The gender pay gap has been a hot topic in the HR world for quite some time. The U.K. has a new requirement for the financial industry stating companies employing over 250 people must report the pay for all positions in their company. The intent behind the new requirement is to close the gender pay gap and get more female senior leaders.
As much as I like this new requirement… Will this actually help or is it the recruiting initiatives?
Many ATS’s screen out employment gaps. For example: A female who took time off to raise a family for a couple years, has 15 years’ experience in a senior position, and would be qualified for the position, their resume wouldn’t even make it in front of the recruiter. Are we leaving great candidates on the table because of employment gaps?
In an article written by Mara Lemos Stein, in the Wall Street Journal, “Lack of Women Leaders Upsets Gender Pay-Ratio Reporting” Barclays Bank PLC now has an initiative to correct their gender pay gap. Stein states, “Barclays Bank PLC in its disclosure said the bank’s gender pay gaps are driven by having too few women in senior roles and having too many women occupying junior, lower-paid positions. Barclays disclosed women employees are paid an hourly rate 48% below the organization’s mean pay.” A program they have created to increase diversity and close the pay gap is a ‘return-to-work’ program. Women who have employment gaps can apply through this program, work for a few months to prove their skills, and be hired full-time.
Sounds to me like this new requirement in the financial industry opened some eyes! Do you think this new reporting requirement will give companies the push needed to make some changes? Will Barclays ‘return-to-work’ program be the initiative they needed to close the gap? IF so, how can this model be used in all industries to get the best applicants?
Shelly Wallace Johnson, aPHR