Gapsquare Blog

The Pay Gap ROI - Don't Just Invest in Numbers, Invest in People

Posted by Hazel Lush on Apr 16, 2018 3:03:10 PM

The team at Gapsquare work directly with over 130 companies, supporting them to analyse their gender pay gap both in the UK and overseas. Our expertise is in processing the data around equality and diversity, as well as driving a business forward in making tangible changes. We are passionate about doing this because, quite frankly, ending the pay gap is great for everyone involved. Here's how you can gain a return on investment after reporting the gender pay gap.

Profit from gender pay gap insights

The Pay Gap - Don't Just Invest in Numbers, Invest in People 

Here's how you can gain ROI on your pay gap data:

1. Improved Talent Recruitment

A recent survey by HAYS stated that 62% of job seekers looking for employment care about equality and diversity. Once you have analysed your gender pay gap, you should be able to locate the key issues that have caused it. Is it time to welcome and promote individuals who might otherwise have been overlooked? Is one gender over-represented in certain roles?

Want to recruit the best? We have noticed that companies experience positive staff feedback, not necessarily by starting off with no GPG at all, but by being proactive in making changes to tackle the gap.  And if you don't feel you have outlined the key issues within your company, why not find out how Gapsquare can help? We are, after all, extremely good at helping you process, present and understand data around pay inequalities.

2. Better Retention of Current Talent

Companies invest in staff both financially and with considerable time, at risk of this being a huge area of lost investment. Creating a company culture that values all employees, by offering rewards and incentives that help retain not just women, but men too, will increase likelihood of a more sustainable workforce. Your understanding of the gender pay gap, should be a tool to help you move forward in building more diverse and more productive teams. 

Gapsquare recently conducted research into the experiences of women in the construction industry, which found that flexible working, progression opportunities and mentoring schemes, or lack thereof, are huge reasons for staying or going in positions. The longer a talented employee stays in a company, the better their value, so it makes sense to understand where you could change company culture and put work into improving what you do. 

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3. Proven Financial Benefits to Gender Diversity

  • A recent McKinsey report, Diversity Matters states that gender diverse companies who place value on equality and diversity are 15% more likely to have financial returns above their respective national industry medians.

  • Companies with the highest levels of gender and racial diversity have nearly 15 times more sales revenues than companies with the lowest levels of diversity; in fact, for every 1% increase in gender and racial diversity of sales team, there is up to 9% increase in sales revenues. Diversity is a great way to increase profitability. 

  • The Global Economy will thank you: "$12 trillion could be added to global GDP by 2025 by advancing women’s equality" according to a recent report. It's fair to say, a happy global economy makes for a happy business, a no brainer.

It's important not only to understand and have the intention of closing the gender pay gap, but to be proactive in visibly taking steps to improve processes in your company. Lack of clarity and clear narrative has become a thorn in the side for both the BBC and the Financial Times over the past year, not to mention those companies who seem to have published improbable data in the run up to the April publication date. None of us want to be wasting time or money defending our pay gap data, it is considerably better to take action and to drive your company and its reputation forward.

You're already a step ahead, now it's time to make sure that the insights you've gained are beneficial for your company as a whole. Take a look at our reflections on Telling the Story of your Gender Pay Gap for some inspiration or find out about 3 loopholes that will help you deal with the gpg.

All great business leaders and entrepreneurs know how to turn a problem into an opportunity. Is it time to make your gender pay gap data pay?

Find out how to ensure ROI on your pay data below. 

 What's Next?

 

Need support? The team at Gapsquare can help. For more information click the link above or get in contact:

To learn more about Gapsquare’s Data Analysis Package contact Dr Zara Nanu zara.nanu@gapsquare.com, or 44 (0) 117 230 0066.

Check out www.gapsquare.com

Find us on Twitter @Gapsquare  or LinkedIn @Gapsquare

Gapsquare, the UK’s leading provider of gender pay gap analysis. Gapsquare’s team of data analysts use the latest cloud based technology to make pay gap analysis simple.

 

Tags: Company culture, recruitment, retention

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