Every fortnight we will bring you a bite-sized update on gender pay gap reporting. Compare your statistics to FTSE 100 companies and industry averages, gain insight into the most common commitments to fair pay and progression and scroll down for our 'Disclosure of the fortnight' to see what's catching our attention – and might catch yours too.
Notes - Data taken from Gov.uk, as at 8th March 2018. We note that seven companies so far have published incorrect values greater than 100% for Mean Bonus Gap and 36 companies have reported highly improbable mean hourly pay gaps of zero, suggesting that a material number of companies have not followed the Government guidance on calculation correctly.
Spotlight on FTSE 100
Disclosure of the fortnight – most interesting, innovative or insightful: Deloitte and EY
- This fortnight, there were some important developments regarding partnerships and gender pay gap reporting. Although the regulations exclude equity partners from the calculations, there has been mounting commentary in the press about how law firm and accounting firm numbers were understated. Nicky Morgan, the chair of the Treasury Committee and an MP who drove the legislation, commented that these firms were "abiding by the letter of the law, but not the spirit".
- Deloitte and EY have become the first partnerships to respond to this and voluntarily disclose an additional set of numbers with equity partners included. Due to the different reward structures, the numbers have been calculated on a total earnings basis. With KPMG indicating they will be updating their numbers too, we expect other partnerships to follow suit, but whether the majority choose to publish additional 2017 numbers or wait for their new 2018 numbers – if at all – is yet to be determined.
How Willis Towers Watson can help
Whatever stage of the gender pay gap journey you are at, we can help with:
- Calculating and validating your statistics
- Helping you to understand the drivers of the gaps and create an achievable action plan
- Positively communicating your statistics, reasoning and action plan, both internally and externally
To find out more, please contact Jessica Norton
, Tamsin Sridhara
or Alasdair Wood