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There will have been some fascinating discussions between utility chief executives and their HR and marketing directors in recent days. Braced for the government’s gender pay gap figures, many will have known they wouldn’t be good news, while others may have felt more confident, knowing they perform better than their rivals.
Sure enough, with a median pay gap of 16.2 per cent, the energy sector ranked an unimpressive sixth-worst, out of a possible 20 categories. Water companies did better in 12th place, and below the national average, with a median pay gap of 6.9 per cent.
Within the utility categories some companies fared far better than others. But overall, it’s hardly a glowing report.
So, where to next?
In an industry traditionally dominated by men and hidebound by societal factors surrounding historic gender preference for STEM subjects (science, technology, engineering and mathematics), it’s not the easiest of challenges.
But scores of high-level reports make the economic case for closing the gender pay gap. And negative publicity about inclusivity could damage perceptions around brands and their legitimacy.
As utilities’ business models change, they are already having to relate to their stakeholders in new ways and rethink their offerings – making workforce diversity a no-brainer.
Customer service is now as important for monopoly utilities as it is for players in the competitive markets, and with new technologies reshaping the landscape, data and other digital skills are fast becoming as important as traditional engineering.
Significantly this month’s landmark news, that for the first time we could see the first female boss of one of the big energy retailers, also revealed the chief executive-designate had precisely these professional credentials.
As transformation continues and the skills crisis bites, businesses know they will need to do all they can to land the best talent and guard against anything that could inhibit recruitment.
With publication of national pay gap statistics, for the first time they can see where they stand compared with others in their sector and beyond. The statistics may well be a blunt instrument but, in an increasingly competitive hire market, smarter utilities have already recognised they can be a key differentiator.
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