If you are still working on your gender pay analysis, you need to start thinking hard about how you plan to socialize this data in your organization. Here are 5 reasons to take action:
1) According to a Glassdoor survey, 65% of workers believe employers who are transparent about the gender pay gap can be part of the solution so there is an opportunity to act positively, but this window will soon close as the deadline draws nearer
2) As Chris Charman points out in HR Magazine, “Both the media and the government have failed to explain the nuances of the regulations and what they mean. Confusion is almost inevitable and equal pay claims may result.” Businesses need to start getting under the data and helping employees to understand what it really means if they want to avoid costly and damaging pay claims
3) Pay is only one part of an employee’s package; pay data needs to be contextualized to make sense, and the onus is on employers to help their staff understand the other benefits they offer; initiatives like flexible working will help staff make sense of the pay gap
4) While publication of gender pay data is important, it’s the insights we can derive from it which will really help us to tackle issues of diversity and inclusion. Much of the pay gap is likely to be explained by the absence of women in senior positions; we need to focus on building the pipeline and removing barriers – publicizing gender pay data is one way of starting this conversation
5) The times are changing; today’s graduates are much less likely to accept inequality. As Fawcett Society Chief Executive Sam Smethers puts it, after 40 years of pay equality legislation, we are at a point where “the women coming through now are really determined to get better outcomes – and that will drive change.”
Businesses who hold back on gender pay reporting risk being perceived as having something to hide, so act now and work with your employees to understand the data. Contact us now to find out how we can help.