Today, we announce that beqom will acquire PayAnalytics, a trailblazing pay and workplace equity software provider, which will add powerful new capabilities to identify and close compensation gaps across our customers’ workforces.
This is an industry-disrupting moment.
With the addition of PayAnalytics’ capabilities, beqom is going to solidify its position as the first advanced platform for pay equity and total compensation, enabling organizations to take action to ensure ongoing long-term pay equity. And, this partnership comes at a time when pay equity is a high priority for enterprise organizations.
Pay equity is gaining traction across the globe, and is a driving force behind a growing number of transparency laws around the world, with more than 20 European countries and several U.S. states implementing regulations in the past few years. This global regulatory pressure requires companies to report gender pay gap statistics, institute policies to mitigate discrepancies, and reduce any existing gaps or risk significant fines.
“Pay equity has become the central focus of the global movement toward workplace equality and it’s never been more important for organizations to plan ahead and address wage gap challenges head on,” said Tanya Jansen, co-founder and CMO of beqom. “Closing pay gaps and improving pay transparency has been a key part of our mission since day one, and PayAnalytics shares the same passion for driving meaningful change. There are considerable synergies between our two visions, and this acquisition marks monumental progress toward pay equity. This acquisition strengthens both brands' position in the market as PayAnalytics’ equity methodology will uniquely complement our total compensation offering – allowing us to provide unrivaled support for customers to proactively address wage gaps within both local and global guidelines.”
Rooted in data science, PayAnalytics is a fairness-driven platform that measures gender and other demographic discrepancies in pay, after adjusting for factors like tenure, job requirements, skills, education, geography and other factors. When combined with beqom’s total compensation platform, PayAnalytics will give users the ability to compare salary data to understand and analyze equity within their organization, suggest fair salaries for new employees and those moving into new roles, and achieve regulatory compliance.
“We founded PayAnalytics to eliminate the gender pay gap by applying data analytics and arming HR managers with quantitative decision-making tools,” says Sigurjon Palsson, PayAnalytics CEO and co-founder. “We are excited now to join forces with beqom and take pay equity to the next level. By linking those analytics to compensation processes, customers now will be able to close the loop and create a culture of continuous fair pay.”
We believe wholeheartedly in the product innovation, business strategy, and mission of both brands – and remain committed to changing global pay inequity, closing pay gaps and helping organizations make strategic compensation decisions for the future.