The Gender Pay Information Act mandates that both private and public sector employers follow new requirements for reporting on their gender pay gap. If your organisation employs more than 250 people, you should have already selected a ‘snapshot’ date in June to report on your employees’ remuneration for the 12-month period preceding that date. You now have six months from that date to calculate your organisation’s gender pay gap and publish the gender pay gap report to your website.
Because the gender pay gap is the difference in the average hourly wage between men and women across the workforce, it does not indicate discrimination or unequal pay; rather, it is an assessment of a gender representation gap within an organisation.
While currently any employer with more than 250 employees must report on its gender pay gap, next year the regulation will extend to those employers with 150 or more employees.
What to Include in the Gender Pay Gap Report?
The Gender Pay Information Act requires that companies report a variety of remuneration data. These reporting requirements include:
- Mean hourly remuneration gap
- Median hourly remuneration gap
- Mean bonus remuneration gap
- Median bonus remuneration gap
- Mean hourly remuneration gap of part-time employees
- Median hourly remuneration gap of part-time employees
- Mean hourly remuneration gap of temporary contract employees
- Median hourly remuneration gap of temporary contract employees
- The percentage of male employees who were paid bonus remuneration
- The percentage of female employees who were paid bonus remuneration
- The percentage of male employees who received benefits-in-kind
- The percentage of female employees who received benefits-in-kind
Organisations must also divide remuneration into four quartiles—lower remuneration quartile pay band, lower-middle remuneration quartile pay band, upper-middle remuneration quartile pay band and upper remuneration quartile pay band—and report on the percentage of males and females that fall into each band.
Tips for Successful Gender Pay Gap Reporting
Employers should ask themselves the following questions in preparation of the gender pay gap report within their organisation:
How Can Grant Thornton Help?
When it comes to gender pay gap reporting, we understand the law and the data – how to get it, investigate it, report it and how to use it to drive meaningful change.
We take an interdisciplinary approach to gender pay gap reporting, integrating our people and change capabilities with our digital transformation expertise and our best-in-class data analysis. With this approach, we not only help your organisation determine its true gender pay gap, but we also act as a collaborative partner helping you to build a strategy to deliver meaningful change across your organisation.
Grant Thornton’s innovative technology solution revolutionises the way organisations tackle diversity, inclusion, and pay equity to close the gender pay gap. It goes beyond helping organisations to meet legislative requirements and offers an unparalleled deep-dive into an organisations employment data, empowering them to make strategic decisions for closing the gap while safeguarding against costly legal and reputational consequences. The user-friendly dashboard serves up a snapshot of the organisational gender pay gap, pinpointing areas in need of attention. By unleashing the power of anonymous employee data, our platform uncovers actionable insights for igniting a culture of fairness and inclusivity.
With a clear and concise strategy for gender pay gap reporting, our clients know that they will meet regulatory requirements while enhancing their employer value proposition and improving employee engagement and loyalty.
Organisations that prioritise DE&I are more likely to attract and retain talent because they show their dedication to creating a workplace committed to equality and fairness. Gender pay gap reporting is only one step in this journey. Once complete, the data gathered can help employers to address other diversity and inclusion inequalities, for example, ethnic diversity. Promoting transparent and inclusive workplaces is an important part of providing opportunities for everyone—regardless of their gender or ethnicity—to advance their careers.
Contact Us
Grant Thornton’s team of organisational psychologists and digital experts will work with you to help your organisation to assess and improve your gender pay gap. With our innovative technology solution, we will provide an unparalleled market leading approach to deliver actionable insights into your workforce needs. If you need help with your gender pay gap reporting, reach out to our team today.