Last week we asked you to fill in a short survey to understand the current status of preparation for gender pay gap reporting. We would like to thank our participants - with your help we can shed some light on this interesting topic to help you compare your organisation with others.
It is not only about big companies
First of all, it’s not just the big companies that aim to uncover the gender pay gap. Around 10% of respondents claimed that, although not subject to regulations, it is in their plan to report the current state of gender pay. The most common reasons include enhancement of employer brand, talent attraction, demonstration of commitment to fairness or mitigation of the risk of equal pay claims. Revealing the gender pay gap can also play an important part in showing better sustainability and responsibility for providing equal opportunities in the workplace.
Satisfactory understanding of the gender pay reporting regulations
Our survey revealed that the majority of respondents possess a good understanding of what is required for running and publishing the gender pay gap numbers. However, 23% indicated that they would need some more clarity regarding the regulations. Given this is the very first time these kind of regulations have been introduced, we believe that this score reflects a satisfactory level of readiness in reporting the gender pay gap.
Getting ahead with gender pay numbers
We can see some role models who have already decided to publish their data early - check our last post to learn more about those companies who are getting ahead with their numbers. In line with our expectations, the survey shows that most respondents have already started to source and gather their reward data. Only 14% of respondents stated they haven’t yet done anything regarding this process but indicated that they plan to start processing the data within the next month or over Summer.
When it comes to publishing, the majority of respondents plan to publicly reveal their data this year, with 29% aiming to publish sometime between June and August. 19% are waiting for Autumn and 9% plan to leave it until around Christmas time. However, 43% of respondents are waiting a little bit longer to disclose their data, until as late as Q1 2018. With nearly half waiting until next year, we think this is a risky strategy and could potentially send a negative message about gender pay.
Internal resources to help prepare
86% of respondents rely on their internal resources to prepare the information on time and in line with the regulations. 14% stated that they have already secured some external professionals for helping to run the data and investigate the potential reasons behind the gender pay gap.
Feeling confident about the gender pay reporting process
Overall, 75% of respondents feel confident about running and publishing the gender pay data. This is good news and we believe the exercise will have a positive impact on creating a more equal workplace, helping employers to better address the issues regarding pay gaps. With this in mind, we are also aware of running this survey within a small (but proactive) group and potentially collecting data from this biased sample.
From a broader perspective, we acknowledge that there will still be many companies who haven’t started to think about gender pay gap reporting and are putting their heads in the sand. It is important to know that, although reporting is just around the corner, there is still an open window to start thinking about preparing your data. Our advice is don’t wait for the last minute as this exercise may be particularly stressful for those who never dared to look at their reward analytics. We understand the complexity of this process and possible struggles in addressing the reasons behind overwhelming gender pay differences - take a look at our six steps to gender pay reporting success.
If you need support with any aspect of gender pay reporting, please get in touch: 020 3457 0894.
