15 UK Companies To Have Their Ethnicity Pay Gap Data Scrutinized
March 1st 2019
15 companies from the UK, including The Bank Of England, have volunteered their ethnicity pay gap data up for scrutiny.
This data will include reporting any gaps between pay based on ethnicity.
Other companies opening themselves up to the scrutiny are Citigroup, Deloitte, EY, KPMG, Lloyds of London, Santander, Sodexo, WPP, Stella McCartney, Bupa, ITN, Jomas Associates, Creative Equals, and Reluctantly Brave.
Ethnicity Pay Gap
The latest move is a step in the right direction for addressing issues of pay disparity between ethnicities.
The volunteering of the information comes a year after the UK ordered that companies of 250 or more employees had to publish their gender pay gap information.
Those statistics lead to some worrying discoveries. Gender pay gaps will take hundreds of years to close if it continues at its current glacial pace. Some gender pay gaps, like the one in HSBC, has actually widened since reporting began.
INvolve, the group behind the newest collaboration of ethnicity-gap reporting companies, says it believes the policy has been a success;
“Conversations are happening now that weren’t before. This is the point.”
They even provide companies with a toolkit if they too wish to start publishing their ethnicity pay gap information.
Hi there, we’re INvolve, the inclusion people.
Creating diverse and inclusive businesses where anyone can succeed and where individuals can bring their whole selves to work. A business world that involves 100% of everyone. pic.twitter.com/htjccu40dw
— INvolve (@INvolvePeople) February 21, 2018
Deloitte has been publishing its ethnicity pay gap since 2017. The pay gap is 12.9% as of its latest report, mainly due to a lack of ethnic diversity in the most senior jobs.
In 2018, Theresa May’s government said it was looking into possible mandatory ethnicity pay gap reporting.
The estimated total pay that ethnic minorities are missing out on each year lies at around £3.2 billion.