UK companies with 250 or more employees must now publish their gender pay gap data. The gender pay gap is essentially the difference between average hourly earnings for men and women. Not to be confused with equal pay as it is illegal in the UK for a gender to be paid less than the equivalent for doing the same job.
The gender pay gap will look at the disparity of female and male employees. The report will highlight the companies that have more men at a senior position than women. The report will also flag the companies in which progression for females is less likely.
Companies will be punished for non-compliance but not for displaying a gender pay gap. Nonetheless, this exercise may prove to be more humillating than a legal punishment itself.
The collection of this data is the first step to eliminating pay gaps in the society and will certainly be a topic of discussion in the work place.