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Money on the mind… and it’s all about pay equity!

With the rising cost of living, and taboo around discussing salary eroding, more and more employees are talking about money and specifically pay equity.

A new report, which surveyed over 2,000 working professionals, has found that UK employees are more likely to discuss pay with their colleagues due to:

  • inflation and the rising cost of living (63%); and
  • the pandemic (55%).

In addition, 69% think that better transparency legislation would help reduce pay gaps. Two pay transparency pilot schemes were launched by the Minister for Women in March 2022. These came at a time when new research published by the Chartered Management Institute showed a gap between “the rhetoric” employers promote about supporting gender equality and “the reality”.

The Chartered Management Institute research found that:

  • 61% of employers try to ensure that women and men receive an equal voice, in meetings and decision-making; and
  • only 41% of management positions are held by women.

The results of the new report also suggest women are less likely to ask for a pay raise due to feeling uncomfortable, because of a lack of open conversation (29%, compared to 21% of men).

Almost half of UK employees think their employer or manager takes the gender pay gap seriously (47%), but 27% disagree and 54.5% do not think enough has been done to address the gender pay gap.

Most employees want to work for an employer that discloses pay gaps; 65% in relation to gender pay gaps and 63% in relation to ethnicity pay gaps. With that in mind, 62% of employees would be willing to share their salary, publicly, in order to improve knowledge within their industry, this increases to 70% for millennials (anyone born between 1981 and 1996).

Do you encourage open conversations within your workplace?

Do you provide training to your managers on how to deal with these sorts of conversations?

Do you provide gender equality training?

Reach out to us and we can advise you and help with all things training!

? hello@peachlaw.co.uk

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? 0161 478 3800


Money on the mind… and it’s all about pay equity!

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