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Gender Pay Gap Reporting

As you may have seen across the news, currently the gender pay gap is a very popular topic affecting a number of industries in the world. From Hollywood to Hartlebury, women in business are making their mark in their industries more than ever before.

You are likely to have read about how A-list stars like Reese Witherspoon are taking on Hollywood and currently making waves in the film industry with strong statements such as ‘We have to do our part to change the idea that a woman with passion and ambition is out only for herself’. Gender equality is a key topic and it seems that upcoming legislation is evolving to meet changing expectations within the workplace.

Gender pay gap reporting is one of the many steps towards equality in the work place and has been introduced to ensure there is no significant cumulative impact on a woman’s earning potential during her working life time. It is also aimed to give more transparency about gender pay difference, thus increasing the chances of action taking place. Gender pay gap reporting will be enforced from April 2018, making it compulsory for businesses with 250 employees or more to publish their gender pay gap figures to both their own public-facing company website and to the government online.

Organisations must publish their median and mean gender pay gap figures and the proportion of men and women in each quartile of the pay structure. Pay gap reporting must also include basic pay, allowances, paid leave, bonus pay and pay for piecework.

So how does this affect your company? You may be worried that this regulation may affect recruitment and company credibility, however companies are able to determine how they would like to publish their reporting – some may choose to publish a statement, authorised by an appropriate senior within the organisation.

If you work in a finance department, you’re likely to be considering how your business will gather the gender pay gap information most efficiently from your payroll system. Some systems may have specific reporting tools to enable you to find the information you need. Pegasus Opera 3 Payroll contains an extensive range of reports including End-of-Year reports, departmental reporting and much more. Pegasus now have new reporting available to allow you to access your payroll data, analyse the data and produce the relevant reports easily to assist with the compulsory gender pay gap reporting.  The Opera 3 payroll reporting tool also allows you to print reports and export the data in to Excel for additional data manipulation.

The gender pay gap ‘Snapshot Date’ is the date that employers must gather the information from in order to report their gender pay gap. This date is March 31st for public authorities and April 5th for all other employers. To be prepared, businesses should review the reliability of their payroll system and start to collate this information on the correct dates to begin preparing a report, in which they can write a statement on their findings.

For more information on accounting and payroll systems, contact Minster on 01562 68211 or email sales@minstermicro.co.uk.

GDPR Preparation Guide

With the new GDPR laws coming into place in May 2018, it is important you prepare your business for the changes you might face.

For more information please call Minster on 01562 68211 or email marketingteam@minstermicro.co.uk

How will GDPR and Brexit affect you?

Now article 50 has been triggered, Britain can be expected to leave the EU within the next two years. Although two years may seem a long time, we all know that time flies and we’ll be an independent country before we know it.

Brexit will have numerous effects on Britain and the way we work. One of the three most likely industries to be affected is financial services. If you are not in the financial services industry, it doesn’t mean your company won’t be affected as it will still impact the financial department of most businesses.

As well as Brexit, there are also the new General Data Protection Regulations (GDPR) to prepare for and this will affect most financial departments. These new regulations are being put in place from May 2018. This is to ensure data is being used correctly, is being shared in the correct way, and to prevent any data breaches.

 

Will the GDPR affect UK businesses?

Many UK businesses are under the impression that GDPR won’t affect them due to Brexit. However, there will be a period in between the new regulations being introduced and the official EU leaving date. Britain WILL have to abide by the GDPR law between May 2018 and March 2019, meaning that UK businesses need to prepare themselves for the implementation of the new data protection regulations.

 

How will this affect your IT?

As one of the leading IT companies in your local area, we thought it would be beneficial to give you some pointers on how to prepare. As you know, businesses are utilising the web more than ever. With over 269 billion emails sent daily, how many of these do you think contain sensitive data? With so many emails being sent and received, businesses need to be extra vigilant with the data shared.

 

What to do next

It’s important that your customers, suppliers and any other associates know what and how confidentially their data is stored as well as how long it will be kept for. Data will need to be shared and handled much more sensitively meaning that new measures need to be put into place so that any parties you deal with know your regulations on data protection.

  • It is worth creating a new data protection policy for your business. Your system security will need to be up to scratch, ensuring that any data stays protected.
  • Is it time for an upgrade? It’s important to review your system’s security to ensure it is robust. If your system was hacked, you could be liable to possible penalties.
  • Do you have data stored with a cloud provider? The moment you allow data to enter the cloud, you are allowing the provider to take responsibility of how the data is stored, protected and accessed.You need to ensure that requirements of the GDPR law are met through your cloud provider. You may want to consider moving your cloud host to a UK based company.
  • Payroll systems might need to be assessed for security. Obviously, bank details and other sensitive data are kept within HR and can be dangerous if put into the hands of the wrong people. Your payroll system needs to be reliable and very secure. Your payroll supplier also needs to be very clear on GDPR so they are less likely to breach the new data protection laws. Most businesses use a CRM (customer relationship management) system to store sensitive customer, supplier and prospect data.
  • It is important you review your internal systems to ensure they are reliable and kept up to date.

 

If you’d like to discuss further or have any concerns, please feel free to contact Minster on 01562 68211 or email sales@minstermicro.co.uk.