Experts tell us how a delay to gender pay reporting will impact on businesses - and women in the UK
“Businesses are losing female talent and they need to find out why – which is why gender pay gap reporting is so important and why it is disappointing that the government is delaying the reporting of data. The best companies know that losing talent has a negative effect and are putting in place strategies to ensure that their talent does not leave and has equal opportunities so they can get to the top. According to research undertaken by Penna Consulting, 79% of employers have no assessment processes or tools in place to spot staff with potential that could help the business in future. This is not just a child issue. Businesses today are global, and talent management is the key to a successful global company.” Fiona Hathorn, managing director, Women on Boards
“A delay in publication of the final gender pay gap information regulations does not necessarily mean a change in the deadline for data publication (April 2018). That means data will have to be gathered as at April 2017 and the bonus year will have begun in April 2016.
We know the nature of the information that will need to be published from the draft regulations, and while this might be tweaked significant change is unlikely. This means employers can start preparing:
- Check what data can be collected and its integrity
- Plan how to address problem areas
The key message is – don’t wait for the final regulations, get planning now.” Annelise Tracy Phillips, senior associate, Burges Salmon LLP
“Following publication of the draft regulations, I am hopeful outcomes from the consultation will be to make the actual regulations more streamlined, as the current draft is clumsy. In addition, the time available before the statutory reporting deadline offers employers the opportunity to delve more deeply into their statistics, to understand what the data is telling them, before headlines numbers are exposed to public scrutiny. Hopefully, employers will use the time wisely for a dry run, to look at the landscape and form an action plan. This approach would enable employers to explain the numbers with clarity and confidence and demonstrate the steps they have been taking to address any issues.” Mark Childs, managing director, Total Reward Group