How Does Pay Gap Reporting Attract and Retain Talent? | MyAnova

Unfortunately, talent doesn’t just fall into your lap, as much as we wish it did. Today’s job seekers are savvy, looking for companies that genuinely commit to equality and fairness. And guess what? Pay gap reporting could be the key to showing the world (and your UK and Ireland teams) that you’re serious about Diversity, Equity, and Inclusion (DE&I). 

Before you roll your eyes and think, “Ugh, just another compliance box to tick,” hear us out: pay gap reporting is more than a regulatory duty. It’s an investment in your company’s future and its culture. Let’s back up this theory… 

Pay Gap Reporting: Not Just for the “Compliance People” 

Pay gap reporting often gets shoved into the “boring but necessary” pile -the spreadsheets, the forms, the looming deadlines no one’s eager to tackle. But it’s so much more than a compliance exercise. It’s a statement. A commitment to fairness, transparency, and doing right by your people. 

And it matters. Deloitte found that 83% of millennials are actively engaged when they believe their organisation fosters an inclusive culture compared to just 60% when they don’t. Pay transparency is a key driver of that inclusivity, shaping the kind of workplace where people don’t just work, but truly belong. 

By addressing pay disparities, you’re sending a powerful message to current and future employees: We see your skills, but more importantly, we see your worth. 

Inclusion For The Win 

Salary alone isn’t enough as the new generationcandidate wants to know what a company stands for. 

According to PwC, 85% of female employees say an employer’s stance on diversity, equity, and inclusion (DEI) is a key factor in their job decisions. Yet, there’s a gap between words and action: 71% feel that while organisations talk about diversity, true opportunities aren’t equally available to all. 

And it’s not just women paying attention. Research from EY shows that 63% of employees across all generations prioritise DEI programmes when choosing where to work. That number jumps to 73% for Gen Z and 68% for Millennials. 

This is why it’s not enough to just say you support diversity, you have to provide the evidence to attract top talent. 

It’s the Retention Equation 

Here’s something a lot of people don’t think about: A company that takes pay equity seriously is one that employees feel good about being a part of. It’s one that they’re likely to stay at longer. 

When employees trust their employer’s commitment to DE&I, the likelihood they will leave their organisation can decrease by 87%, according to Deloitte.  

Employees who feel that they’re being paid fairly are more likely to stay loyal and give their best effort. And when employees stick around, they’re more invested in your company’s success. Win-win. 

The Business Case: Why you should care  

On top of all this, Deloitte found that organisations with inclusive cultures are twice as likely to meet or exceed financial targets and three times as likely to be high-performing. They report that companies prioritising DEI are 45% more likely to see market share growth. 

McKinsey supports this, revealing that companies in the top quartile for ethnic and cultural diversity are 36% more profitable than those in the bottom quartile. 

By closing pay gaps and nurturing an inclusive culture, you’re both promoting fairness and making a strategic move that fuels business growth. 

You’re missing the point: Turn your data into impact!

Pay gap reporting needs to go beyond the numbers to have real impact. Taking steps to understand why you might have gaps allows you to take action, driving meaningful change and promoting a culture of fairness and inclusion. 

Here’s the real gem, if you do take meaningful action and are able to start closing gender pay gaps, it can transform your internal culture and boost your external appeal. People want to work for companies making a real difference, not just offering a paycheck. CIPD research shows that while 78% of employees feel they do valuable work, only 43% feel inspired by their organisation’s purpose. 

By reporting on pay gaps and making progress to close them, you send a powerful message: “This is the kind of company we are, and this is the kind you want to work for.” 

Building Your Brand Story 

Let’s talk about brand. A story that shows you’re actively closing gaps, promoting inclusion, and improving fairness. And that story is powerful. 

Kantar’s Inclusion Index reveals that 75% of people are more likely to support brands committed to diversity and inclusion. So, if you can shape a brand story that resonates with both employees and consumers, you’ll really start to see the return on investment. Whether through marketing, CSR efforts, or client interactions, your commitment to fairness can become a core part of your brand identity. 

Consumers and client favour businesses that share their values. By closing pay gaps and being transparent, you build a brand known for fairness, attracting top talent and loyal customers. A win for your people, profits, and reputation. 

MyAnova Will Help You Tick All the Boxes 

At MyAnova, we know that pay gap reporting is about shaping the kind of workplace people want to be part of. With talent increasingly prioritising diversity, equity, and inclusion (DE&I), pay transparency is it’s a competitive advantage. 

That’s where our Pay Gap Reporting Tool comes in. Our automated system and five step approach streamlines the process, giving you back valuable time.The service ensures you can focus on closing the gaps and we help you to use this to strengthen your employer brand. 

Ready to make your DE&I journey smoother, more impactful, and even a little easier? Book a quick demo call now with one of our DEI experts, and discover how we can help you turn your DE&I data into impactful stories and measurable results: