The days of companies being blindsided by their gender and ethnicity wage gap issues are numbered as tech takes on the challenge of workplace inequality. With its SAAS product Fairpay® Equity Analytics, equality and inclusion innovator Gapsquare have broken ground with a tool that can predict, preempt and help you mitigate the pay gap.
There is an increasing market for software that brings together equality, diversity and inclusion expertise and analytical know-how, and we know that 69% of millennials and Gen Z are more likely to stay for 5 years or more in a diverse / inclusive company. But showing that diversity is being achieved can be a challenge.
That’s why global analytics company Gapsquare have built a tool that will take the unpredictability out of pay equity. The Fairpay® workforce planner is a tool used to model scenarios that will help you close wage gaps, with honest answers about investment and actions needed to get there. You can plan actions to close your pay gap through employee recruitment, promotion and pay; you can increase representation in Job Levels, model the impact of salary reviews, and more.
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In a world where employer brand IS brand (see Munroe Bergdorf and L’Oréal), where employers are shamed or celebrated for their diversity and inclusion approach, companies do not have room for error or misplaced investment, so Gapsquare builds software to cut the risk of error.
‘We want to make it impossible for an employer to develop wage gaps’, notes Lead Product Analyst at Gapsquare, Syirah Ami, ‘So we built the Workforce planner, within our Fairpay® Equity Analytics Software to help companies set world-changing targets. The planner shows how long it takes for a company strategy to close the pay gap, how much investment they require and whether their diversity strategies are the way to solve the problem at all.’
This feature is already making waves on the global stage, starting conversations that would have been impossible 10 years ago – because the biggest problem with achieving equity? Not knowing what actions will actually work but doing them anyway.
It’s obvious that we’re moving into new times, opening new doors and creating new opportunities for how we live and work, but who knew that tech would become the backbone of achieving equity? Perhaps, one day, when inequality is a mere memory, we will think that tech solving the problem of pay gaps was actually, pretty obvious.
Gapsquare home: www.gapsquare.com
PR contact at Gapsquare – Hazel Lush – [email protected]