Pay gap reporting is coming soon. The deadline for public sector organisations with more than 250 employees is 30 March. For similar-sized private sector firms, the deadline is 4 April. For many, this will mean working on a range of in-house files, or employing a consultant to prepare the report on your behalf. But while these will hopefully provide the data you need to meet your legal requirement, will they also show you what might be the key drivers of any pay gaps you have? Will they help you to both develop and test some strategies to close them? Will you get your results in hours rather than days or weeks?
Why merely meet your legal obligations when you can – in much less time – provide data that not only shows where your organisation sits right now but gives you valuable information as to just what lies behind any pay gap you have? Additional insights could allow you to then take meaningful action to close that gap, not only demonstrating your commitment to meeting your legislative obligations but also showing that yours is an organisation committed to meaningful change.
Transforming ‘why’ to ‘what if’
Pay Equity Analytics is the name of an AI-enabled pay gap reporting tool that allows you to do just this. It not only saves time and costs but delivers faster and more accurate analysis than existing in-house tools, streamlining the pay gap reporting process, and at the same time giving you far deeper insights into the factors behind any gaps. Using advanced AI regression models, the tool identifies the key contributors to your unadjusted gap and highlights what portion of the gap remains unexplained – your adjusted gap – giving you a clearer understanding of the root causes behind disparities.
By allowing you to understand the ‘why’, it then enables you to take action, even allowing you to test ‘what if’ scenarios and measure the likely outcomes they would produce. What would be the impact of a key promotion? If you make a salary adjustment for a team, what might this do to your next pay gap report? These are the kinds of questions you can model and test before you are committed to a major implementation. It’s also possible to generate these insights in hours, not days or weeks.
This is becoming even more vital as organisations with 250+ employees could soon be required to report ethnicity and disability pay gaps. The further down the line you are now in understanding your data, the more able you will be to both report accurately in the future, and to further develop a better and clearer understanding of the drivers behind the figures within your own organisation.
Engagement, transparency and fairness
These are not just legislative concerns. Yes, you do need to reduce your risk. But it’s vital that organisations are seen to be both transparent and fair when it comes to reward and recognition. Organisations also need to be able to deliver both; demonstrating compliance and commitment at one and the same time, and in ways that don’t add additional costs to the bottom line but which are both effective and insightful.
The good news is that such technology is here right now, and available for you to trial and test. So don’t wait until the last minute, find out more, right now, about how you can generate the data you need to make the right choices, and demonstrate your organisation’s clear commitment to inclusivity and diversity.
To find out more about Brightmine Pay Equality Analytics, and book a free demo, click here. To watch a demo, click here.
To request a quote, click here.
Watch how Jane simplifies her pay gap reporting:
