We are happy to announce the investment of The New Business Venture Fund in PayAnalytics | Read the press release here.

Legal compliance
Satisfy stakeholders and investors
Fair and efficient compensation
Employee recruitment and morale
Is your company

Closing the gender paygap?

PayAnalytics is a software solution that enables human resources managers to conduct their own salary review and analysis. It measures demographic discrepancies in pay, offers recommendations on how to close pay gaps, and tells you how much it will cost. It answers who should get a pay raise and by how much, and how that will affect the pay gap. The reporting and visualization tools show the impact on pay gaps of hiring, promotions, and salary adjustment before decisions are made. The software visualizes the trends in the pay structure and helps spot outliers.

These are just a few of the many

Partners and clients that are closing the paygap

PayAnalytics can be used for both large and small companies. It is easy to get started and the software is currently available in five languages.

    • VÍS - Insurance
    • Attentus - HR Consulting
    • Landspítali - The National University Hospital of Iceland
    • OR - Reykjavik Energy
    • Sýn - The mother company of Vodafone Iceland, Channel 2, Visir.is and more
Steps necessary to reduce or close a pay gap
Fairness and Cost

Steps necessary to reduce or close a pay gap

PayAnalytics gives tailored recommendations to close the pay gap in the fairest and most efficient manner possible. We identify which employees are causing the gender pay gap, and recommend they receive raises first. By targeting raises to where they will do the most good, we can close the gender pay gap in the fairest and least expensive manner possible.

Provides an overview of the salary structure
Better Overview

Provides an overview of the salary structure

PayAnalytics provides a statistical measurement of the gender pay gap using regression analysis. It provides visualizations of the salary distribution by gender across job roles. Combined, numerical and graphical representations of the current pay structure allows HR managers to identify drivers of gender pay gaps, find salary outliers, and find ways to bring compensation more in line with their company's strategic goals.

How to keep the pay gap closed?
Real Time Data

How to keep the pay gap closed?

PayAnalytics allows companies to get a real-time picture of their pay gap and compensation structure. Rather than relying on written and static reports which are quickly outdated, PayAnalytics gives a snapshot of the current situation. PayAnalytics allows HR managers to evaluate the impact on the gender pay gap of every salary decision they make. PayAnalytics makes it easy to analyze company-wide annual raises, ad-hoc salary adjustments, and the impact of new hires, which enables companies to prevent a pay gap from re-emerging once it has been closed.

In the Cloud or On Premises
Security

In the Cloud or On Premises

PayAnalytics is a cloud based solution - you can start using it immediately and it will not add additional burden to your IT department. Data confidentiality is a top priority for PayAnalytics and we have strict internal processes to ensure your data stays safe. As an alternative to our cloud solution we offer an On-Premises installation package for customers who want to run PayAnalytics entirely on their own infrastructure.

Salary interviews became much easier after we started using PayAnalytics. Preparation for salary interviews now takes no time at all, as we always have an updated overview of all our employees that have similar job roles and duties. Our employees also know that salary decisions are made in a disciplined way and that their salary is fair compared with their colleagues' salaries.

Using the PayAnalytics solution will make our steps towards the equal pay certification easier. We can now easily keep track of our equal pay analyses, and at the same time salary decisions become better because they are always based on up-to-date data.

We were always looking in the rearview mirror by analyzing old data. When the results came in a lot had changed within the company. It was therefore unclear how we should fix this. As a result we searched for a solution that could show the situation in real time and enable us to estimate future salary decision.

With the PayAnalytics solution we can easily see the pay gap effect of new hires, raises, and employees moving into new roles. This brings discipline to each salary decision, ensuring equal pay for equal work, no matter who the employee is.

PayAnalytics

Awards and funding

In April 2019 PayAnalytics won the Wharton People Analytics Conference Startup competition. PayAnalytics was the National Winner of the Nordic Startup Awards in Iceland in 2018 in the categories Best Newcomer and Best Social Impact Startup. PayAnalytics was the winner of the Golden Egg in 2016, an entrepreneur competition sponsored by Icelandic Startups. PayAnalytics is supported by the Icelandic Technology Development Fund.

Latest news

In the PayAnalytics newsroom you have an overview of the latest news on PayAnalytics, articles where we are featured as well as our media gallery. You can also follow us on Twitter, LinkedIn, Instagram and Facebook, or sign up for our newsletter.

The New Business Venture Fund has invested $525,000 in the software company PayAnalytics.

PayAnalytics has developed an equal pay cloud solution, and has grown rapidly in recent years. Its solution is already helping over 50 companies and organizations in Iceland close the gender pay gap, employing a total of 30,000 staff, or about 14% of the Icelandic labor market.

42% of organizations are planning for pay equity adjustments in 2020 according to the recently published @WorldatWork 2019-2020 Salary Budget Survey. Is yours one of them? PayAnalytics can help. Our customers use PayAnalytics to assist them in every step on the way towards a transparent and fair pay structure. Our software solution recommends individual raises to close the gap, quickly detects outliers, gives an overview of the cost to help with the budgeting, and so much more.

Dr. Margret Bjarnadottir (@mvilborg2) from @payanalytics recently wrote a guest feature for @insideBigData about addressing demographic #PayGaps with Data-driven Solutions.

Demographic pay gaps, including the gender pay gap, are the result of more complex factors than just a desire to minimize payroll expenses. They stem from unconscious biases and processes that are better suited to one group compared to another. And, as multiple executives have found out, good intentions and “mindfulness” are not enough to eliminate the gaps.

PayAnalytics co-founders David Anderson and Margrét V. Bjarnadóttir wrote an article together with Cristian Dezso and David Gaddis Ross for Harvard Business Review about closing the gender pay gap.

Gender pay equity has become a big point of contention at many companies. Not only have politicians and other public figures spoken out against the gender pay gap, but there has also been a rising tide of high profile lawsuits targeting major employers, most notably in the U.S., with all the bad publicity and financial liability they entail.

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