Scottish PR professional urges firms to become early-adopters and seize the opportunity to publish the pay ratio between bosses and workers before it becomes mandatory.
A Scottish communications specialist is urging businesses to see the Government’s proposed pay ratio reforms as potential for good PR.
Lynda Hamilton Parker, who runs Lynda Hamilton Communications, claims that good employers have nothing to fear and everything to gain from the raft of reforms set out today (Tuesday, 29 August) by Business Secretary Greg Clark.
She says the roll-out of new laws which will force listed companies to reveal the pay ratio between bosses and workers, as well as a range of measures to make sure employee voices are heard in the boardroom, should be seen as an opportunity.
Hamilton Parker, a former journalist who specialises in PR and publications, said: “Recent findings from the Equality Trust show that CEOs in the UK’s top 100 companies now pocket an average of £5.3 million a year. That’s 386 times the amount earned by a worker that’s paid the National Living Wage. Now that might sound good if you’re the CEO, but it won’t do much for your business’s reputation when the figures are published for all to see.
“But if you’re a fair employer, getting ahead of the game and publishing the figures before they’re mandatory can speak volumes about your business and its values. Becoming an early-adopter of legislation which promotes transparency and equal pay could help to position your firm as a fair employer and even give you the competitive edge when it comes to recruiting top talent.
“Not only that, but by being up-front, you will build trust among your stakeholders and earn significant bragging rights which, in turn, can create all sorts of PR opportunities.
“And even if your CEO-to-average-employee ratio is on the high side, taking stock of the figures now will give you a chance to review pay scales and redress any imbalance while demonstrating your credentials as a responsible employer.
“In short, ethical employers have nothing to lose and everything to gain. Publish the figures and get published for all your good work. It’s a win-win.”