The pay gap between men and women in the UK shifted from 10.5 percent to 9.1 percent between 2011 and 2017. Hoping to encourage more rapid progress, the British government enacted new legislation in 2017 requiring UK companies with 250 employees or more to publicly share their gender pay reports.
Complying with this new law is paramount, and not only to avoid penalties. Now that organizations are required to be transparent about how much men and women are being paid, they have an opportunity to reassess their practices and take steps toward greater equality. Business leaders should consider how the lack of transparency:
- Causes recruitment issues due to real or perceived gaps.
- Reduces employee engagement as productivity falls and competitiveness decreases.
- Makes the employer brand suffer: publicity, attractiveness for new hires, and stock prices.
Leverage a Team of Workday Payroll Experts to Embrace Transparency and Equality
According to a recent report by the Government Equalities Office, employers may need more support when it comes to drawing meaningful conclusions from their gender pay gap data.
Workday Payroll equips organizations with the power to report the full amount of paychecks, separating salary and bonus pay. This data then allows Workday to calculate hourly pay equivalents for the entire employee population. The next step is to create a simple and easily repeatable report to facilitate future reporting requirements.
Eighty-four percent of OneSource Virtual customers rely on us to create their reporting templates, analyze the data and share highlights throughout the company. Whether for lack of time or resources, when employers fail to clearly communicate their gender pay gaps to their employees or the public, they face the possibility of noncompliance. Another unexpected consequence is the potential loss of talent. In a recent study, Glassdoor found that 79 percent of women and 59 percent of men wouldn’t apply for a job at an organisation with a gender pay gap.
Extend Your Team’s Reach With Consultants Who Understand Workday Payroll
By adopting the recent pay gap legislation, the British government aims to promote equality and improve transparency as employees, prospective employees and the government demand better narratives to explain gender pay gaps. Enlisting an experienced Workday payroll partner is vital not only to comply with the law but also to create a culture that takes closing the gender pay gap seriously.
Leveraging the expertise of a partner equipped to deliver services within your Workday application enables you to produce clear figures and draw meaningful conclusions from your data to make choices that will move your company towards greater equality and embrace progress in a real way.
Get in touch with us today and together we can work towards closing the gap.