If you are a Finance Director in a private company which has 250+ employees you will no doubt be aware that an obligation on employers to report on gender pay differentials in their business is about to come into effect and will apply to your pay and reward arrangements in place from this April. The obligation is on all employers with 250 or more employees and includes a wide definition of “employee” (including personal contractors) together with a complicated definition of “pay”.
Grant Thornton are dealing with a large number of queries about how businesses can approach the challenges in collecting and presenting the information, providing context around the disclosures and developing strategies to address the issues raised. You may already be working on this, however you may find it useful to refer to our dedicated briefings as the information contained within these will assist you in complying with your obligations.
The outcome of these new procedures will have potential impact for a number of business, which range from talent recruitment and retention, reputation, increased costs and risks of employee claims. Here’s some food for thought, how will your business will address the following challenges?
- Collecting, analysing and presenting the data
- Agreeing the messages and context you will want to build around your disclosures
- Assurance that the disclosures are correct and compliant
- Developing strategies to address the underlying cultural and organisational diversity issues identified
If you are interested to receive these bespoke communications please contact Louise Medina in Grant Thornton’s Cardiff office. E Mail [email protected] or call 02920 347 563.