After the uncertainty of the EU Referendum and the ensuing political fall-out, it's clear that we need a period of stability (and a holiday?!) to catch our breath and take stock.
With a new Prime Minister and Cabinet, it remains to be seen whether there will be any change in direction that directly affects reward. However, it is clear from pledges already made by Theresa May that there is likely to be a more concerted effort to push forward on issues like gender pay gap reporting and boardroom governance.
Gender pay gap reporting
As Home Secretary in 2011, Theresa May introduced voluntary gender pay gap reporting. Over 275 employers signed up to publish their statistics through this Think, Act, Report framework, but only four actually followed this through.
The Government lost patience and, following consultation, issued draft regulations for mandatory gender pay gap reporting in February 2016. In our Spring Newsletter, we welcomed this as a step in the right direction, but expressed concern that the guidelines - and employers - needed to go further. Read why in our article.
Justine Greening has now replaced Nicky Morgan as Education Secretary and Minister for Women and Equalities, so will have responsibility for seeing through the changes. We will provide more updates when the direction has been clarified, but in the meantime you can view our video on what the draft regulations entail and how we can help you conduct an equal pay audit.
In her leadership campaign, Theresa May declared that if she became PM "...we're going to have not just workers represented on company boards but workers as well". She has also signalled that shareholders are likely to be given more control over executive pay.
Again, the detail will need to be seen but the signs are pointing to changes in the way that executive remuneration is managed. If you would like us to help benchmark executive reward or that of any other employees then do get in touch for a quotation.
News and views from the EBRS team
Updates and opinions on the world of employee pay and reward from the team at EBRS. We've archived articles from before 2016.