More action needed on gender pay gap

TSB calls on all organisations to be more proactive

Businesses are still not doing enough to address the gender pay gap.

This is the message from TSB, which is calling on all organisations – not just those that work in the financial sector – to up their game.

Writing in the launch issue of LEAD, Helen Rose, COO of the bank, called on leaders to take three specific actions:

1. Come clean on the reasons for a gender pay gap. In other words, don’t just report on the figures but identify the root cause.

2. Act to address the causes of their pay gaps, such as by introducing recruitment campaigns to place more women in leadership roles or providing support for people with caring duties.

3. Report on progress – it’s not enough to just focus on that current year’s results.

Mandatory gender pay gap reporting came into force this year. It means that employers with more than 250 staff must publish and report specific figures about their gender pay gap. The gender pay gap is the difference between the average earnings of men and women, expressed relative to men’s earnings. Such as: ‘women earn 15% less than men per hour’.

Helen Rose said: “All businesses must now work together to tackle the issue head on, because while things are improving, the pace of change is too slow. Committing to TSB’s calls to action will act as a catalyst. By doing this, businesses will accelerate the pace of change and truly start to reflect society, delivering the right culture for customers.”

To read the full article, see the launch issue of LEAD magazine.

 

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