Adare Human Resource Management launched its latest HR Barometer Report, Series 7.2, last week, its second report this year, highlighting some interesting statistics and trends in the employment landscape.
One such finding is the fact that almost one in five (19%) Irish Organisations are recording the gender pay gap voluntarily. With the Gender Pay Gap Information Act 2021 extending to Organisations with 150 or more Employees in 2024 it is clear that some Organisations are preparing for this reporting requirement.
While the number of Organisations recording the gender pay gap data has decreased slightly from 41% in 2022 to 39% in 2023 there has been a significant increase in the number of Organisations believing their gender pay gap to be below the national average increasing from 32% in 2022 to 52% in 2023. There has also been a shift in the findings relating to gender pay gap being in line with the national average, where one in four (25%) believe it to be in line, in comparison to 30% twelve months ago as set out in our HR Barometer 6.2, leading to an assumption that positive strides are being made by Employers to correct imbalances within gender pay gaps.
It is in the best interest of Employers, as well as affected staff, that Organisations start recording and analysing their gender pay gap information now and demonstrate a genuine commitment to abolish any disparities. Continued inaction on the part of Employers could prove costly, particularly as retention, Employee engagement and recruitment and talent acquisition, remain top priorities heading into 2024. By not addressing an above average gender pay gap, it could have serious and long-term repercussions in terms of staff turnover as well as recruitment considering the potential impact on reputation.
Skills Shortages
The HR Barometer Report confirms that impact of a tight labour market looks set to continue well into 2024. It is therefore of no surprise that as businesses strive to remain competitive and innovative, retaining top talent has become paramount, while simultaneously facing the difficulties of sourcing individuals with the right skills to fill essential roles. Our research and findings demonstrate a clear focus on these challenges with Employee Retention coming in as the top priority for almost 55% of Organisations heading into 2024.
There is a need for retention strategies to become more agile and transformative, capturing not just the business needs but also the Employee needs. The required evolution and diversification of industries has led to an evolution of skills required, and that coupled with demographic shifts in the labour market are seen as primary contributory factors intensifying the gap of the skills shortage.
But when it comes to management of this, Employee Experience remains center stage, and with that comes a greater degree of innovation when it comes to Strategic HR. Innovation of the strategic approach to Employee engagement will feature as a top action for a significant number of businesses, in particular as almost 5 out of 10 Organisations cite it as a top priority for 2024.
Employee engagement offers numerous benefits to both Employees and Organisations. When Employees are engaged, they are emotionally committed to their work, feel valued, and are motivated to contribute their best efforts to achieve the company’s goals thus leading to increased productivity, higher job satisfaction, enhanced innovation, improved retention and attracting talent to businesses.
As well as these findings, the HR Barometer Report provides a comprehensive snapshot of current challenges and opportunities for HR Strategic Planning in 2024. For all HR Barometer enquiries and to speak to a member of the team contact our experts on 01 5613594 or via email at info@adarehrm.ie.