In a move to help employers address wage gaps, beqom acquired PayAnalytics, which calls itself a pay and workplace equity software provider. With PayAnalytics’ technology, beqom users can analyze pay for gender and other forms of demographic fairness, and take action to resolve challenges.
Terms of the agreement were not disclosed.
Using multivariate regression analysis, PayAnalytics identifies factors that influence pay and suggests remedies for unexplained pay gaps. By adding the company’s capabilities, beqom will embed real-time, always-on pay equity into the compensation processes beqom manages. The companies said they will “tighten the integration” of their products.
Both companies said they’re committed to maintaining high levels of service, and each will continue to innovate in their respective domains.
beqom was attracted to PayAnalytics because of its specialized expertise and data approach, said beqom CEO Fabio Ronga. The company’s headquarters in Iceland “places them strategically with a global perspective by straddling the EU and U.S. “Consequently, PayAnalytics exhibits a deep understanding and proven experience in navigating the complexities of global enterprises dealing with diverse local regulations,” he said.
PayAnalytics CEO Sigurjon Palsson, PayAnalytics CEO and co-founder said the acquisition allows the companies to “take pay equity to the next level.” By linking PayAnalytics’ tools to compensation processes, “customers now will be able to close the loop and create a culture of continuous fair pay,” he said.
In June, beqom introduced a product for managing pay equity, which it said will enable emplooyers to identify pay gaps associated with gender, ethnicity, age and other demographic factors or intersections of factors. The software also helps identify pay disparities relative to the market.
Other vendors have developed pay equity solutions, as well. Salary.com added capabilities for its CompAnalyst pay equity suite earlier this year, designed to identify and prevent pay issues. The features automated the process of modeling internal pay equity as well as external competitiveness within the market.
Overall, employers are making progress in their attempts to resolve pay equity issues between men, women and underrepresented groups. However, only 41% of workers believe their companies have achieved pay equity, while 26% say their organizations have been completely unsuccessful.