In a recent article, Chant West called for Australian super funds to focus on female members in an effort to address the gender gap in super.
We agree. In fact, we think it’s important for super funds to focus on the unique needs of all members as you go through different stages of life.
You might be a new dad learning the logistics of bath and bedtime. Maybe you’re in your forties and thinking about switching from dentistry to floristry. Or, you could be looking to wind down from work and make a sea change (lucky you!).
We get it, and it means we aim to offer the best value to our diverse member cohort – that includes you. Find out how we are doing it below.
Services that meet your needs
According to McKinsey, companies that adjust their services to fit their customers achieve better results. That’s why understanding your needs is our top priority.
The nappy-juggling dads out there probably have different needs to your local dentist when it comes to super. And yours are likely to be different again.
We are constantly doing research to find out what matters to you. From special events and content created for you, to investment options that allow you to match your investments with your goals – your values are at the core of what we offer.
For example, our Direct Investment option lets you tailor your portfolio by combining your choice of a range of shares, Exchange Traded Funds, listed investment companies and term deposits with other CareSuper options. Or, if you want to leave it up to our investment team, you can mix and match our 12 other investment options to suit you. Flexibility extends to our insurance options, too.
And for those thinking about swapping work boots for water skis, we’re offering ways to gain early access to some of your super. Our transition to retirement strategies let you reduce your working hours while keeping the same cash flow to support your lifestyle.
Even better, you can access and update all your details via MemberOnline.
We know your priorities are likely to change as you go through life (especially if you’re in the business of water-skiing), so we’ve changed a few things to ensure we can adapt with you.
For example, we enhanced our existing Sustainable Balanced investment option so that we avoid investments in certain industries while prioritising investments in positive social or environmental outcomes that are important to you.
We also updated our insurance offering, which ensures our default cover matches your typical insurance needs at every stage of life, and introduced a new Parental Leave Premium Waiver, which allows our members on employer-approved parental leave to request a waiver of their insurance premiums for up to 12 months.
This means that if you’re a nappy-juggling new mum or dad, your insurance cover can continue while you’re on parental leave, at no cost to you.
Diversity led from the top down
When companies commit themselves to diverse leadership, they are more successful according to latest research from McKinsey.
This is the case for super funds, too.
SelectingSuper recently revealed that funds with above-average female representation* in their leadership teams achieved returns of 9.6% p.a. and 8.0% p.a. over one and three years respectively, compared to funds with lower than average female representation, which earned 8.7% p.a. and 7.6% p.a. respectively leading to June 2018.
Alex Dunnin, executive director of research at Rainmaker Information, said, ‘for members, the message is that the greater the gender diversity in your super fund’s leadership team, the more confident you can be that your fund is run well.
‘It highlights that businesses that kick these goals have more perspectives in their ranks to make better decisions.’
Led by our CEO, Julie Lander, and gender-balanced leadership team , CareSuper is one of the top five Australian super funds ranked in SelectingSuper’s W-Index**.
We take pride in pushing ahead in diversity, and we will continue to kick these goals to offer the best value for all our members – especially those Googling ‘how to be a florist’.
* SelectingSuper analysed 39 funds and found that on average three in 10 people in leadership positions at these funds are women.
** The SelectingSuper W-Index measures the gender diversity of Australian super funds with respect to their chair and deputy chair, chief executive and deputy chief executive, and trustee board.