Ignoring equal pay audits in the current economic climate could cost UK businesses thousands of pounds.
Thatís according to Jane Farrell, a leading expert on equality and diversity in the workplace.
This comes as the Equality and Human Rights Commission (EHRC) is calling for equal pay audits to remain voluntary in the current economic climate.
Farrell has called on companies to carry out the audits during the current economic crisis if they donít want to risk losing key female staff.
ìI am truly concerned by the EHRCís move – some companies may see this as being let off the hook,î says Farrell, CEO of www.EqualityWorks.co.uk
ìThere is already evidence of companies losing top women workers and executives to their competitors because they are taking the easy option and failing to guarantee equal pay.î
Farrell says one of her own clients has admitted its lost senior female staff because they were not ensuring fair pay.
ìThey were losing out on around 75,000 for each woman who left. And this didnít take into account of any reputational damage,î says Farrell.
ìCompanies that want to attract the most talented women and retain them will welcome gender pay audits and see a number of competitive advantages.î
Farrell says that the advice by the EHRC should be noted but that this is the time for companies to be adopting the opposite stance.
ìIn the current climate employers will be asking their staff to go the extra mile by accepting reduced hours and exercising wage restraint.
ìTherefore, carrying out a quick and low-cost pay audit would be a significant demonstration that they are treating their staff as fairly as possible.î
Ditching Equal pay audits could prove counterproductive
Ignoring equal pay audits in the current economic climate could cost UK businesses thousands of pounds
