GENDER PAY GAP REPORTING
The difference in average earnings of men and women is known as the gender pay gap. At present the gender pay gap in the UK is just over 18%, however the government aims to eliminate the gender pay gap completely over the next 10 years.
As part of this process, from 2017 it became a legal requirement for businesses with a headcount of more than 250 colleagues to calculate and publish details of their gender pay figures by calculating the difference between:
New laws require all businesses with more than 250 colleagues to publish their gender pay figures by calculating the difference between:
- Median and mean average hourly rate of pay paid to male and female colleagues
- Median and mean average bonus paid to male and female colleagues
- Proportions of male and female colleagues who receive bonuses
- Relative proportions of male and female colleagues in each quartile pay band of the work force
The calculations are based on a snapshot date of 5th April for relevant pay and the 12 month period prior to this date for bonus calculations.
FIXING THE GAP
TOG24 is committed to being an inclusive employer and we work hard to ensure fairness across our business. Whilst we are proud of our gender pay gap being lower than the UK gender pay gap, we acknowledge that there remains further improvement to be made particularly in our bonus gap. The larger gap on our bonus structure is due to a number of long serving male colleagues in senior positions within Head Office.
We remain committed to encouraging development of all our colleagues to enable individuals to progress within our business. We will continue to monitor and improve our gender pay gap through active succession planning and talent management, family friendly working and reviewing our bonus structure.
I confirm that the data presented above is accurate, as of 5th April 2017.