Tackling gender pay gap is vital
We welcome the Prime Minister's announcement that new legislation will require every company with 250 employees or more to publish the gap between average female earnings and average male earnings.
But businesses should report on more than just average pay rates. Given that the gender pay gap is widest at the top, it's vital that companies track pay across different job levels.
And, of course, the pay gap isn't the only problem facing women at work, as the lack of women in senior roles is still a huge problem.
Transparency is the most powerful driver we have for achieving change and this legislation will be good news for business.
The new measures will help unblock the talent pipeline. Clearer employee data, improved recruitment and a reinvigorated focus on business culture will pay dividends for all employees.
The evidence is clear: diverse teams make better decisions and deliver better results for businesses.
Chartered Management Institute