024’s reporting, by more than 5% (for the 2022 – 2023 WGEA reporting period, our median total company pay gap is 38.3%, and our median base salary company pay gap is 33.4%).
While these results are encouraging, we know it takes time for these shifts to flow through our organization and drive change at the most senior roles, where our women are still less represented.
The chart below divides the total remuneration full-time equivalent pay of all employees into four equal quartiles. The proportionately larger representation of men in the upper quartile and the proportionately larger representation of women in the lower quartile demonstrate the two core drivers of our firm’s pay gap.
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WGEA gender composition by pay quartile for McKinsey & Company, 2023-24.