In the wake of the BBC and Financial Times’ publication of pay data, companies are approaching gender pay reporting requirements with trepidation. The worry is that the reasons behind pay gap data will be lost once statistics are revealed. But it doesn’t need to be that way. As the team at Gapsquare - experts in analysing the gender pay gap - argue, publishing data can be an opportunity to foster deeper understanding among your teams around the pay gap and an opportunity to show how your business moves forward on equality issues. In short, publicising pay gap data can be an exercise in showing how your company responds to greater understanding of its structure.
Need support? Why not watch Gapsquare's free webinar on communicating the gender pay gap:
It is interesting to note that bonus pay gaps are particularly stark, TSB Bank, Virgin Money and Fujitsu Services are all hovering around a 50% pay gap in bonus pay. These companies benefit hugely from a clear narrative around their data. An example can be drawn from Virgin Money, whose response to the data was to set out the causes of the pay gap and outline their mission going forward:
“We are confident that men and women are paid equally for doing equivalent jobs across our business...Our aim is to achieve a 50:50 gender balance by 2020”.
In their report on the pay gap, they made clear that they were not facing equal pay issues, outlined how their pay gap has developed and showed that they would be tackling key causes of the gender pay gap within a set time period. Striking statistics, but a positive narrative.
As Zara Nanu, the CEO Gapsquare states, the gender pay gap stops being a problem and starts being an opportunity when we have “solid plans to narrow the gap and a good level of communication with employees”. The choices are simple, understand your gender pay gap and clarify its causes for your employees, or risk a lot of confusion when you release your data. Losing a member of staff can cost you around £30,614 per employee, the cost of good communication and exemplary data analysis is significantly less.
In support of companies who are looking to publish their pay gap data, Gapsquare, Stitch Communications and The Glass Lift recently joined together to hold a free webinar: Communicating your Pay Gap to Stakeholders and Driving Change - 8 Nov At 10AM
Check out the webinar to hear our team of experts talk you through tackling your gender pay analysis and gender pay gap reporting effectively, how to develop a communications strategy around the pay gap, best practice in communicating with employee and strategies for creating gender balance at work and closing the gap for good.
Please follow the link below to sign up for our webinar.
Or find out more about Gapsquare through the link below: