It looks like there’s going to be more and more scrutiny on pay, and mandatory publication of pay data, from now on. Large employers are currently collecting their pay data in preparation for reporting their gender pay gaps from 30 April 2017 and this week Theresa May, preparing for her ‘coronation’ as Conservative leader and Prime Minister, has set out her plans for more major changes in relation to pay.
Speaking at her campaign press conference on 11 July, Theresa May unveiled her plans to make shareholder votes binding on executive remuneration and to oblige companies to publish data on the pay multiple between a company’s chief executive and the pay of their average worker.
This latter requirement appears to mirror the similar recent legislation in the USA which requires publically listed companies to publish the pay of their CEO and the average pay of their employees, to show the pay gap.
Pay & Reward support
In this increasingly fast-changing world, you can rely on Menzies Law to always be looking – and thinking – ahead for you in all aspects of employment legislation and related people management practice.
Building on the great success of our existing Gender Pay Gap Audit & Advice service, we at Menzies Law will very shortly launch a full Pay & Reward consultancy service.
Our new Pay & Reward consultancy service will be delivered in partnership with Jane Baalam, a leading pay consultant and a particular expert in equal pay assessments. We will be offering you the following support services:
- Reward strategy development
- Supporting you in building a strategy that works for your vision of the future
- Pay structures review and design
- Assessing your pay structures and working with you to develop pragmatic solutions to your pay problems
- Salary and terms benchmarking
- Comparing your salary and terms to your sector and key competitors
- Executive reward management
- Understanding what practices make your Executive reward competitive
- Gender pay gap and equal pay audits
- Auditing and assessing your pay policies and practices to ensure that you are addressing the real risks first
- Pay data publication
- Guiding and supporting you in how to comply with the latest legislation on publishing your gender pay gap and all future publishing requirements that the Government may introduce
- Remuneration Committee support
- Advice and guidance on how to manage reward practices from Board remuneration to staff salary reviews
- How to prepare for compliance with the latest legislative developments on executive pay
More details of our Pay & Reward consultancy service will follow soon. In the meantime, we’re already open for business, so do feel free to get in touch to explore what we can do for you straight away, by contacting our Director, Luke Menzies, on or 0117 325 0921.