Are you ‘pay multiple’ ready?

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29 Jul 2016

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Former Prime Minister David Cameron called for organisations to start reporting on gender pay; now his successor Theresa May is calling for ‘pay multiple’ data - the ratio between CEO and average worker pay - to be published. Although specific details have yet to be released regarding what this will entail; research from Croner Reward suggests that the average UK cleric receives just 13% of the average Chief Executive’s annual salary of £146,131– so there is a lot of work to be done if the ratios are to be narrowed. Clare Parkinson, Reward Business Manager at Croner, comments: “The voluntary sector is least likely to be affected if May’s proposals are implemented, as our research suggests that clerical staff earn 24% of that of a Chief Executive, whereas in the private and public sectors the gap is larger at around 16%. “For organisations who feel they need to review salaries across the board in light of this news, an external pay and benefits consultancy can be beneficial in ensuring that emotions are taken off the table and decisions around pay are independent, fair and justifiable.” To find out more about how Croner can assist with pay and salary reviews, please call 0844 728 0103.

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