Have You Published Your Gender Pay Gap?
More than 1,000 firms have made their salaries public ahead of April’s deadline. Of these firms, over 80% have admitted to paying men, on average, higher salaries than their female counterparts.
There are only a few working days until UK companies employing at least 250 people are required to publish their gender pay gap. Over 1,000 firms have already published their figures - but there are still 8,000 more to come. The results have, however, already raised serious concerns:
• 908 – the number of firms paying men more than their female counterparts, compared to 143 that are paying females more.
• 65% - how much lower the hourly rate is for females at clothing chain Phase Eight.
• 50% - how much higher the average UK male employee is paid at easyJet.
*Source: The Independent, 2018
Recent updates reveal that female CIOs are paid slightly more than their male counterparts, however there are on average many more men in the top IT jobs than women. Robert Grimsey, Director at Harvey Nash, said that: "This may be because compared to CIO roles there is less of a tradition of women entering these top technical roles, and the ones that are - the trailblazers - are entering the role perhaps for the first time, and possibly in smaller companies".
Nonetheless, the Gender Pay Gap continues to spark anger and controversy across the UK. Recently, one of the most shocking and widely discussed examples was how Claire Foy, the lead actress in Netflix's popular show The Crown, was paid significantly less than Matt Smith, the actor who portrayed the Duke of Edinburgh. While Netflix defended their decision by arguing that Smith was much more known than Foy at the time of filming, people are still finding it unsettling that the lead actress earned less than the man portraying her husband. After all, it's not a series about Prince Philip's journey into married life and power, is it.
Many companies are waiting until the very last minute to report on their salaries, hoping to float by in a river of disclosures. This hesitation might, however, also be due to a lack of confidence over their ability to conduct the necessary reporting.
Peter Cheese, Chief Executive of the Chartered Institute of Personnel and Development, suggests organisations may suffer from a lack of historical commitment to the tracking and analysis of personnel salaries. “There is no doubt that organisations are struggling to come up with the data and it’s taking a lot of time”, said Mr Cheese in an interview. For many, this analysis and reporting is big strain on their resources. But it doesn’t have to be.
*Source: The Financial Times, 2018
With only a few days left until you have to release your figure, are you prepared? And are your systems up to the task?
We have had many enquires at Software Advisory Service regarding the best way to easily and accurately report on business activity. With April fast approaching, many enquires have surrounded the analysis of their HR processes and how to report on their employee salaries. Our subsequent conversation revolves around the benefits of either incorporating, or updating, your Business Intelligence (BI) and HR Software.
• BI software provides accurate, up-to-date and easy-to-understand information and allows you to more effectively plan for the future.
• HR software make managing a large or growing workforce more efficient by helping you to recruit, develop and manage your company’s most valuable resource: its people.
We can help you compare BI and HR solutions, assessing your individual business requirements and carrying out market research on your behalf to create a bespoke shortlist of partners. All for free. To get started, contact us on 0203 866 3694.
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