BUSINESS STRATEGY
Why greater transparency can make pay scales fall from our eyes
Talking about salary in the workplace is still viewed by many as taboo . But times are changing , and workers are increasingly placing precedence on inclusivity , equality and transparency . Rosa Rolo , Group Strategy Director , Major Players & Arrows , discusses how by being open with pay from the outset , organisations can foster greater trust , promote pay equity and in turn , be able to positively affect company culture .
If 2023 was the year pay transparency became a big issue for business , 2024 is the year for companies to fully embrace it .
According to a study by broking firm , WTW , just 16 % of UK companies disclosed all pay packages to their workforce last year – but a further 54 % were at least considering boosting pay transparency .
There is plenty of evidence to suggest it is important they do so . Research by the Equality and Human Rights Commission reveals almost two-thirds of women ( 61 %) check out possible gender pay gaps at prospective employers . For the creative industries this could pose a particular problem , since – on average – women are paid almost £ 10,000 less than men holding similar roles in the sector . Our own research has found black women ’ s salaries fall doubly short , at £ 20,000 less on average than white men .
Pay transparency is going to continue to get coverage and in a competitive landscape for www . intelligentcxo . com
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