Creating Change for Women

The Westpac Case

Ann SherryMay 2004

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What I will cover

Why would a bank like Westpac be involved in creating change for women

Key Market Opportunities

An overview of Small Medium Enterprises in New Zealand

Initiatives to support Women in their careers and business

Westpac Partnering Women

The Potential of Women

Personal and Collective Power

Summary

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Westpac involvement – the base case

Recognition of women as key influencers in business and financial decision making

Establishment of key initiatives to succeed in this market and reflect the value of women as customers and employees

Promoting Westpac’s partnership approach to meet both the personal and business needs of women and in turn to acquire, grow and retain business for Westpac

Assisting women to unleash their potential and help both themselves and the wider economy

An investment in New Zealand’s future as Small Businesses are the powerhouse of economic growth

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The Drivers and Key Market Opportunities

Women are leading the way for new business start-ups for reasons including

- innate affinity & enjoyment for creativity & innovation

- flexibility of lifestyle

- disillusionment with employers and large organisations

NZ women rank in the top 3 countries globally for entrepreneurship

Women own and operate almost 40% of small businesses in NZ

Women are more conservative in investment and business decisions

Women influence 82% of household purchasing decisions

Westpac has created first mover advantage

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An Overview of NZ Small Business Enterprises

Over 270,000 business enterprises in New Zealand are Small Medium Enterprises (SMEs)

87% of businesses employ 5 or fewer full time staff

97% of businesses employ less than 20 full time staff

SMEs are a powerhouse of economic growth employing 43% of the full time staff in the economy and generating 39% of the output

They created a net 130,000 additional jobs between 1995 and 2001(compared to a small decline for non-SMEs)

Source: Ministry of Economic Development, 2002 “SMEs in New Zealand: Structure and Dynamics”

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Initiatives to Support this market

Elevation of women to senior decision making roles in Westpac (now 4 out of 12 on the Executive team)

Sponsoring the publication of the book Woman 2 Woman - a guide for those looking to change careers or develop their own business

Promotion of the book as a catalyst to confirm Westpac’s commitment to all women and development of future alliances with women in business

Facilitating networking opportunities for women – W2W website

Providing business, investment and financial skills improvement seminars and courses

Mentoring programmes for women’s groups and industry

Partnership approach to build strong relationships with key groups

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The Partnership for Westpac and Women

Senior Westpac Women in management plus gender split is 72% women across the organisation and across age groups.

Establishment of a specialist team of women champions across all business groups – SME, Investment, Rural, Govt, Property, Maori

Availability of an experienced team of financial and industry experts

Mutual understanding of needs and how to add value

Open and honest two way communication

Recognising and extending relationships with key influencers to ensure win – win outcomes for all parties

Understand what you want and make sure what you get works for you

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Unleashing the Potential of Women

Recent research confirms women can both deliver improved financial results and be inspirational leaders

The development of women in careers and business is a serious issue for long-term economic sustainability eg 72% of our own business

Encourage women to go for the big jobs and the big organisatons

Women leaders can implement change from the top

Force business to reconsider the way they are organised and how they operate

Today business needs smart, sane, competent people

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The Personal and Collective Power

Understand yourself, your business and your passion

Channel your energy into owning your business rather than your business owning you - take the holiday test

Maximise your strengths and call in experts to assist when needed

Employ, reward and retain great people

Recognise, promote and celebrate the fact that small businesses are the backbone of the economy for most countries and women play a key role

Ensure Women’s creativity continues to change and enhance the status quo both in careers and business

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Summary

Westpac has recognised the current and future power of women as a key customer group

The profile of Westpac has increased and confirmed the commitment to all women

We recognise and celebrate the fact that small businesses are the backbone of the economy for most countries From Business survival… to excellence

Partnering is the key to maximising the group strength of women

You owe it to yourselves to realise the potential and grow the economy of your country

BUT most importantly remember the women coming behind you!