This article was originally published on April 17, 2023. It was last updated on February 6, 2024.
When it comes to how organizations rate on pay transparency, there’s one metric that can’t be ignored: the unadjusted pay gap. It’s quickly becoming the metric to measure whether a company is fair and equitable. And it’s not just a ‘nice to have’ or something to delegate to the legal team. There’s major legislative and shareholder momentum at play, with more coming.
Companies with a global workforce face a web of different reporting requirements, employee thresholds, and deadlines. And more is coming with the EU Pay Transparency Directive, which requires public gender pay gap reporting. This is on top of existing global pay gap reporting obligations in Europe, the U.S., and elsewhere around the globe. Navigating through the maze of reporting regulations around the world can be challenging and time-consuming, especially as requirements differ between jurisdictions and legislation continues to evolve.
To help you keep up with all of these different reporting requirements, Syndio offers a one-stop solution for global pay gap reporting — spanning 29 jurisdictions worldwide. With its comprehensive coverage, Syndio’s Global Pay Reports provides an efficient solution to help reduce compliance risks and ensure accurate report filings for every market your organization engages in. Syndio also provides communications advice so that you can communicate with confidence.
Bringing global pay gap reporting into focus
Nearly 30 jurisdictions around the globe, including the UK, Israel, Japan, France and Germany, already require companies to report on their gender pay gaps. The trend towards pay gap reporting is only accelerating with the recent passage of the EU Equal Pay and Transparency Directive, where the number of pay reporting obligations will soar to 43 jurisdictions. Common requirements include:
- Employers are responsible for providing accurate data on salary differences between male and female employees.
- Organizations must regularly review their pay gap policies to ensure compliance with all applicable laws.
- Depending on the jurisdiction, employers may be required to publish their pay gap data publicly or provide it directly to government authorities.
- Penalties for non-compliance with pay gap reporting requirements vary from country to country but can include fines and other disciplinary action.
It is imperative for companies to comply with these regulations and take steps to address any disparities in pay within their organizations. As the scale tips in favor of applying a global standard to pay equity rather than complying piecemeal only for employees covered by the patchwork of pay transparency laws, leading multinational companies are shifting to a consistent, global approach to pay analyses to ensure that their global workforce is paid fairly and equitably.
A high-stakes maze of requirements
For companies with a global workforce, pay gap reporting can feel complicated and uncoordinated due to complexities like the different approaches to pay equity, data privacy, a web of diverse reporting requirements, and differences in employee thresholds and deadlines. However, it is important to tackle these challenges head-on, as non-compliance can result in serious consequences, not only in potential fines or disciplinary action, but also in damage to your employer brand reputation with employees, job seekers, consumers, and investors.
Get to know Syndio’s Global Pay Reports solution
Syndio’s groundbreaking software and unparalleled expertise are what you need to meet this pay transparency moment and build trust with your stakeholders. Syndio’s Global Pay Reports is a one-stop solution to streamline statutory pay gap reporting and ensure compliance with local laws and regulations in 29 jurisdictions in Europe, the U.S., and around the globe. You can also preview EU Directive Reporting.
Easily request reports and get the analytics you need to submit them, with step-by-step guidance. Plus, all our deliverables are vetted by our own legal team and external legal counsel, so your reports are right the first time, every time. Our experts can help you:
- Understand where you have reporting obligations around the globe
- Reduce legal risk by getting your reporting right with vetted deliverables and expert-backed technology
- Build your “fair pay” brand by ensuring you can understand and explain your pay gaps
How it works
Syndio provides the tools, framework, and guidance for global statutory pay gap reporting, as well as data requests for each jurisdiction. With your data in hand, Syndio calculates the necessary metrics and delivers a report with the key metrics. You’ll be able to:
- Easily request statutory pay reports in 29 jurisdictions.
- Obtain accurate reports. Global gender and other pay gap reporting obligations are deceptively simple — much of the complexity lies in interpreting the guidelines to properly configure data for the calculations. That’s why Syndio provides a framework and guidance for global statutory pay gap reporting, along with data requests for each jurisdiction. With your data, Syndio calculates the necessary metrics and delivers a report with the key metrics with frameworks and step-by-step guidance for submitting.
- Get reports delivered to you securely and in compliance with GDPR.
Don’t just comply with global pay gap reporting — showcase your fair pay brand
Because many statutory pay gap reports are public and available to your employees, job applicants, board, investors, and other key stakeholders, pay gap reporting isn’t just about ticking compliance boxes — it’s a communications opportunity.
As public gap pay transparency gains momentum, Syndio’s Workplace Equity Analytics Platform can become the home of your company’s pay and opportunity equity narrative. Closing unadjusted pay gaps is a journey of progress over time, and your pay gap numbers can require context-setting around what’s driving your pay gap and what actions you will take to address them. Syndio has the data, insights, and experts you need to tell your pay gap story effectively and explain your results with confidence.
As the only full-suite Workplace Equity Analytics Platform on the market, we arm you with the data and insight you need to synthesize, understand, and explain your pay gap reports. You can also choose to have more assistance, including the preparation of custom reports, presentations, board decks, and more to support communications with all your stakeholders.
Take the stress out of global pay gap reporting with the most trusted name in workplace equity.
The challenge of navigating the maze of pay gap reporting regulations worldwide can seem overwhelming. You need a trusted partner to make sense of an ever-changing global landscape and to communicate your workplace equity journey clearly.
You can learn more about Global Pay Reports at the link below. For further insights and best practices, watch our on-demand webinar on Tried & True Best Practices for Global Pay Reporting.
The information provided herein does not, and is not intended to, constitute legal advice. All information, content, and materials are provided for general informational purposes only. The links to third-party or government websites are offered for the convenience of the reader; Syndio is not responsible for the contents on linked pages.