Gender Pay Gap
A gender pay gap is the visible difference between a male and female employee’s earnings. The gender pay gap in the UK currently stands at 18.4%, but there are lot of measures being taken to close the gap and to create more opportunities for women to progress in their careers. One of these measures is the introduction of mandatory gender pay gap reporting, which means employers must publish their company’s gender pay gap report online by this April. It is also encouraged that employers conclude their report with a long-term plan explaining how they will work towards closing their gender pay gap.
Possible suggestions and proposals could include creating better training opportunities designed to help women move up the career ladder, or encouraging male employees to take more parental leave.
Companies which are clearly taking action to close their gender pay gap will be perceived as being more ethical, which in turn leads to better staff retention and public reputation. It’s been predicted that by bridging the gender pay gap completely, the UK economy would be boosted by an additional £150bn.