Gender Pay Gap Reporting: Are We There Yet?
ABSTRACT
What do recent Pay Gap headlines and reported figures say about the current state of equality and equity in the workplace?
It’s that time of year again when the business world reflects on the progress (or lack thereof) of equality in business.
Recent coverage of International Women’s Day, company year-end reporting, Women in Leadership figures, and UK Gender Pay Gap statistics can all lead to some conflicting narratives and get us questioning;
"Are we making progress on the Gender Pay Gap, or not?"
To better understand the lessons that can be learned from newly available data, here’s ABSTRACT’s take on some of the biggest stories to emerge in recent weeks:
“The big question: WHY is the gender pay gap not reducing quickly enough?
Firstly, I think we need to consider this question:
“WHY reduce the gender pay gap at all?”
If Leaders can not or will not effectively engage with and answer this in relation to their own organisation, then you understand why the gender pay gap is not reducing quickly enough.
So, for me, it’s all about senior leaders connecting with the WHY, that drives the appetite and motivation for social and business change.
There is that old adage that says ‘you can lead a horse to water but you can’t make it drink’. Well, you probably can if you give it a giant salt tablet!
Leaders, please take your tablets as prescribed.”
David Nikolich
Managing Director
“Backlash is a B****!
In a spine-chilling revelation the latest data from a global study by Ipsos in collaboration with the Global Institute for Women’s Leadership at King’s College London has sent shockwaves across Great Britain.
Brace yourselves for the grim truth: nearly one in two Britons (47%) now believe that when it comes to women's rights, we've reached the pinnacle.
But wait, it gets worse…
This alarming statistic marks a significant shift in attitude.
Cast your mind back to 2019, when only 29% felt this way.
The nightmare of equality, diversity and inclusion complacency and backlash looms as progress starts to fade. Financial services lead the way in gender parity efforts, but the battle is clearly far from won.
You are asked not to forget the hard-won ground gained and to continue the fight for equality, diversity, and inclusion.”
Sue Liburd
Non-Executive Director
"I often talk about the many lessons Business can learn from Sport – in this case, the increased exposure of Women’s Sport in recent years should an inspiring lesson on the progress that can (and MUST), be made in the Business world.
The Women’s Six Nations Rugby for example, which is currently taking place, has been
breaking its own records for viewership and attendance year upon year. Young girls can see their idols playing in a tournament that attracted almost 50,000 fans to Twickenham last weekend (20th April 2024).
If you can see it, you can be it!
Salaries are also increasing all the time in Women’s Sport, with big occasions helping to increase the exposure of the sport and create global personalities and brands.
I recognise that, in Business, there is not always a ‘big event’ to focus the attention like the Women’s Six Nations…
However, Businesses must try and ensure that the right conversations are taking place and that gender should never be a factor when it comes to what someone gets paid.
There is still some distance to go on that journey…"
Andy Nicol
Chief Executive Officer
"In a recent Guardian article, the general secretary of the Trades Union Congress, Paul Nowak, said:
'Working women deserve equal pay but the gender pay gap is still a huge issue.
At current rates of progress, it will take more than 20 years to bring men and women’s pay into line. That is not right!'
Despite having the Equal Pay Act 1970 in existence for 54 years, the travesty is that women over 40 will not benefit from equal pay at this pace of change as they will have retired by then.
Our research suggests it is not just pay that is the problem, it is the lack of flexible working in well-paid, high-quality jobs.
The Equal Pay Day report found that women were forced to put up with less fair and less equal working arrangements in exchange for the flexibility required to balance their caring responsibilities. Meaning that fewer women compared to men felt able to compete for these more senior roles.
If you are reading this and you agree, then please bridge the gap between intention and action, don’t be an ally,
be an active ally and raise your concern and influence change in your organisation."
Mark Fryer
Chief Client Officer
Closing The Gender Pay Gap - How Can ABSTRACT Help?
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