News
Danny McCance 5 Jan 2018 12:47pm

One in 10 businesses won't make gender pay report deadline

While 77% of middle market companies have already published, or are on track to publish gender pay reports, 10% say they will be unable to publish figures by April

Overall, 90% of companies have yet to comply, with only 502 of 9,000 business recently surveyed stating they had done so, according to analysis by mid-tier accountancy firm RSM.

According to new rules, companies and charities with more than 250 staff must publish their gender pay figures by 4 April, while public sector bodies have until 30 March.

A senior consultant at RSM, Kerri Constable, said that many employers were using the remaining time to develop a “narrative” surrounding their figures to protect reputation, while many were probably waiting to see how competitors were going to present their figures.

While there will be no financial penalty for failure to comply, the Equality and Human Rights Commission can issue court orders so those not complying will be considered unlawful.

RSM itself published its figures recently, revealing a mean average gap of 15.7% – lower than many other firms that have recently published.

The Big Four all published their gender pay figures towards the end of 2017, with KPMG holding the highest gap of 22.3%, followed by EY (19.7%) and Deloitte (18.2%). PwC had the lowest gap among the Big Four at 13.7%.

Topping these results, fifth largest firm Grant Thornton reported a gender pay gap of 26% in December, while at the other end of the scale mid-tier firm Kingston Smith had a gap of 7%.

In October, data revealed that the average mean pay gap across financial services was 31%, the largest compared to any other UK industry, and considerably higher that the UK average of 19%.

Later that month, the Bank of England reported a mean gender pay gap of 21%, meanwhile the Financial Conduct Authority caused controversy by claiming that its gender pay gap of 19.28% was not an equal pay issue but due to there being less women in senior technical and managerial roles.

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