Legal Experts Urge Businesses To Comply With New Law
Legal experts at Irwin Mitchell are urging businesses to prepare for new laws which will force larger firms to reveal the gender pay gap in their workforce.
The new legislation aims to highlight pay disparity between men and women and encourage businesses to take staff to reduce this. It is estimated that this will affect around 9,000 companies that collectively employ over 15 million people.
From this month thousands of employers with over 250 employees will be required to record their gender pay gap figures and will have to publish their first figures before April 2018 (or March for the public sector).
Businesses are required to report on six separate criteria including their gender pay gap, gender bonus gap and the proportion of men and women receiving a bonus and details of how many women and men are in the four pay brackets.
Studies have found that firms who support gender diversity were more likely to have better financial results than their competitors.
Expert OpinionWe’ve been helping businesses get up to speed by checking what systems are currently in place to generate the information needed, identifying areas of risk and building them tailor made solutions to reduce their gender pay gaps.
Gender pay reporting has arrived and if they haven’t already, businesses need to start planning now.
Although businesses may see the reforms as an administrative nightmare they have an opportunity to lead the way. These changes will not only be a major boost for gender diversity, but could potentially increase productivity and revenue. Jo Moseley - Senior Associate Solicitor
Find out more about how Irwin Mitchell can help your business with gender pay gap reporting.