UK Companies Have Pay Gaps Up to 36%

UK Companies Have Pay Gaps Up to 36% What do you think would happen if companies were required to publish what they pay women vs. men? You dont have to think too hard...because its happening. A new law is requiring companies in the UK to calculate and publicly disclose the difference between how much their male and female employees make. Employers will compare the average and median hourly earnings for men and women, both with and without bonus factored in. All companies in the country will have to report their findings on their websites by April 2018.In anticipation of this new law, some British companies have released reports indicating they have pay gaps of up to 36%, which is reportedly twice the national average of just over 18%.According to The Independent, Virgin Money, a bank, has revealed that its male employees earn 36% more than women on average, while at asset manager Schroders, men earn 31% more than their female counterparts.The Independent points out that Virgin Moneys findings arent totally off kusine within the financial services industry (where the pay gap is 34% on average) and also points out that by other measures, the company is ahead of some of its peers four of its 10 corporate directors are female, including its chief executive.Still, the company has realized its wage gap is in part due to the fact that there are not enough women in senior roles at the company and there are too few men in customer service positions. As a result, The Independent reports, men make up 67 per cent of the best-paid employees and just 26 per cent of lowest-paid.Matt Elliott, the companys people director, has acknowledged how problematic behauptung inequities are and says hes resolved to make sure the company better supports women so they can rise to higher level positions.At Fairygodboss, where were all about increasing transparency in the workplace, we crowdsource information to maintain a salary database and also provide a salary calculator via Payscale to help job seekers find out whether theyre being compensated fairly. Needless to say, we recognize that this UK law is game-changing in that it will likely encourage employers to become more self-conscious about how women perceive their company culture. Moreover, when women have access to this kind of data, theyll feel more negotiating a raise, asking for a promotion, or advocating for more equal work conditions overall.Fairygodboss is committed to improving the workplace and lives of women. Join us by reviewing your employer