IAG Australia – the company behind NRMA Insurance, CGU, and WFI – has introduced a range of new employment benefits under its 2024 Enterprise Agreement, which was recently approved by the Fair Work Commission.
The changes reflect IAG’s approach to offering flexibility and support to employees in an evolving workplace environment.
Christine Stasi, group executive of people performance and reputation at IAG, emphasised the importance of aligning workplace policies with the diverse needs of its workforce.
“Our people play a vital role in helping us to deliver on our purpose, to make your world a safer place. To continue to attract and retain the fantastic talent we have within our organisation, we know we must keep pace with people’s evolving needs,” she said.
She added that the company is focused on fostering a work environment that offers tailored support for various circumstances employees may face.
Key elements of the new agreement include 20 weeks of paid gender-neutral parental leave, which can be taken at full or half-pay.
Employees will also have access to five additional “myLeave” days each year for unexpected personal matters, beyond the standard annual leave allotment.
In addition, the agreement provides uncapped leave for those experiencing family or domestic violence, with options for employees supporting affected family members to take up to 10 days of paid leave.
The updated benefits also address specific support needs through 20 days of paid leave for employees undergoing gender transition, as well as a range of flexible working arrangements.
IAG’s “FlexiPlace” program allows employees to work remotely up to 30 days annually from either Australia or New Zealand, in addition to options like job sharing, secondments, and extended leave.
IAG has updated its workplace policies amid strong financials.
During IAG’s 2024 Annual General Meeting on Oct. 24, CEO Nick Hawkins and chair Tom Pockett shared the company’s financial performance for the year.
IAG reported a net profit after tax of A$898 million for FY24, reflecting an 8% growth compared to FY23. This increase was driven by an 11% rise in net earned premiums, totalling A$9.2 billion, as well as stronger insurance margins and investment returns.
The company declared a final dividend of 17 cents per share, bringing the total annual dividend to 27 cents, marking a significant 80% increase from the prior year.
IAG also reported progress in its sustainability and diversity objectives, having refreshed its climate risk analysis and entered renewable energy procurement agreements across its Australian sites.
The company remains on track to reach its target of assisting one million individuals across Australia and New Zealand in taking preventative measures against natural disasters by FY25.
On the diversity front, IAG stated that women now comprise 44% of senior management roles, with a goal to raise this figure to 50% by the end of FY24. Additionally, the company is working to expand Indigenous representation within its workforce, targeting a 3% representation rate by FY25.
