9th March 2017
A report issued this week by PricewaterhouseCoopers highlights that like health services and access to schools, the extent to which you may be impacted by the Gender Pay gap is a postcard lottery. Whilst the average gender pay gap for the UK stood at 17% in 2016, the largest gender pay gap was reported in the West Midlands at 21%, with Northern Ireland reporting the lowest pay gap of 6%. In fact Northern Ireland also posted the biggest change in gender pay gap since 2000, falling from 22% to 6% – see the full breakdown on page 19 of the PWC report
A timely report as we wait for the UK’s Gender Pay Gap legislation to be passed and many employers are preparing to publically report their Mean and Median Gender pay gap, a major leap forward in pay transparency in the UK.
The gender pay gap is of course only one compelling reason to advance pay transparency in the workplace. Alexandra Frean from The Times argues that is also a matter of reputational risk, particular for companies in the Financial Services sector where women on average are paid 34 per cent less than their male counterparts. So as Curo’s CEO Gerry O’Neil states in his recent article for Changeboard it now time to get transparent in reward and take action!