Bonuses paid in the form of securities, securities options and interests in securities should be included in the employer's calculations at the time they give rise to a liability to income tax, and it is the amount that is liable to income tax that should be included. When a bonus is paid during the April pay period when the employer is capturing its gender pay gap data as opposed to its gender bonus gap data , if the bonus relates to a period that is longer than the pay reference period, for example an annual bonus, it should be pro rated to reflect the length of the pay period.
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Beyond the pay gap: Stock options are disadvantaging women, too
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How is bonus defined for the purposes of reporting an organisation's gender pay gap and gender bonus gap? Bonus pay is defined broadly under the Regulations as any remuneration that: is in the form of money, vouchers, securities, securities options, or interests in securities; and relates to profit-sharing, productivity, performance, incentive or commission. Was this article helpful?
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Pay drives financial performance, efficiency, and productivity and helps to attract and retain the best talent. Plus having a diverse talent pool can significantly improve financial performance. Yet organizations still pay women and people of color less than white men for the same work — and this earnings gap compounds over time. The best way for company leaders and boards to ensure their organization is paying employees fairly is to start with a pay equity audit PEA.
In two recent self-reported surveys, companies said that they were taking pay equity concerns seriously. However, a third survey that looked at the disclosures of the largest public U. Before starting the audit, companies should make sure the auditors are working with an accurate set of employee data. Accessing this data may require a substantial clean-up effort, depending on the complexity and quality of HR record-keeping systems.
How to Identify — and Fix — Pay Inequality at Your Company
Once you have a clean data set, the auditors perform a regression analysis to account for pay differentials based on legitimate factors, such as experience, education, and training. The next step is remediation.
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The total remediation cost to organizations adds up to 0. Unless driven by litigation, back pay is not typically part of the equation — pay adjustments are made on a go-forward basis. The final step is to identify operational gaps that led to the salary discrepancies in the first place, such as incorrect job classifications or decentralized hiring authority that enables vast differences in starting salaries for the same jobs.
Once causal awareness is raised, HR with assistance from legal should monitor the hiring, promotion, and compensation processes on an ongoing basis.
Pull together the C-suite, HR, and legal counsel to review the results and determine next steps. Given the lack of pay transparency and a growing cynicism regarding the fairness of employer pay structures, this generation of employees is taking matters into its own hands. McElhaney noted that her MBA students started an opt-in spreadsheet two years ago that tracks detailed compensation data, including base pay, signing bonuses, and relocation packages, for student internships and post-graduate job offers.
Institutional investors, shareholders and state legislatures have become active allies in the fight for pay equity — increasing pressure on boards to ensure fulfillment of their oversight role. This trend is likely to increase.
How to Identify — and Fix — Pay Inequality at Your Company
In the last few years, 14 states have banned employers from asking job applicants their salary history , and recent pay transparency laws have helped to reduce the gender pay gap. As an incentive to companies, some states have enacted safe harbor laws that provide protections for companies that voluntarily undertake PEAs. Several large multinational organizations have been conducting PEAs and have become pioneers in pay equity and transparency.