Posted by Deborah Rees-Frost on 20 March 2018
Left it late? Get back on track with gender pay
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Tick tock, tick tock… there’s just over two weeks to go until the gender pay reporting deadline. Worried about missing it? You’re not alone.
Innecto has completed over 25 gender pay projects for our clients, and we’ve always assumed that the vast majority of companies would comply on time. Yes, some may be sitting on their completed report for fear of drawing media fire (although you shouldn’t – find out why here). But with only 2,685 of the required 9,000 having published thus far, it seems many organisations might have left it too late.
We’ve had to change our policy in light of this reality, and no doubt the government will too. Enforcement agency the Equality & Human Rights Commission have said their first port of call will be to engage with companies informally, but with potential prosecution and ‘unlimited’ fines for stubborn offenders. So enforcement is on its way, even if it’s not yet clear exactly which form it will take.
But gender pay gap reporting is much more than a compliance issue. The business benefits are clear – many studies have shown that having gender diversity at all levels of your organisation is good for business. Supporting female talent is crucial for economic success, but by not reporting on time, you’re signalling to half the talent pool – as well as your existing female employees - that you don’t take their career seriously. The public nature of gender pay gap reporting means it’s easy for potential employees to compare across sectors and move somewhere their contribution is fairly rewarded.
Business benefits aside, gender pay gap reporting remains a legal requirement which must be completed sooner rather than later. We are not condoning non-compliance or encouraging companies to miss the deadline - but if you’re lagging behind, we can help you get back on track. Even if you’re starting from a bad place, it’s better to start making progress than bury your head in the sand.
No matter what stage you’re at, Innecto can provide a tailor-made solution. Our experienced consultants can:
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Help prepare your data.
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Find your headline numbers to the required specification.
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Conduct an Equal Pay review to identify any risks.
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Analyse key metrics to track exactly what’s driving your gender pay gap, and build an action plan to fix it.
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Create a detailed narrative to explain your results, which communicate your progress so far to internal and external stakeholders.
Non-compliance will have consequences, whether financial, legal or reputational. If you’re feeling panicked, there is a solution: Innecto’s experience can help you avoid common pitfalls and take control of the situation.
Get in touch to see how we can help your organisation by emailing enquiries@innecto.com or calling 020 3457 0894.
