The Gender Pay Gap Regulations come in to force today requiring large businesses that employ 250 or more employees to publish annual gender pay gap reports. But are employers ready for them? According to a survey by Totaljobs from October 2016 it seems most are not. So what do you need to know?
If you are a large business then you need to start seriously thinking about your gender pay report which will have to be published by 4th April 2018 at the absolute latest. Briefly, the report will have to provide the following information:
- Mean pay gap between male and female employees
- Median pay gap between male and female employees
- Details of the number of men and women working across salary quartiles
- Mean bonus pay gap between male and female employees
In addition to this, whilst there is no obligation under the Regulations to provide any narrative to accompany the report, we would strongly recommend that employers do so to help explain any significant gaps and to outline the steps that are going to be taken to address them.
Clearly it is going to take some time to gather the information needed for the report and, most importantly, to consider how best to present the information. Whilst April 2018 may seem a long way off it will be with us before we know it.
For advice on your gender pay gap reporting obligations please contact Sarah Scholfield at Glaisyers.
Gender pay gaps must be declared by UK companies