With companies like Amazon (Amazon Video Limited- Men earn 56 percent more on average), JPMorgan (Men earn 54 percent more on average), Merrill Lynch (46.7 percent), JP Morgan (54 percent), Barclays (43.5 percent) all running on high Gender pay gaps, it’s important to address the issue.
One of the most unexpected things that happen when it comes to discrimination is that we glare at the victims and expect them to fix it. This is as useful as telling people not to carry their wallets while walking so that they can prevent pick-pocketing. When it comes to gender pay gaps many are asking women (victims) to take up management roles to end the disparity.
If you’ll Google ‘Gender Pay Gap’ none of the results will actually show that the gender pay-gap is increasing at an alarming rate, rather there are reports citing it’s decreasing. According to a recent report by Rangewell, with 404 companies reviewed in the US and UK, over 86 percent of companies pay men better than women while only 10.6 percent of companies pay women better. The need of the hour is, those 2.7 percent companies that pay both genders the same.
With companies like Amazon Video Limited (Men earn 56 percent more on average), JPMorgan (Men earn 54 percent more on average), Merrill Lynch (46.7 percent), JP Morgan (54 percent), Barclays (43.5 percent) all running on high Gender pay gaps, it’s important to address the issue.
UK’s new legislation
To address these issues, the UK government’s new legislation act requires companies with 250 employees or more to disclose the median and mean percentage difference in hourly pay and average pay between the two genders. Further, the companies will also have to disclose the bonus awards.
Median is the middle figure of the employees’ salaries from the lowest to the highest. While mean is calculated by dividing the total wages disbursed by the company divided by its employees.
Companies paying equal
Over 10,000 companies revealed their data to the government after the authorities made the announcement – companies that’ll not disclose their data will cease to legally exist in UK. With majority of the companies falling on the red line (86.6 percent), there were also companies that have no or minimum pay gap. Companies like KFC, GAP, Aramark, Hilfiger Stores, Starbucks, Mcdonalds and a few others, have no pay gap between the genders.
Companies with the highest gender pay gaps
Companies that stood at the top of the list of gender pay gaps include Snap on Finance UK Limited with 65.3 percent men earning more than women, GP Strategies with 58.8 percent men earning more than women, Amazon Video Limited with men earning 56 percent more, JP Morgan with men earning 54 percent more than women and Coty Services UK Limited with a pay gap of 51.5 percent.
In an interaction with Amazon UK, an Amazon spokesperson stated that Amazon Video Limited only represents around 1% of Amazon’s total UK Workforce – so does not reflect the trend for the entire UK workforce, which shows a gender pay gap of -0.7% for median pay.
“Our gender pay gap analysis shows a -0.7% difference in favour of women, compared to the UK average of 18.4% in favour of men. At Amazon we are committed to building a diverse, merit-based organisation which is reflected in our diversity initiatives and gender pay gap performance. We have programmes that we’re continually working to further improve, to actively recruit and help advance more women into senior and technology-focused roles as we grow our business here in the UK”.