The Equality Act 2010 (Gender Pay Gap Information) Regulations 2017 came into force on 6th April last week requiring any UK business with more than 250 staff to keep accurate records of pay and bonuses assigned to each employee.
Early figures have shown that the gender pay gap division is wider than first suspected, with male employees far more likely to receive a bonus than their female counterparts. In 2016, 43% of male employees received an average bonus of just over £2,000 with only 38% of female workers gaining an average bonus of £1,128.
Gender pay gap reporting has been bought in to help bridge the gap between male and female pay and safeguard all employees against pay discrimination.
However, many employers are unprepared for the new legislation with more than a third failing to review salaries of their staff to ensure that no gender pay discrimination remains. A further 82% have stated that they will not be reviewing their equal pay policies and a staggering 58% admit that they do not currently hold accurate salary information across all roles and genders.
Many employers feel that the new gender pay gap reporting legislation is a big ask, requiring many hours of fact-finding and record keeping in order to adhere to the new rules.
Independent advice service ACAS has identified that there are six calculations employers must carry out, and the results must be published on the employer’s website and a government website within 12 months. Where applicable, they must be confirmed by an appropriate person, such as a chief executive.
ACAS has also stepped in to provide helpful advice and support for any employers who are subject to gender pay gap reporting and are finding the new legislation difficult to navigate.
Click here to find out more from ACAS and access free resources to help guide you through the process.