“The gender pay gap is an on-going battle, and this latest news that the gender pay gap has barely improved in the past four years is disappointing. This is not only a failing in equality, but bad news for the economy. Businesses who fail to properly reward their staff, regardless of gender, will ultimately fail to gain the most from their employees and will be limited in their success.
"Every organisation must be self-critical and assess where any pay gaps lie and how they can be addressed. The problem is that the vast majority of businesses are incapable of doing this because they don’t have the data on pay or the skills to analyse it fully. HR will have a list of salaries but they lack a simple, fast method for analysing pay and ensuring the right people are in the right roles and being paid the right salary. Using data from sales teams in businesses, Xactly Insights has shown that despite outperforming men in terms of their quota attainment, on average women receive lower commission rates of 4.1% compared to 4.8%. Businesses should make use of tools to collect and assess data on performance to ensure that irrespective of gender, each employee is being paid fairly for their achievements – and this will in turn increase productivity.
“With women making less money across the spectrum regardless of their career paths, it’s time for every employer to take a holistic look at their compensation model to ensure there are no gender pay gaps. Every organisation can benefit from a thorough analysis of its compensation plan. By making a fair and accurate plan, organisations ensure that the workforce is fully enabled to drive the businesses to success. This not only creates a culture of productive employees, but can reduce the gender pay gap; hopefully bringing us closer to workplace equality that bit sooner.”
