2023 has been a big year for PayAnalytics, with meaningful growth and customer successes to celebrate.
In the past year, we’ve made strides in helping employers across the world chart a course toward achieving and maintaining pay equity. Our pay equity and workforce analytics solution has touched the lives of over 1 million employees. Increasing attention to pay transparency and reporting requirements have propelled a fairer world for all, signifying the increasing momentum and rising moment of pay equity. We’re delighted to see these changes—and to help you with them.
Master pay equity: our burgeoning virtual knowledge center
We've gone full-steam-ahead in building a knowledge center to help organizations learn what pay and workplace equity and pay transparency are, why they matter, and how to work toward achieving them by measuring pay gaps. Our aim is to empower employers by providing goal posts and breaking them down into SMART, measurable steps.
A few of these resources include our newest research-based guide on The Benefits of Pay Transparency and a step-by-step theory and practice guide on Job Classification. We’ve also drawn up strategic information on how you can talk to your board of directors about pay equity.
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Soon, our knowledge base will become a complete virtual learning center where visitors can easily browse topics and, in turn, define their own learning paths. Look out for our new and improved look, and a batch of new resources, in 2024!
For those interested, we’d like to highlight our founders’, Margrét Bjarnadóttir and David Andersen, 2022 article in the Harvard Business Review on using people analytics to build a more equitable workplace.
Updates to local regulations: In layman’s terms
We strive to provide the most up-to-date information on pay transparency laws in Canada, the U.S., Europe, U.K., and elsewhere, and run our content through a rigorous review process. We have made it our mission to equip employers with actionable information, wherever they are on their pay equity journey.
Our resource library of local legislation has continued to grow. We’ve recently published articles and guides about:
- The EU Pay Transparency Directive
- Canada’s Federal and Provincial Pay Equity Laws
- New York
- EBA Guidelines for Calculating the Gender Pay Gap
- WGEA Guidelines (Australia)
- The EU Corporate Sustainability Reporting Directive
Alongside these publications, we’re offering a reader-friendly Guide to Gender Equality Certification in Italy; the “reader’s digest” version is available on our blog, and the full guide is downloadable for easy sharing.
Our forthcoming e-book on Canadian legislation offers a definitive get-started resource. Keep your eyes peeled in early 2024!
Updates to our platform: New look, expanded functionality
We’ve also made several updates to our solution to make it even more intuitive for our users, including updating our color palette and fonts. This visual refresh makes it easier to navigate the software, and is the first step in a larger project. In addition, users can now add employees to one or many groups; this feature makes it easier to manage and work with groups of employees by, for example, enabling you to filter employees by groups to see their statistics.
We’ve also introduced a new Workforce Analytics feature. This feature enables employers to use our solution to go beyond pay equity alone; with Workforce Analytics, you can analyze diversity and representation among current, new, and exiting employees, as well as look for demographic differences in raises and promotions.
We’ve also made subtle changes, including a few additions related to the EU Pay Transparency Directive: We’ve made it easier for you to decide where to begin your remediation action and overall pay equity efforts by adding a new column called Focus Groups to the compensation model results. Companies have started working on their EU pay transparency readiness by analyzing pay gaps by category of workers and doing gap analysis with PayAnalytics to see the budget needed to ensure no groups exceed the 5% gap.
We’ve also focused our efforts on supporting the Canadian Federal Pay Equity Act, as well as provincial legislation, with pre-built, easy to generate reports for Canada to help you satisfy the requirements. We are the only solution to provide built-in support for Canadian legislation.
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Big news: Acquisition by beqom, Innovation Award acceptance
One of our biggest news items this year is the acquisition of PayAnalytics by beqom, a leading total compensation and performance management solution provider. Our integration will help us reach even more employers and employees across the world in service of fair pay and equality irrespective of gender, race, age, and other demographic characteristics. PayAnalytics by beqom aligns perfectly with PayAnalytics’ vision of bringing pay equity into every part of the salary decision process.
“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. We are excited now to join forces with beqom and take pay equity to the next level.”
PayAnalytics is currently available as a part of the beqom platform, and will continue to be a standalone product as well. We look forward to seeing this new journey bear fruit, and are available to answer any questions that you may have. Just drop us a line.
PayAnalytics receives prestigious Icelandic Innovation Award
This past autumn, PayAnalytics received the prestigious Icelandic Innovation Award in recognition of our approach to developing and bringing to market our software. The jury praised our solution’s cutting-edge approach to alleviating individual and generational financial inequality by helping employers overcome wage and opportunity discrimination through unbiased compensation decision-making and workforce planning. The judges highlighted our wealth of educational and training materials, our dedication to client success, and clear communication.
“We take pride in joining the group of companies that have received the prestigious Icelandic Innovation Award, and we firmly believe that the success of PayAnalytics underscores the significance of a robust Icelandic startup community.”
The announcement and award ceremony came on the heels of the Women’s Day Off, also known as the Women’s Strike, when tens of thousands of women gathered at Arnarhól, a field in downtown Reykjavík.
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An excellent lineup of events
We also had the honor of joining our colleagues and cohort at World at Work’s Total Rewards conference in June of this year. Dr. Margrét Bjarnadóttir, one of our co-founders, presented on How to Use People Analytics Tools Fairly. In the spirit of inviting others into the conversation, we also crafted a short blog with key takeaways from the conference—including success stories.
We attended WorldatWork’s 2023 virtual event on how organizations can address pay issues while coping with economic challenges, where Margrét Bjarnadóttir joined a panel discussion with several pay equity-related companies.
The latest in pay equity over your morning cuppa
Finally, we’ve hosted 25 Coffee Talks with FPI Fair Pay Innovation Lab on hot topics in pay equity, including communications, managing pay at international companies with dispersed operations, employee cooperation, pay transparency laws in the U.S. and how adoption is going, and other juicy topics. Listen in on your morning commute on our website or where ever you get your podcasts.