Lifestyle Article - Thousands of firms yet to report their Gender Pay Gaps


With just one month to go, nearly 9,000 companies still need to submit their Gender Pay Gap (GPG) reports before the 4 April deadline. Analysis shows while the proportion of late reporters has steadily decreased in recent years, one in ten companies still missed last year’s deadline, with a third filing more than 30 days after the cut-off. Isio is urging businesses to submit their reports on time and take action to address pay disparities, rather than treating Gender Pay Gap reporting as a tick-box exercise.

 With just one month remaining before the Gender Pay Gap reporting deadline on 4 April, Isio’s analysis reveals thousands of companies are yet to submit their data. This raises concerns over last-minute reporting and the risks of non-compliance.
 While there has been a positive trend in timely reporting, with the number of companies submitting late falling from 14% in 2020/21 to 9% in 2023/24, many businesses continue to struggle with the deadline.

 Last year, two-thirds of late submissions were over a week late, and one-third took more than a month to file. At this stage in the reporting cycle, around 2,400 companies have already submitted their data, which is in line with last year. This suggests that nearly 9,000 companies still need to report in the coming weeks.

 Isio’s analysis of previous years shows that nearly half of all submissions occur in the final week before the deadline. While last-minute reporting is common, it increases the risk of errors and missed deadlines.

 What employers need to consider before the deadline:
 • Ensure accuracy: Common reporting pitfalls include incorrect inclusion of allowances, adjustments for part-time work, and bonus calculations. Businesses should conduct thorough checks to avoid errors.
 • Prepare for additional reporting: With the government considering expanding reporting obligations to include ethnicity and disability gaps, employers will need to start planning for these new requirements.
 • Develop action plans: Gender Pay Gap reporting should be more than just a compliance task. Employers should develop action plans to close the gap and consider long-term diversity and inclusion strategies.
 • Engage employees: Clear communication of results and planned actions is crucial. Engaging employees in the process will build trust and help ensure that pay equity efforts are taken seriously.
 
 Isio's recently launched report on Gender Pay Gaps highlights the steady decline in the overall gap since 2017, though disparities remain, particularly in sectors like finance and insurance. The report underscores the need for businesses to move beyond compliance and take meaningful steps towards closing the gap.

 Mark Jones, Reward & Benefits Partner at Isio, said: “It’s encouraging to see more companies reporting on time, but with thousands still outstanding, many will face last-minute pressure. Gender Pay Gap reporting shouldn’t just be a compliance exercise - it's an opportunity for employers to take stock of their reward strategies, identify pay disparities, and take meaningful action to close the gap.

 As the deadline approaches, Isio urges businesses to take the necessary steps to submit their reports on time and go beyond compliance to close the Gender Pay Gap.

 “Many businesses still treat Gender Pay Gap reporting as a tick-box exercise, but those that go further by embedding transparency and taking action to improve pay equity will be better placed to attract and retain talent in an increasingly competitive market.”
  

Back to Index


Similar News to this Story

Relief for Bank of England but stress for everyone else
Job vacancies fell by 56,000 to 727,000 in April-June. It was the 36th successive quarter of falls, and vacancies are now 68,000 below their pre-pande
Paul Sweeting becomes IFoA President
The Institute and Faculty of Actuaries (IFoA) is delighted to announce that Paul Sweeting has begun his presidential term, taking over from Kartina Ta
Broadstone appoints Rob Kerry as Actuarial Director
Broadstone, a leading independent UK consultancy delivering expert advice to employers, insurers, pension scheme trustees and lenders, today announces

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.