As of April next year, large employers will have to report their gender pay and bonus pay gaps
The gender pay gap in the UK is often in the news – and it may well be why some of your top employees leave your company to go elsewhere – and now a new online tool has been launched so that people can find out what the pay gap is for the particular job they do.
Justine Greening, minister for women and equalities, unveiled the tool which was created by the government and the Office for National Statistics. As of April next year, large employers will have to report their gender pay and bonus pay gaps, regulations that will affect nearly 8,000 employers with about 11 million employees between them.
Ms Greening said: “If we are to help women to reach their potential and eliminate the gender pay gap, we need to shine a light on our workplaces to see where there is more to do to. This tool will empower both men and women to challenge this issue in their profession and help people to make more informed decisions about their career.”
She did note, however, that Britain has the lowest gender pay gap on record and there are now women on every board in the FTSE 100, as well as the fact that are more female-led companies than ever before and there are also more women in work now than ever before.
The gap in average pay between the sexes is now at 18.1 per cent, which is the lowest since records began but this does not show differences in the rate of pay for similar jobs.
If you want to know why people are leaving your company, whether it’s pay-related or otherwise, send out exit surveys to leaving members of staff today.