Today I read an article that was pleasing to the eye. Iceland has become the first country in the world to make it illegal to pay men more than women, and in my opinion, it is about time.
This made me think… how do we all follow suit like Iceland? My thinking is, change starts from the top.
Under the new legislation, companies and government agencies with more than 25 employees will be required to obtain government certification for their equal-pay policies. Those failing to demonstrate pay equality will face fines. The law came into effect on the first day of the new year. It was then announced on International Women's Day on 8 March.
I believe that making changes & transformation starts at leadership & C level, when the team at the top believe & drive passion, this is how we can make the real change. The Nordic nation pledges to eradicate gender pay gap by 2022, and I hope that the UK can follow.
From April this year, the UK is introducing gender pay gap reporting, which will require employers with over 250 employees to publish their gender pay gaps. This is a welcome step forward but we may need to consider more proactive measures.
It is reported that 78% of UK firms pay their male staff more than their female workers. In order to reduce the gap, there are a number of ideas that have been presented, the first being salary transparency, publication of the gender pay gap may be the start of a move towards greater salary transparency. Many women are likely to be unaware that male colleagues earn more than they do.
Targets are also a driving force, some companies have announced recruitment targets. Lloyds Banking Group has promised to have 40% of its senior roles filled by women by 2020.
Lastly, it is about the culture, Senior managers should be responsible for changing the culture of the workplace, driving equal pay, equal promotions and equal growth.
Managing Partner, RedHolt
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