The sad reality is that the gender pay gap still very much exists. But as of tomorrow, the new rules kick in...
Companies with more than 250 employees will be required to collect data about their gender pay gap, gender bonus gap and even give a breakdown of how many women and men get a bonus.
They’ll also have to keep records based on four pay brackets, from lowest to highest whilst distinguishing between male and female.
But here’s the best part…
Each company will be forced to publish this information on their website as well as on a government site. This has got to be naming and shaming at it's best.
Depending on what you read, on average, women receive about 18-19% less than men. Now the big corporates might have you believe that they’re making huge jumps in closing this pay gap, but a lot of this is just hot air.
According to one analysis by Deloitte, at this rate, we won't reach equality until 2069.
So although the new rules are definitely a step in the right direction, the records employers are now required to keep only just scratch the surface.
Forward thinking organisations who really want to make a change should be looking at how they deal with what they uncover. The current penalty of these new rules is basically a bit of bad press but real change is way overdue.
Big organisations need to lead the way; stop thinking with their wallets and start thinking with their hearts.