What is the issue?
The UK is one of the most unequal societies in the developed world in terms of income inequality. Abundant research has shown that unequal societies have high rates of socially determined ills, such as physical and mental ill health, obesity, incarceration etc. Business plays a leading role in determining income; the average FTSE 100 CEO’s salary is 165 times more than a nurse’s and 312 times more than that of a care worker. This project will track corporate indicators for fairer pay, making a range of metrics transparent and examining their interaction.
What will the project try to achieve?
The Equality Trust will collate data on a public dashboard, in order to facilitate like-for-like comparisons, sector by sector, so that employees, consumers and potential employees can make informed choices about which businesses they consider. Trade unions can incorporate the findings into their pay negotiations and bargaining to reduce income inequality. The public can campaign to request pay ratios, thus increasing transparency. Their work with the media and with business will highlight the issue in the sector and among the public, enabling culture change and reducing pay inequalities. Ultimately the project aims to harness investors, consumers, trade unions and the public to lend their power to encourage businesses to reduce their pay gaps.
Who might be interested in this project?
Anyone who supports reducing inequality, making business fairer and ensuring that income inequality is reduced.