April 4, 2018 - News

UK Regulatory Gender Pay Gap Reporting

It requires all employers of over 250 employees to report before 5th April 2018, specific statistics on pay, bonus pay and pay distribution for their organisation as of April 2017. Version 1 supports the government’s focus on gender pay and its effort to shine a spotlight on this important issue.

The Gender Pay Gap in the overall UK national workforce for 2017 is currently at 17%, with analyst predictions that it might not close until around 2040. Within the technology industry, this figure increases to 25% in both mean and median pay gap groups, mainly driven by an industry average of 26% female representation within the workforce and dropping to only 17% in technical roles.  

At Version 1, our general gender pay gap mirrors this imbalance, primarily caused by a lower percentage of females in senior highly paid technical roles. However, when we compare pay for equal or similar work across our company, the gap is significantly lower.  

In order to action change and achieve positive growth, our plan is to achieve a year on year improvement in our gender pay gap. We are confident we are tackling this gap in a proactive way with the help and guidance from our Diversity and Inclusion Committee.  

Some initiatives they are working on include:

  • Participation in the Gender Diversity Programme which includes actively working on gender balance in IT and STEM as a wider group of industries.
  • Grassroots projects - building relationships with local schools and communities and allocating STEM ambassadors.
  • Analysing and amending our recruitment process and approach to ensure an inclusive approach to hiring.
  • Promoting our female role models within the workplace and ensuring there is a balanced approach to senior communications going out to the wider business.
 

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