In a challenging economic environment and with 61% of employers concerned that they will not be able to find the right skills in the future – the UK has to move quickly to achieve gender equality and close the gender pay gap. The benefits of doing so are vast: according to McKinsey, it could boost UK GDP by up to £150 billion by 2025 - and could help get up to 840,000 more women into work.
The good news is, though there are complex societal issues contributing towards the pay gap, there is plenty that firms can do to genuinely make a difference. As part of the CBI’s campaign for more diverse and inclusive workplaces, we have released a member exclusive guide helping businesses to do just that.
Building on case studies from companies from different industries and of different sizes, Mind the Gap identifies common barriers to progress and offers practical guidance on how to overcome them by:
- Making recruitment more inclusive,
- Ensuring good progression and retention
- And creating a culture of gender equality
Members can download Mind the gap here.
The gender pay gap will not close overnight. Companies will need to commit to change in the long-term and develop action plans that are built on four actions:
- Use data to uncover and tackle barriers that women face in the workplace
- Improve attraction, recruitment and progression of women
- Ensure leaders champion diversity and make it a shared priority across the business
- Communicate the actions that are taken to close the gap in an open and honest way
But complex societal issues remain at the heart of the gender pay gap and actions by businesses alone will not close it. Government needs to make progress on the availability of affordable childcare, technical education and improved careers advice. The CBI will continue to lobby the government on these issues and others causing national barriers to diversity and inclusion. View our diversity and inclusion campaign page to find out more about our wider work.