Employers should ‘come clean’ on the reasons for gender pay gaps, according to financial services firm TSB. In publishing data identifying a mean gap of 31% in its own organisation, TSB says that other companies should go further than just reporting the figures to identify the root cause and share three ‘signature’ actions or targets to tackle the gap.
All companies also need to report annually on performance against targets. To this end, TSB has announced that its three actions are:
Helen Rose, chief operating officer and executive sponsor for gender at TSB, said:
‘This is a really important issue. We welcome this requirement for companies to report their data because the pace of change by UK business has been far too slow. Companies need to be brave, need to come clean about the issues they face and what they’re doing to fix it. Only then will we build a more balanced UK workforce that lasts for the long term.’