Ethnicity pay gap
The recently proposed legal requirements to report on gender pay gap have started discussions on the broader subject of equality in business.
The government has stated that it is consulting on the need for businesses to report on the ethnicity pay gap and how this would work in practice. This is following the McGregor-Smith report Race in the Workplace (PDF), which was published in 2017 and looks at the obstacles facing ethnic minority groups at work and how these blocks may be reduced or removed.
The government consultation is open until January 2019 and looks at how ethnicity pay reporting should be conducted in the future, in order to allow measures to be put into place that really make an impact in this area.
We have prepared this guidance paper to encourage businesses in the insurance profession to start thinking proactively about their approach to ethnicity pay reporting early, so they can be ahead of the game and ensure that they can focus on the business benefits of a diverse workforce rather than the reporting of data. The insurance profession has an opportunity to take a positive lead by preparing early and addressing these issues prior to the reporting requirements becoming statutory.
With this proactive thinking, organisations can ensure a future where the workforce equally reflects the diversity of the population at all levels of seniority within the business. According to government figures, the financial benefit of this is thought to be about £24bn a year in the UK economy (1.3% of GDP).
Read our guide on the Ethnicity pay gap (PDF).