In a significant leap towards achieving pay equity in the workplace, beqom, a global leader in compensation and continuous performance management cloud solutions, has unveiled an innovative software solution designed to tackle pay inequities head-on.
With equal pay regulations gaining momentum worldwide and fair compensation becoming a top priority for attracting and retaining talent, beqom’s cutting-edge platform aims to address these challenges effectively.
Amidst the increasing importance of compliance with equal pay regulations, organisations face legal risks, reputational damage, and financial instability if they fail to ensure fair compensation practices. Recognising this urgent need, beqom’s advanced Pay Equity solution assists large organisations in analysing vast amounts of data to uncover any disparities and inequitable pay practices.
Unlike traditional approaches, beqom’s out-of-the-box software is tailored to meet global compliance requirements and can easily adapt to new rules and regulations. As a comprehensive compensation management solution, it seamlessly integrates pay equity practices into routine decision-making processes such as promotions, raises, and new hires, ensuring that pay equity remains an ongoing and dynamic process.
Tanya Jansen, beqom’s Chief Marketing Officer and a respected voice in the field of pay equity, emphasises the importance of this ongoing approach, stating, “Organisations are dynamic, so pay equity cannot be a one-and-done project. beqom makes pay equity an ongoing process that integrates with normal compensation cycles throughout the year.”
beqom’s ground-breaking solution empowers companies to identify and address pay gaps associated with gender, ethnicity, age, and their intersections. By eliminating bias in pay decisions, beqom’s software ensures that employees are rewarded fairly based on their skills, performance, and other legitimate criteria. Moreover, the solution aids in identifying pay disparities relative to the market, enabling organisations to remain competitive in attracting top talent.
The beqom Pay Equity solution offers a comprehensive gap analysis, employing advanced regression analysis to uncover the root causes of pay inequities. Utilising machine learning (ML), the software identifies raw and adjusted pay gaps, proposes effective remediation options, and provides actionable budget simulations, thereby determining the cost of implementing necessary pay adjustments.
Recent research highlights the significance of pay equity in the eyes of employees. In beqom’s 2023 Leveling the Paying Field report, approximately 51% of US employees expressed concerns about a gender pay gap within their organisation. Astonishingly, nearly 45% stated they would consider switching to a company with a lower gender pay gap.
Beyond mere compliance, achieving fair and transparent pay practices enables companies to attract and retain top talent, fostering a diverse and inclusive workforce.