After four decades of equality legislation, employment experts acknowledge that the gender pay gap between men and women is still a big issue, despite research from McKinsey & Company revealing that the best companies for gender diversity are 15% more likely to have better financial results than their competitors.
New legislation forcing companies who employ more than 250 people to reveal the gender pay gap in their workforce came into effect on 6th April last year and more transparency is due by 4th April 2018, as charities, public and private sector employers will have to publish the results of their gender pay disparities on their company website, where it must remain for at least three years.
The scale of the issue is gaining more coverage, as more than 500 firms have revealed their gender pay gaps ahead of the April 2018 deadline. Ladbrokes, EasyJet and Virgin Money were amongst those to admit to a pay gap for mean hourly pay of more than 15% in favour of men. I wonder how things stand here in the Gatwick Diamond?
Looking beyond the administration, regulation and finger pointing; there is clear evidence that equality and inclusion is actually very good news for business's bottom line, and our forthcoming Gatwick Diamond Skills Summit held in Reigate on 9th March 2018 will create a forum to explore this.
In today’s fluctuating marketplace and significant influences on the horizon like Brexit, addressing gender equality in business will continue to gain momentum. We are now in an age where we must review, discuss and adopt changes that will support the real business benefits of diversity with equality.
Justine Greening MP, who recently resigned from government after the Tory cabinet reshuffle said in her resignation statement 'Social mobility matters to me and our country more than a ministerial career'. She was quoted in The Guardian in April 2017 saying: “I am proud that the UK is championing gender equality and now those employers that are leading the way will clearly stand out with these requirements.” It's encouraging to see Justine's commitment and there is much we can learn from already exemplary companies embracing equality and diversity. Let's hope her successor feels the same way.