Do we need to talk about sexual harassment in the workplace?

Article

The upcoming Worker Protection Act 2023 will significantly impact financial institutions by enforcing stricter sexual harassment policies. As the Act mandates comprehensive preventive measures and robust reporting mechanisms, institutions must align their frameworks to comply or face heightened financial and reputational risks.

Aug 23, 2024

Heeral Gudka, Principle Consultant and Founder, Convergent

Do we need to talk about sexual harassment in the workplace?

The Worker Protection Act 2023, effective from October 26, will mandate financial institutions to adopt proactive measures against sexual harassment, impacting both compliance and risk management strategies.
Institutions must implement clear policies, training programs, and reporting mechanisms to address and prevent sexual harassment, which will affect their financial exposure and organizational culture.
Non-compliance with the Act can lead to significant financial penalties and reputational damage, highlighting the importance of a comprehensive sexual harassment policy.
Adhering to the Act not only mitigates risks but also enhances an institution's reputation, boosts employee morale, and attracts top talent by demonstrating a commitment to ethical practices and inclusivity.