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How data and analytics are essential to the process of closing pay gaps — a blog post for PRCA

In a recent blog post for PRCA PayAnalytics Co-founder and Chairman Margrét Bjarnadóttir explains in a nutshell how data and analytics are essential to the process of closing pay gaps – and keeping them closed. She explains, among other things, the two types of pay gaps most commonly mentioned in the press and the difference between the two. The blogpost also embeds a video where Margrét amongst others discusses the role of ethics and fairness when closing pay gaps. The discussion was a part of the PRCA Ethics month.

Margret Bjarnadottir wrote for Ms. Magazine: We’re Not Waiting 200 Years to Close the Gender Pay Gap

The World Economic Forum estimates that it will take over 200 years to close the gender pay gap. No one should have the patience to wait that long. How can we accelerate change? The answer may lay in data and models with a good dose of transparency.

The journey starts with gathering the data and understanding the pay structure. Then companies move on to identifying areas for improvement and eliminating unexplained demographic pay gaps through corrective action—in other words, ensuring equal pay for equal work.

The New Business Venture Fund investiert in PayAnalytics

The New Business Venture Fund hat 525.000 USD in das Softwareunternehmen PayAnalytics investiert.

PayAnalytics hat eine Cloud-Lösung für gleiche Entlohnung entwickelt und ist in den letzten Jahren rasant gewachsen. Die Software hilft bereits mehr als 50 Unternehmen und Organisationen in Island, die insgesamt 30.000 Mitarbeiter bzw. rund 14 % des isländischen Arbeitsmarktes beschäftigen, geschlechtsspezifische Lohnunterschiede zu beseitigen.

42% of organizations are planning for pay equity adjustments in 2020

42% of organizations are planning for pay equity adjustments in 2020 according to the recently published @WorldatWork 2019-2020 Salary Budget Survey. Is yours one of them? PayAnalytics can help. Our customers use PayAnalytics to assist them in every step on the way towards a transparent and fair pay structure. Our software solution recommends individual raises to close the gap, quickly detects outliers, gives an overview of the cost to help with the budgeting, and so much more.

Dr. Margret Bjarnadottir (@mvilborg2) from @payanalytics recently wrote a guest feature for @insideBigData about addressing demographic #PayGaps with Data-driven Solutions.

Demographic pay gaps, including the gender pay gap, are the result of more complex factors than just a desire to minimize payroll expenses. They stem from unconscious biases and processes that are better suited to one group compared to another. And, as multiple executives have found out, good intentions and “mindfulness” are not enough to eliminate the gaps.