On 28th January, the final draft of the gender pay gap regulations were published. Under the new regulations, if your company employs at least 250 staff members, you will be required to disclose the pay gap between your male and female employees.
These amounts must be made publicly available on your company’s website for at least three years. However, whilst the regulations come into force on 6th April 2017, you will not have to publish your company’s findings until 30th April 2018.
However, that does not mean that your company should wait until 2018 to take any action, as you will be responsible for compiling data starting 5th April 2017. Your company should begin preparing now in order to ensure that you are able to adequately capture the following six pieces of information that you will need to include in your report:
1. The difference in the mean average of pay between male and female employees
2. The difference in the median average of pay between male and female employees
3. The difference in the mean average of bonus pay over the previous 12 months between all male and female employees that received a bonus
4. The difference in the median average of bonus pay over the previous 12 months between all male and female employees that received a bonus
5. The proportion of male and female employees who received bonus pay over the previous 12 months
6. The proportion of male and female employees in each quartile of the organisation’s pay structure
Since this information will be made available to the public, it will surely affect retention rates. For that reason, your company should act now to assess and rectify any pay disparities within your organisation. To help compile your data, the Advisory, Conciliation and Arbitration Service (ACAS) has released a gender pay reporting notification and a gender
pay reporting guide.