With the Gender Pay Gap reporting regulations coming into force in April 2017, it is critical that HR teams are ready to collect, analyse and communicate gender pay figures. Most organisations are likely to experience a reported gap. What is important is that an organisation can communicate where these gaps are coming from and why they exist. The impact of Gender Pay reporting greatly influences the employer branding, internal retention and organisational engagement. Your published figures tell a story and leave a footprint. Organisations must be ready to communicate the right messages to the market and internally to their workforce.
Following the success of last year’s event, True North was delighted to host the breakfast event exploring the gender pay gap legislation and what changes it will bring about to companies’ HR strategy as well as its ability to retain and attract talent. Krysta Gough, Managing Director (True North Analytics) and joint speaker, Julia Hanna (Verditer Consulting) continued to share their thoughts regarding this topic with a select audience.
While the presence of women in the workplace has improved, gender disparity still exists. The Office for National Statistics, reports an improved gender pay gap of 27.5% in 1997 to 18.1% in 2016. This new legislation is about parity and not the often misconception of inequality of pay amongst gender. Pay and bonus are adopted as the metric to measure the gender parity.
Political agendas continue to target improved gender representation at board level, however the parity gap at executive level remains to be addressed.
Organisations are recommended to look at how they intend to deliver and report the legislation, which will require publishing the mean, average and quartile figures of hourly pay from April 17 and bonus payments made to the end of fiscal year April 17.
Furthermore, directors are required to provide a statement of accuracy, to report these on the company website and to upload the figures to a government database.
About True North
True North advise and build the leadership and management teams of some of the world’s most innovative and fast growth technology enabled businesses. We also work with corporates undertaking ambitious change and transformation.
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