The Timetable For Gender Pay Gap Reporting
There are two significant dates that companies affected by gender pay gap reporting need to be aware of, and we’ve put together a handy post to summarize what you need to be prepared for, and when.
- April 6 2017 – from this date all private and voluntary sector organisations in England, Scotland or Wales who have 250 or more employees will need to maintain an extensive amount of data on the differences between what their male and female employees are paid.
- April 4 2018 – by this date all affected companies must publish the results of the first year of gender pay gap analysis, i.e. for the period since April 6 2017.
If your company will be subject to gender pay gap reporting, the data you need to collect and report is as follows:
- Your average gender wage gap as both a mean and a median average. Here the analysis should be concerned with the average hourly rate paid to male and female employees
- Your average bonus gender pay gap as a mean and a median average
- The proportion of male employees and the proportion of female employees within your company who have received bonus payments
- The proportion of male and female employees within your company who fall into four specified pay bands, or quartiles. Here you will need to compile a list of employees’ salaries, from the lowest to the highest, and then divide these employees up into four equal groups. For example, if your company employs 400 people, then Band A will be the 100 highest paid employees, regardless of gender; and Band B will be the next 100 best paid, and so on.
However, in reality, there is an important third part of the timetable, and this requires you to take action now, if you haven’t already done so. You should consider producing gender pay gap data for previous financial years as something of a ‘trial run’ to ensure you are ready to comply with the new law from April this year.
You also need to think about whether you are comfortable with carrying out the necessary calculations in order to produce the required data. If you aren’t comfortable carrying out this task, then now is the time to start talking to any third party payroll provider you use, and asking if they can provide this service on your behalf.
If you’re looking for some help around gender pay gap reporting and your responsibilities, get in touch with our experienced team at Talk Staff Payroll today.