On International Women’s Day[i] (8th March), Howden Employee Benefits and Wellbeing is calling on employers to uncover the root causes of their gender pay gap so they can take appropriate action to address it.
The Global Gender Gap report 2020 from the World Economic Forum highlighted that it would take over 99 years to close the gender pay gap and achieve pay parity. The report also stated that one of the greatest challenges preventing the economic gender gap from closing is women’s under-representation in emerging roles. In cloud computing, for example, just 12% of professionals are women; and in Engineering and Data and AI, the numbers are 15% and 26% respectively.
Cheryl Brennan, Director of Corporate Consulting at Howden Employee Benefits & Wellbeing says, “On International Women’s Day, we are highlighting that employers could do more to address the imbalance in pay and opportunities. The gender pay gap dial is moving slowly. While some employers are implementing changes with good intentions, they aren’t bringing about the desired results. Understanding the underlying reasons for their gender pay gap is the first step to drive improvements.”
Howden Employee Benefits and Wellbeing recommends employers analyse their pay data as a first step.
The company recently launched two new solutions Psyon Gender Pay Gap Reporting and Psyon Pay Intelligence Services to enable them to do this efficiently and easily.
Psyon Gender Pay Gap Reporting and Psyon Pay Intelligence assist with reporting regulations and help businesses to uncover where to target efforts to drive positive changes. These services also help companies improve their diversity and inclusion strategy by providing detailed and relevant analysis of workforce and pay data.
The Psyon Gender Pay Gap Reporting tool removes the complexity of calculating the pay gap, it is regulatory compliant and will produce headline findings for companies and offers a template to help position and communicate any pay gaps in a business.
The Psyon Pay Intelligence tool helps companies develop a diversity and inclusion strategy by identifying hot spots and areas of the business where the pay imbalance is most pronounced. This will enable companies to take appropriate and targeted action. The tool also enables them to establish key performance indicators to measure progress.
Annabel Francis, Analytics Proposition & Technical Lead at Psyon adds, “Successful diversity and inclusion programmes and initiatives can help create a more balanced workplace, which will help employers attract and retain women. Our new solutions identify where action is needed to address pay imbalances and help to create a more equal and inclusive workplace.”
Psyon Pay Intelligence Services are provided by data analytics company, Psyon which is part of Howden Employee Benefits & Wellbeing.
For more information, please visit www.howdengroup.co.uk