Data from the first gender pay gap reports that were due 5 April have been released and the findings are disheartening. Organisations with at least 250 employees were required to disclose the pay gap between male and female employees, including their bonuses. According to the reports, 78 per cent of women work for organisations that pay them less than their male colleagues. What’s more, women earn, on average, 18 per cent less than their male co-workers, while the average gap for the companies that were required to report was 9.7 per cent.
- Closing the pay gap can be a challenge for any organisation. That’s why
the Government Equalities Office published guidance to help:
- Calculate and publish your gender pay gap information, as required by law. If your organisation is smaller than 250 employees, it would still be a good practice to collect this information to see what the gap is.
- Analyse your data to learn where you can achieve the biggest improvements. These changes could be made in recruitment, promotion rates as well as who’s on your boards and executive committees.
- Commit to an action plan. Make a choice about how you will begin to close the gender pay gap and commit to it.
- Monitor your progress. Keep track of the effects of your action plan and make adjustments if change is not visible.
In addition to taking steps to address your gender pay gap, you may want to invest in employment practices liability insurance in order to shield you from harassment and discrimination claims. For more information, contact Bond Lovis Insurance Brokers today.