Women in Financial Services Blog

Mandatory Ethnicity Pay Gap Reporting

Mandatory Ethnicity Pay Gap Reporting

Mark.Freed / 10 Jun 2020

Join us and take positive action and sign a petition to persuade the government to Introduce Mandatory Ethnicity Pay Gap Reporting along side Gender Pay Gap Reporting.

The FCA are the only organisation in financial services that reports their Ethnic pay gap alongside their gender pay gap. Consider this of the top 25% of wage earners in the FCA 39% are women ( almost 20% above the industry norm) but only 7% are from BAME backgrounds. Given that the FCA has a one of the highest proportion of women in senior roles in the sector makes us wonder what the ethnicity figures are like for the rest of the industry.

And that is the point we want to stop wondering and start knowing. You can take positive action today by signing a petition that is designed to Introduce Mandatory Ethnicity Pay Gap Reporting.

Mandatory Ethnicity Pay Gap Reporting

Much like the existing mandatory requirement for employers with 250 or more employees must publish their gender pay gap. We call upon the government to introduce the ethnicity pay gap reporting. To shine a light on race / ethnicity based inequality in the workplace so that they can be addressed.

Currently there is a lack of data available in gauging the ethnicity pay gap in the workplace. Introducing these measures will allow employers to be held accountable in closing the gap where there is disparity. In order to achieve a fairer workplace publishing this data is one of the next steps to knowing how extensive the issues are from a race and ethnicity perspective and not just through the lens of gender.

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