April marks the deadline for private sector companies to formally report their employee gender pay gap. With finance and insurance companies reporting a gender pay gap of more than 18%, companies like Unilever are reporting a pay gap that is 2% in favour of women.
There’s a new key date in corporate reporting: 4 April is the deadline for private-sector companies to formally report their employee gender pay gap.
Companies with more than 250 employees must now publish figures comparing men’s and women’s average pay across their organisation.
The news so far isn’t throwing up any great surprises about where the biggest and smallest pay gaps are. I suspect that no one was shocked to discover that sectors such as finance and insurance have the biggest pay gap, at more than 18%.
But it’s not all bad news
Unilever has reported a gender pay gap that is 2% in favour of women. The multinational’s Placid Jover, Vice-President for Human Resources for the UK and Ireland, says: “We are proud of our progress in the UK, but recognise that more can be done to ensure women and men are more equally represented at all levels, especially in more senior positions.”
“To continue to build momentum and drive further change, we will enhance our existing programmes and policies by targeting women at every stage in their career. By adopting a holistic approach, we will strive to create an equal and inclusive workplace, change mindsets and empower our people to reach their full potential.”1
Big corporates are recognising that they will need to do more to attract top-calibre graduates too. Millennials are increasingly choosy about the sort of company they want to work for, with many prioritising strong corporate social responsibility. Employee gender pay gap information is set to become be another yardstick by which talented young people, particularly women, will measure their prospective employers.