Why should we report a class pay gap and how should we do it?
Why should we report a class pay gap and how should we do it?
21 November 2023, 12pm-1pm - online event
Together, the Social Mobility Foundation and the Bridge Group launched a guide that offers step-by-step advice for employers that want to set meaningful targets for socio-economic diversity and drive change. The event ‘Why should we report a class pay gap and how should we do it?’ was held online on 21 November to provide advice and to launch the guide to organisations that are interested in reporting their class pay gap.
Research undertaken by the Social Mobility Foundation in 2023 has yet again revealed a Class Pay Gap in workplaces across Britain. Professionals from working-class backgrounds are being paid less than their more privileged peers in the same occupation, £6,291 – or 12% less – a year. This means that they effectively work 1 in 8 days for free. This holds back social mobility, prevents employers from promoting and keeping the best talent, and undermines meritocracy.
The event, which followed Class Pay Gap Day on 17 November, included the following:
Sarah Atkinson, CEO of the Social Mobility Foundation, shared insights from latest class pay gap figures and what this means for social mobility.
Nik Miller, CEO of the Bridge Group, explained how to get started on the practicalities of class pay gap reporting and target setting.
Paul Gerrard, Campaigns & Public Affairs Director, Co-op and Hollie Crompton, Social Mobility Lead at PwC UK as well as Anna Cotgreave, Head of Reward and Benefits (UK) at Clifford Chance outlined the business benefit to class pay gap reporting and shared best practice on reporting and target setting as leaders in their respective sectors.