The gender pay gap reporting regulations: Six months on
It’s half a year since new government regulations were introduced to help close the gender pay gap but, so far, little has changed
Today marks the six-month anniversary of the introduction of the new reporting regulations for gender pay, but the overwhelming majority of companies have still not published their data, with only 1% of eligible companies having released their information so far.
Under the government’s reporting regulations that came into effect in April 2017, large employers with more than 250 employees must now publicly disclose the size of their gender pay gap, which CMI/XpertHR research has found to be 26.8% for managers across the UK, with male managers out-earning their female peers by an average of £11,606 a year.
But to date, just 72 out of the 7,850 UK companies to which the new law applies have fulfilled their obligations.
CMI chief executive Ann Francke said: “It is now six months since the new reporting regulations on gender pay came into force, yet so far just 1% of eligible companies have published their data. Pressure is now building on these businesses to not only follow the new regulations but to publish an action plan detailing the practical steps they are proposing to close their gap.
“Too many businesses are like ‘glass pyramids’ with women holding the majority of lower-paid junior roles and far fewer reaching the top. Our recent data shows that the extra perks on offer in senior management roles are creating a gender pay gap that is wider than we previously understood. It’s essential that companies address this if they are to survive and thrive in the post-Brexit world. After all, it's in their interest - diversity delivers results.”
On 12 October, CMI is partnering with the Fawcett Society's Gender Pay Gap Conference. Managing risk, finding solutions and delivering change is the theme of this year's conference. Find out more, here