10 Apr 2018
The final gender pay gap figures are in and show 78% of larger companies pay men more than women.Of the 10,000 companies to publish data only 14% reported paying women more than men and 8% reported no pay gap between men and women at all. The data shows the national median pay gap was 18.4%, with the public sector reporting an overall pay gap of 14%.
Gender Pay Deadline: Expert AnalysisIt’s absolutely clear that now is the time for action. Companies need to take tangible steps to address the gaps that have been reported and these steps should be much more than just lip service. It’s simply not enough for businesses to publish pithy statements that they will be putting in place mechanisms to attract, retain and support women to achieve greater gender parity in higher earning roles. I would love to see the companies with the largest gaps embrace this as an opportunity to effect change. They should be setting up working groups and projects with fully committed senior leadership sponsorship and to consider that supporting women to negotiate successfully is more than just providing them with a couple of executive coaching sessions. There is a huge opportunity here to talk about pay and benefits and demonstrate transparency in structure, recruitment and any appraisal process. Talented individuals already seek out information on companies by reading Glassdoor and drilling into policies and culture before they make a decision on whether to accept a position. I expect to see that questions around a business’ gender pay gap and challenges around pay inequalities become more prevalent as time moves on. This will depend on a company’s stance and will mean that women in particular will use this information to make informed career choices. Great for women, not so great for businesses who say they are serious about attracting and retaining talent but don’t follow through with action to make this happen.
Gender Pay SupportFor more information regarding gender pay reporting download our FREE White Paper, click here. If you require expert support please contact Croner Reward. After you send us your pay data, we will analyse and provide a statistical outcome – determining if you have a gender pay gap or not. We can then advise on how to close the gap, or advise on ways to keep it closed if there isn’t one. Call 0808 145 3378 to speak with one of our pay & benefits experts.
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