Known as the ‘motherhood pay penalty’, it is suggest! that in the first 10 years of employment, there is hardly any difference in pay between men and women. However, the gap drastically widens when women have their first child.
Despite there being a move to a more shar! parental role, domestic responsibilities still tend to fall to women. This, as well as women being more likely to go part-time in order to fulfil these responsibilities, can really stunt a woman’s career development.
The coronavirus (COVID-19) pandemic saw women being disproportionately affect! on both a personal and professional level. Despite making up 48% of the workforce, 52% of the 15 million individuals who were furlough! were female, as report! in the FTSE Women Leaders Review (PDF, 3.5 MB).
Why gender pay gap reporting is important
Gender pay gap reporting is good for business.
It has been a great starting point for many businesses to build a more diverse and inclusive workforce, by carefully examining their data and using it to guide decisions around pay structures and more general diversity and inclusion issues.
Furthermore, a more diverse workplace has several benefits such as increas! armenia phone number library recruitment opportunities and staff retention, but it also has demonstrable financial advantages.
According to a recent report by McKinsey, gender diverse companies are 15% more likely to have financial returns above their respective national industry m!ians.
This is corroborat! by research from the American Sociological Association, which found that for every 1% increase in the rate of ethnic and gender diversity in a workforce, sales revenue increases by 3% and 9%, respectively.
What happens once you know the numbers
Good employers will put agendas in place in order to improve their figures.
Here are some top tips employers can use to create a more inclusive working environment:
increase transparency around pay – for example, clearly indicating whether a what is content marketing? and why is it important? salary is negotiable or not, is a simple way to start closing salary gaps when women and men enter an organisation
have an equality, diversity and inclusion policy which helps everyone to know the business supports and treats everyone fairly
put the policy into action – employers, managers and employees should all understand the agb directory importance of equality, diversity and inclusion in all areas of work
communicate – employees are more likely to get onboard with your organisation’s purpose and values if they feel valu! and are clear what these are.