Virgin Money have become one of the first companies to publish a gender pay gap report. The Gender Pay Gap Regulations require all employers with 250+ employees to publish a report by April 2018. Virgin it seems have decided to get straight out of the blocks and publish their report now.
The report confirms that as at April 2016 Virgin Money had a mean gender pay gap of 36% and a median gender pay gap of 39%. The company has blamed the gap on under-representation at both senior and junior level. According to Virgin there are too few women in senior roles and too few men in junior positions. To try and address this imbalance they have announced a package of measures which include unconscious bias training for all managers, setting bonus targets for senior leaders to improve gender balance and continuing to promote flexible working.
Virgin’s stance on gender pay gap reporting is to be applauded as they are clearly committing to engaging with the regulations from an early stage and by choosing to voluntarily report their gap now they are giving themselves additional time to implement measures to close the gap. It will be interesting to see which other large organisations follow suit.
If your business employs more than 250 employees you will have to publish your own gender pay gap report by April 2018 at the latest. We are here to help and can work with you to identify the relevant pay information and put together a gender pay report with suitable commentary to explain any gaps. We can also help you put in place a plan of action to reduce or eliminate your gender pay gap going forwards. Please contact me for more information.
Virgin Money reports a 36% mean gender pay gap