stop ticking boxes, start using your pay gap data
Women on Boards supports the #ResettheTimeline campaign
Does your board see your pay gap data?
If you are on the board of a UK-based organisation with over 250 employees there is a legal requirement to report it. If your board is aware of it, does the report come as part of regulatory compliance? Or is this vital information about how your employees are valued, embedded in your People and Diversity & Inclusion strategies?
Pay gap consultancy, Spktral, are drawing attention to this issue with their new campaign to #ResetTheTimeline. Three years into the gender pay gap reporting they observe that - on average - organisations report 11 months after the snapshot date. This could be seen as a mere tick-box exercise to meet the government reporting deadlines rather than collating current and actionable data on their gender pay gap.
Fiona Hathorn, CEO of Women on Boards UK and NED at Spktral, said:
"Your current and future talent are looking at your gender pay gap. Your board needs to consider this data as a vital part of your People strategy. Like all data, its usefulness has a sell-by date which is why it is so important to report as soon as possible after the snapshot date."
A snapshot date in late March/early April is set as part of government reporting obligations. The findings taken at this point are then used to analyse the gender pay gap. The reporting deadline, however, is a full year after the snapshot. Spktral believes most organisations have their required numbers as little as one month after the snapshot. Why wait to report?
The #ResetTheTimeline campaign challenges all organisations to report by the 31 July. Will your board take up the challenge?
They argue that, by reporting gender pay gap early, employers can implement action plans to begin narrowing the disparity in pay immediately. This action will reassure employees, current and prospective, as well as other stakeholders and show that you are committed to equality. Spktral also recommends employers undertake pay gap analysis on ethnicity, sexuality and other aspects of equality to build a more comprehensive picture of how well they are performing in D&I.
Fiona Hathorn added,
"I urge all companies not to merely tick a box on the government's Gender Pay Gap reporting deadline, but Reset the Timeline to take data-led action on gender equality."
>> Read more from Spktral on #ResetTheTimeline
>> Get our 'Shifting the Dial on D&I' to for actionable advice for NEDs to impactfully champion diversity and inclusion.