UK employers should prepare now for the EU pay transparency regulations, as they will significantly affect the UK market too, say leading tax and advisory firm Blick Rothenberg.
Commenting on this, Blick Rothenberg partner, Stuart Hyland, said: “The incoming EU Pay Transparency Regulations represent a seismic shift in reward and people practices across all EU member states, but it doesn’t stop there.”
He added: “UK employers will find the market changing around them as a result of European employers deploying their new processes across the whole of Europe, but this does not have to be a negative as it can lead to win:win scenario for employers and their people. Understanding the changes and preparing for them now can put you ahead of your competitors and give you a real competitive advantage, and enable organisations to maximise the benefits of change.”
Stuart joined Blick Rothenberg in October 2023 after 6 years leading the employee reward advisory team across the UK and Europe in his previous employer, this follows leadership roles in the Big4 and in a specialist HR and Reward advisory business.
Stuart concluded: “I join BR at a time when reward is becoming an issue of real concern to employers across all sectors. Recent media headlines illustrate the need for a fit-for-purpose reward strategy with pay equity and transparency at its core as exemplified by the news of equal pay claims bankrupting one large city council in the UK with the expectation that others are likely to follow. We also have the longstanding equal pay disputes impacting some of the large UK supermarkets that continue to progress with penalties being described as being at the billions of pounds level.
“These were all large claims involving many hundreds of employees, but one recent employment tribunal for just a single equal pay claim in London cost the business over £min addition to any reputational damage.”
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