Introducing our specialist data analytics services:

Psyon Gender Pay Gap Reporting The Psyon Gender Pay Gap Reporting tool removes the complexity of calculating the pay gap, has full regulatory compliance and includes headline findings, as well as a template to help position and communicate pay gap within the business.	Psyon Pay Intelligence The Psyon Pay Intelligence tool helps companies develop a diversity and inclusion strategy by identifying hot spots that will enable them to focus the implementation of remedial actions within areas of the business that most significantly contributes to pay imbalance, as well as establishing standard key performance indicators to measure progress.

Cheryl Brennan, Director of Corporate Consulting at Howden Employee Benefits & Wellbeing says,

“Gender pay gap reporting aims to create transparency and encourage employers to address their activities and aspects of their organisational culture that are driving an imbalance in pay, and to galvanize them to take corrective action”

“Many employers are investing time and money in a variety of initiatives to reduce their pay gaps, including focussed recruitment and retention strategies, and adoption of (improved) flexible working practices, as well as learning and development activities underpinned by diversity and inclusion agendas.

“However, without a spotlight on the underlying reasons for their gender pay gap, businesses run the risk of investing in design and implementation of a high-cost strategy with disappointing results.”

It may also become mandatory soon for organisations to publish ethnicity pay gap data, following a Government consultation[i] last year. Figures from the Office for National Statistics[ii] in 2019 showed that white British workers earned on average 3.8% more than workers of other minority ethnicities, rising to 20% for some groups, including workers of Bangladeshi or Pakistani origin.

Annabel Francis, Head of Data & Analytics at Psyon adds,

“Diversity in the workplace and its positive impact on productivity is well-evidenced, yet it remains a challenge for many. An increasing trend towards regulation that highlights pay disparity between different demographic classes puts employers in the hot seat and under increasing pressure to disclose pay gaps and how they intend to address them. Several organisations are now publishing their ethnicity pay gap data to demonstrate their commitment to transparency, and their diversity and inclusion agenda and others will follow.”

Call us on 020 3327 5777 or 
Email Annabel Francis here for more information. 

www.howdengroup.co.uk

Psyon Pay Intelligence Services, provided by employee benefits technology and data analytics company, Psyon who are part of Howden Employee Benefits & Wellbeing, is helping organisations address both the gender pay gap and diversity and inclusion by assisting with reporting regulations and uncovering where to target remedial efforts to bring about positive change.

[i] https://www.gov.uk/government/consultations/ethnicity-pay-reporting

[ii] https://www.peoplemanagement.co.uk/news/articles/ethnicity-pay-gap-high-20-per-cent-some-groups