No doubt, achieving a gender balanced workforce at all levels in Financial Services will improve culture, behaviour, profitability and productivity.
The good news is that female representation is growing on financial services Boards (20 percent in 2016) and Executive Committees (16 percent in 2016), however, progress is slow.
(Oliver Wyman, Women in Financial Services 2016)
Companies are being nudged to remember the mandatory obligations that they need to take to improve gender diversity in the boardroom.
Gender Pay Reporting Regulations: Don’t get caught out
The new gender pay gap reporting regulations require large businesses with more than 250 employees to publish their gender pay gaps from 2018. Under the new laws, employers will have to calculate their gender pay gap from April 2017, and publish the details by April 2018.
The advantages of starting to work on this now
Can you report and analyse your Gender Pay Data under current systems? If not, starting now will give you time to understand how you can remove the barriers to this. Early action will be seen as a positive step.
We have a network of employment lawyers seeking new opportunities with expertise in this area including conducting pay review audits and advising on defending equal pay claims. If you could use the services of an employment lawyer, on either a temporary or permanent basis, please call 0203 0110057 and ask to speak to a member of the Legal and Compliance team.