Today a new duty requiring big employers to publish data on their gender pay gaps will come into effect. Employers in Great Britain with over 250 staff will have to publish four figures annually on their own and a government website. These figures are;
- gender pay gap (mean and median)
- gender bonus gap (mean and median)
- proportion of men and women receiving a bonus
- proportion of men & women in each quartile of the pay structure.
The Women’s Business Council understands the benefits of helping women to unlock their talents – bridging the gender gap in work could add £150 billion to the UK’s annual GDP by 2025. Over the last four years, the WBC has advocated the importance of maximising women’s contribution to future economic growth. To achieve this the WBC has helped to drive more women to choose STEM subjects at school and university, highlighted businesses which are pioneering fantastic returner schemes and promoted initiatives that unblock the talent pipeline.
We know there is more to do to level the playing field and unlock the untapped growth potential that women offer to the economy. The legislative changes launched today will only help in achieving this.
Emer Timmons, Chief Marketing Officer and President of Strategic Sales for Brightstar and member of the Women’s Business Council said:
“As a member of the Women’s Business Council (WBC) and co-chair of the Men as Agents for change committee, I wholeheartedly embrace the Gender Pay Gap Information regulations. This is exactly the kind of regulation that will shake up the industry, and I truly believe it will be a positive force for change.
Gender pay inequality isn’t just a societal issue – equality benefits us all, especially a company’s bottom line. WBC estimates that equalizing women’s productivity and employment to that of men could lead to a 35 percent increase in the UK’s GDP – that’s almost £600bn. By recognizing that women should not, and will not, be discriminated against through their paychecks is an important and crucial step on the path towards a fairer UK.
I’m also proud to sit on the executive committee for Brightstar, the world’s leading mobile services company for managing devices and accessories across the wireless ecosystem, which as a company is actively engaged in this movement. We have made significant progress in decreasing the gender pay gap and continue to strive towards completely eliminating it. Helping the current and next generation of women in business is something that we all have a responsibility to do, and we all need to be agents in driving this change.”
Lynne Atkin, HR Director for Barclays UK and member of the Women’s Business Council said:
“Barclays is committed to ensuring women have the opportunity to play a full role in the economic life of the nation, and to increase the talent pipeline. Our Bolder apprenticeships programme offers apprenticeships to those over 24 years old, while our Welcome Back programmes encourages women to return to the workplace after a career break. It is essential we support women not only at the start of their careers, but throughout, to help women fulfil their potential and encourage the diversity we both want and expect at all levels in business today.’
Full guidance for reporting has been produced by the Government Equality Office in collaboration with ACAS and is available on ACAS’s website
 McKinsey Global Institute, The power of parity: Advancing women’s equality in the United Kingdom, 2016