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

Press release

The National University Hospital of Iceland Uses the PayAnalytics Solution to Fight the Gender Pay Gap

The National University Hospital of Iceland has signed a contract to use PayAnalytics for their equal pay analyses.

Lúvísa Sigurðardóttir, Project Manager for The National University Hospital’s Equal Pay System. Sigurjón Pálsson, CEO of PayAnalytics. Ásta Bjarnadóttir, VP of HR at The National University Hospital.

The PayAnalytics software solution is used by companies, municipalities and government institutions to support salary decisions. The solution calculates the gender pay gap, suggests remedies, and calculates the cost needed so that employers can budget for their investment in closing the pay gap. The software solution suggests salaries for new employees and employees who are moving into new positions to ensure that decisions are fair and free of unconscious bias before they are implemented.

The contract with The National University Hospital is important for PayAnalytics. First, because it is one of Iceland‘s largest employers, and second, because of the ambition that they have to eliminate the gender pay gap. PayAnalytics was founded to meet the demand of companies who wanted to reduce the pay gap but lacked the tools to do it in a fair and efficient manner. It has been shown that good intentions are not enough, so you have to use data driven methods to eliminate the pay gap.

says Sigurjón Pálsson, the CEO of PayAnalytics.

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.

says Lúvísa Sigurðardóttir, the Project Manager for the hospital’s Equal Pay System.


In a recent blog post for PRCA PayAnalytics Co-founder and Chairman Margrét Bjarnadóttir explains in a nutshell how data and analytics are essential to the process of closing pay gaps – and keeping them closed. She explains, among other things, the two types of pay gaps most commonly mentioned in the press and the difference between the two. The blogpost also embeds a video where Margrét amongst others discusses the role of ethics and fairness when closing pay gaps. The discussion was a part of the PRCA Ethics month.

The World Economic Forum estimates that it will take over 200 years to close the gender pay gap. No one should have the patience to wait that long. How can we accelerate change? The answer may lay in data and models with a good dose of transparency.

The journey starts with gathering the data and understanding the pay structure. Then companies move on to identifying areas for improvement and eliminating unexplained demographic pay gaps through corrective action—in other words, ensuring equal pay for equal work.

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.