Research shows systemic social change is needed in the workplace to ensure we close the Gender Pay Gap. But why is closing the gender pay gap important? Well, its proven that gender diversity at the top delivers better business performance. In fact, companies with a diverse workforce are 35% more likely to outperform those without diversity initiatives.
But how do you accelerate change in your organisation? The below strategies will help you on your journey to equality.
Salary Transparency:
Awareness is key to close the gender pay gap. Having a salary transparency policy ensures equal pay for equal roles. It seems clear however not many companies are completely transparent in this department.
Flexibility:
Consider providing a flexible working environment for all employees. Research shows that female employees tend to be the main carers in the household. This means they often reduce work hours due to lack of flexibility. This in turn delays or even completely ceases their promotional opportunities. Workplace flexibility is instrumental in changing this.
Earnings History:
As an Executive Search Firm, we see many companies requesting the earning history of candidates. To close the Gender Pay Gap, a voluntary stoppage asking about a candidate’s earnings history should be considered. This would ensure a lower salary in a former position does not affect the candidate’s entire future earnings trajectory. This is especially important for females returning to the workplace.
Paid Parental Leave:
Paid parental leave is key for equal pay, inclusive of paid paternity leave, leading to equality at home. Further support for parents and careers can go a long way with your employees too. Here are other ways you can support these employees without impacting the budget.
Partnerships:
The number of organisations who are actively working towards equality in the workplace is growing. Working with organisations that specialise in Equality, Diversity and Inclusion, can assist with systemic change which puts everyone on an equal footing to earn and secure top leadership positions. This is why we have partnered with The Equal Group to provide a comprehensive EDI offering to our clients.
To learn more about our EDI offering click here.
