New gender pay gap reporting regulations will come into force in October 2016. Under the new regulations, if your company employs at least 250 staff members, you will be required to disclose the salary and bonus amounts for each of your male and female employees. These amounts will then be made publicly available on your company’s website. However, you will not have to publish the findings until 30th April 2018.
But, that does not mean your company should wait until 2018 to do anything—on 30th April 2017, your company will be required to supply a data snapshot. This snapshot will be identical to the report that your company is required to submit beginning in 2018, however, the snapshot will not be made publicly available.
To comply with the new regulations, act now to ensure you can capture the following five pieces of information that you need to include in your report:
- The difference in mean pay between male and female employees
- The difference in median pay between male and female employees
- The difference in mean bonus pay over the previous 12 months between all male and all female employees receiving a bonus
- The proportion of male and female employees who received bonus pay over the previous 12 months
- The number of male and female employees in quartile pay bands A, B, C and D
As this information will be made available to the public, it will surely affect employment and retention rates. Act now to assess and rectify any pay disparities in your organisation.