What businesses need to do to prepare for the EU pay transparency directive?
Businesses should start planning and organising early rather than waiting. Early commitment to pay transparency can be a competitive advantage.
Key areas to consider when preparing include:
Understand compliance requirements
- Familiarise yourself with legal obligations and directive requirements.
- Stay informed about national implementation and penalties for non-compliance.
Implement pay transparency
- Optimise HR and payroll models for transparent pay practices.
- Use technology for streamlined reporting and enhanced transparency.
Address gender pay gap and set up equal pay
- Analyse pay gaps and conduct equal pay reviews.
- Implement fair pay strategies to reduce gender disparities.
Transform HR and payroll operating models
- Ensure HR and payroll systems meet directive requirements.
- Invest in the right infrastructure and technology.
- Integrate systems and data for exact reporting