So far, only a quarter of financial firms have reported their figures, less than one month before the deadline
Unilever, who recently achieved their target of a 50/50 gender balance in managerial roles across their global business a year early, has launched uFlexReward to help other employers with their gender pay gap reporting and address anomalies, as well as helping those that want to understand and report other pay gaps, which may become statutory in the future.
Leena Nair, Unilever’s Head of Human Resources has credited the importance of pay data in its efforts to achieve gender parity in its top 14,000 management positions, up 38% from 2010.
“We’ve succeeded in reaching gender balance at management level, but our work doesn’t stop there, and we will continue to be a driving force in closing the gender gap everywhere,” said Leena Nair, Chief HR Officer at Unilever.
The Unilever spin-out offers a complete service to any organisation to automatically calculate pay equity data. In a unique approach it can calculate accurate reward data for every employee, compliant with reporting guidelines, without the client having to install any software. This approach completely eliminates the lengthy, complex manual extraction of data from the many different sources (pay, pensions, shares, benefits systems) and provides a single dashboard of employee pay comparison reports.
Ken Charman, CEO of uFlexReward, says;
“Some organisations have miscalculated how long it takes to produce the necessary data to satisfy auditors demands for filing the new statutory Gender Pay Gap report. To hear that only a quarter of financial firms have reported their pay gap figures, less than one month before the deadline is quite surprising.”
At the same time, organisations are facing increasing scrutiny from the Remuneration Committees who, under the the new Corporate Code of Governance, now need to see proof that companies are complying with their equal pay and opportunity policies. This is required across the complete spectrum of employee demographics, together with the factors that explain pay variation; grades, bands within grades, job definitions and others.
“We’ve launched a Lite version of our service, uFlexLite that can bridge the gender pay “data gap” for any organisation in as little as one week – all we need is an anonymised employee demographic file and a list of reward policies.”
Given the reporting deadlines, uFlex Lite is a services project, so it is instantly available without the long and arduous process of IT procurement. Without even needing to be onsite, a full Pay Equity file can be produced for an organisation before the filing deadline, 30 March 2020 for relevant public sector organisations, or 4 April 2020 for a private company or a charity, showing all rewards for all employees, by all factors of comparison and analysis – and it is in a secure form that cannot be traced back to individual employees.
“Many employers who have made progress towards equalising pay, will be caught out by the statutory gender pay gap system which shows simple high level ratios. With a complete picture of Pay Equity, they can protect their reputation by explaining and providing concrete evidence of progress that would otherwise be hidden,” concluded Charman.
For more information, please visit: https://www.uflexreward.com/