Why closing the gender pay gap is good business
The national gender pay gap is 18.4%, with the full time pay gap at its lowest since records began, at 9.1%, but the Government is committed to closing it entirely and large organisations must play their part.
As well as being the right thing to do, closing the gender pay gap can also benefit your business. McKinsey estimates that tackling gender gaps in work could add £150bn to GDP by 2025. It can also enhance your reputation, allow you access to a wider talent pool and increase employee satisfaction. Organisations with higher gender diversity in their leadership teams are 15% more likely to out-perform their industry average.
This business imperative, alongside the new mandatory reporting regulations, means that now is clearly the right time to get serious about closing the gender pay gap. No two organisations will be identical but there are various steps employers can consider, such as:
- Evaluating flexible and shared parental leave policies to increase take up and make the process as easy as possible
- Assessing recruitment procedures to remove bias where possible
- Establishing networks and mentoring opportunities so that all employees are supported to progress within the business
- Creating a returners scheme to facilitate re-entry to the workplace
- Fostering an inclusive and open workplace culture that prioritises and celebrates diversity
All data must be published on the Government website; register your organisation here. For further information and support with publishing your data visit the Gender Equalities Office at stand 238.