The growing urgency of building workplace equity into organization-wide human resources (HR) processes, increasing global regulatory requirements, and the proliferation of disparate human resources tools, have made the challenges faced by HR practitioners more complex. PayAnalytics is a world leading pay equity platform that has distinguished itself as an easy to use software solution that not only measures pay gaps, but makes recommendations on how to eliminate pay inequity and build equitable workplaces through an analytical lens on hiring, promotion, and attrition.
“We founded PayAnalytics to eliminate the gender pay gap by applying data analytics and scientific principles, arming HR managers with user friendly quantitative decision-making tools,” says Sigurjón Pálsson, PayAnalytics CEO and co-founder. “We are excited now to join forces with beqom and take pay equity to the next level. By joining forces with beqom, organizations can now easily build pay equity into their day-to-day processes inside a single compensation solution, in effect managing all aspects of compensation from a single source of truth. Customers now will be able to close the loop and create a culture of continuous fair pay. ”
"This acquisition will strengthen PayAnalytics market reach to bring our proven methodology to more people, and to accelerate our development, ensuring that we continue to provide our customers with the best in class platform."
beqom’s acquisition of PayAnalytics means that amid an increasingly competitive job market, the two solutions boost employers’ ability to attract and retain top talent, encourage employees to achieve their potential and receive recognition, and optimize costs while helping to reduce regulatory, financial, and reputational risk. Through the integration of PayAnalytics into the beqom platform, users will gain broader and deeper functionality for compensation and pay equity management. PayAnalytics is currently available as a part of the beqom platform, and will continue to be a standalone product as well.
“What distinguished the PayAnalytics solution and team for us was their specialized expertise and sophisticated data approach enabled by a great product. Additionally, the company's headquarters in Iceland places them strategically with a global perspective, straddling both the EU and the US. This unique positioning gives PayAnalytics an inherently global DNA and mindset, a distinction that beqom, headquartered in Switzerland, can appreciate firsthand,” says Fabio Ronga, beqom CEO and co-founder.
“Consequently, PayAnalytics exhibits a deep understanding and proven experience in navigating the complexities of global enterprises dealing with diverse local regulations. These factors serve as key differentiators that set the solution apart from others in the market. We look forward to working with the whole team on keeping PayAnalytics at the forefront of pay equity software solutions, and to bring that expertise to beqom's customers.”
PayAnalytics is a cloud-based software solution that enables HR managers and consultants to conduct their own salary review, measure gender and other demographic discrepancies in pay, and offers recommendations on how to close pay gaps. Their reporting and visualization tools allow HR managers to understand the impact of hiring, promotion, and salary adjustment decisions on pay gaps, and to understand trends in their pay structure.
beqom is a unified total compensation platform — managing compensation, employee performance, sales performance, pay equity, and recognition all in one place. beqom makes it easy for HR teams to handle every aspect of total compensation management at scale by empowering HR leaders to personalize compensation strategies with their organizations' needs. With beqom, employees understand their value, perform at their peak, and are rewarded fairly for their contributions.