Pay Equity Analysis Software to Analyze, Resolve and Prevent Unfair Pay Practices
Get full visibility into internal equal pay data.
Complete Visibility into Internal Pay Equity
Help your organization reach its full potential by compensating employees fairly.
FAIR PAY IS THE WAY FORWARD FOR BUSINESSES
An increasing number of people pay attention to an employer’s reputation for fair treatment of employees when they consider working for, buying from or partnering with a company. If you want to be a world-class business, fair pay for employees must be a core value.
Built on HRSoft’s Low-Code Platform, PAYview empowers you to identify pay equity gaps, understand why they exist and calculate the potential budget impact of closing them. Employees, managers and HR can work better and make smarter decisions thanks to an easy-to-use toolkit that provides a consistent and reliable means of monitoring pay equity. It fully integrates with HRSoft’s leading compensation tool and your core HR platform for up-to-date data analysis.
FIND AND FIX
Find Pay Gaps and Use Data to Fix Them
There can be various reasons for unexpected or unexplained pay gaps, so your Human Resources and Total Rewards teams need powerful software to efficiently locate and resolve pay inequity. HRSoft’s PAYview is a user-friendly administrative tool that helps you analyze your workforce and identify pay gaps between employees based on gender, race or ethnicity.
The software utilizes a regression analysis function to determine the impact of compensable factors on pay gaps, which helps you locate pay gaps and determine the underlying causes of these pay gaps.
For example, are particular demographics underrepresented in more senior high-paying roles, or is seniority a compensable factor that may be statistically correlated to large pay gaps such that pay gaps will persist without remediation? PAYview takes this a step further by providing actionable insights on the budget needed to remediate pay gaps.
PAY EQUITY TOOL
Comprehensive Pay Equity Tool to Ensure No One Gets Left Behind
Pay inequity isn’t a new problem, but the pressure on organizations to provide fair pay to employees continues on cultural and legal fronts. Environment, Social, and Governance (ESG) performance is more important than ever to company investors and board members. Plus, calls for pay equity are coming in the form of more expansive state laws, new international obligations and employee feedback.
The reasons for pay gaps are complex, so your Total Rewards team needs a powerful tool that can consistently monitor compensation equity to ensure your company is paying employees fairly. HRSoft’s PAYview helps you determine valid and invalid reasons for pay gaps by user-defined compensable factors and provides actionable reports to get to the data required for federal, state and local reporting.
PROTECT YOUR BOTTOM LINE
Protect Your Bottom Line and Attract Talent by Eliminating Pay Inequity
Utilize PAYview before inequity damages your company’s reputation or bottom line. Whether you’re just starting to analyze pay equity or replacing a complicated manual process, you can find success with this easy-to-use toolkit that provides a consistent and reliable means of measuring pay gaps in your organization.
Plus, resolving pay inequity will attract job seekers and help you retain a diverse workforce that understands the value your company places in them. Paying people fairly is the right thing to do. And when you pay your employees fairly, everyone wins.
FREQUENTLY ASKED QUESTIONS
Pay equity is the notion of compensating employees equally when they perform the same job duties, regardless of race, religion, sex, age, disability, or any other factors prohibited by law. It also takes other factors into account, such as an employee’s experience level, tenure, and job performance.
Everyone needs pay equity because everyone deserves to be paid a fair and equal wage. This is especially true for people who have been historically undervalued due to a sex or race bias, such as women and people of color.
Pay equity is beneficial because it helps to close the wealth gap, improve employee morale and retainment, and attract new talent. It also allows employers to avoid discrimination lawsuits, maintain compliance, and protect their bottom line.
Pay equity is important because it ensures everyone is paid fairly for their work, regardless of who they are. Historically, women have earned less than men for doing the same job. Even though there have been improvements over the years, there is still much to be done.
General best practices for pay equity include reviewing compensation trends to compare your employee pay compares to the market, providing transparency so that employees understand the decisions going into pay decisions, limiting salary negotiations so compensation is more focused on employees meeting objectives, and prioritizing budgets that can help to close the wage gap.
A pay equity analysis is the process of looking into your organization’s employee compensation and determining if there are pay differences based on age, race, gender, and other factors. Through this procedure, you can find out where there is possible pay disparity and make appropriate changes to ensure pay equity. When you perform a pay equity analysis, it shows that you take diversity, equity, inclusion and belonging (DEIB) seriously.
To conduct a pay equity analysis, start by planning your process all stakeholders understand why it’s happening. This will help to create buy-in and allow you to create a more accurate analysis. Then, you can start researching your pay policies and gathering data. Use that information to compare the compensation of employees who perform similar roles. That way, you can analyze the data to figure out if employees are being paid fairly and if any pay disparities are legal.
Pay equity focuses on equal pay for employees with similar roles. Pay equality takes a broader approach by focusing on the equality of opportunity. For example, if an underrepresented employee has the skills and experience necessary to perform a senior-level role, they should have equal opportunity to be promoted.
The gender wage gap is the pay disparity in median earnings between men and women. To calculate the gender wage gap, examine the wage of women and men who work full-time all year round. Divide the median earnings of women by the median earnings of men, and then round to the nearest $100.
Pay equity analysis software empowers organizations to identify and understand employee pay gaps. The software measures employee compensation based on the market and industry trends so that organizations can see how their compensation compares. Pay equity analysis software also calculates the potential impact of closing pay gaps and offers the ability to create pay policy models to help prevent unfair pay practices moving forward.