Reykjavik-based startup PayAnalytics, renowned for its innovative approach to tackling pay inequity through data analytics, was recently acquired by beqom, a leading provider of comprehensive compensation and performance management solutions. This acquisition signifies a strategic alignment between PayAnalytics’ expertise in quantifying and addressing pay disparities and beqom’s robust compensation management platform. PayAnalytics’ user-friendly software enables HR professionals to conduct thorough salary assessments, identify gender and demographic pay gaps, and propose actionable steps to bridge those disparities. Integrating PayAnalytics into beqom’s offerings enhances the latter’s capabilities in managing compensation and pay equity effectively. This union not only strengthens both companies’ market positions but also reinforces the drive towards fairer compensation practices and empowers organizations to navigate regulatory complexities while attracting and retaining top talent on a global scale.
PayAnalytics is a cloud-based software solution designed to address pay equity issues by empowering HR managers with tools for conducting comprehensive salary reviews, measuring and identifying gender and other demographic pay gaps, and offering actionable recommendations to close those gaps. Their platform provides reporting and visualization tools that enable HR professionals to understand the impact of hiring, promotions, and salary adjustments on pay inequalities, thereby aiding in the creation of equitable pay structures.
“We founded PayAnalytics to eliminate the gender pay gap by applying data analytics and scientific principles, arming HR managers with user friendly quantitative decision-making tools,” says Sigurjón Pálsson, PayAnalytics CEO and co-founder. “We are excited now to join forces with beqom and take pay equity to the next level. By joining forces with beqom, organizations can now easily build pay equity into their day-to-day processes inside a single compensation solution, in effect managing all aspects of compensation from a single source of truth. Customers now will be able to close the loop and create a culture of continuous fair pay. This acquisition will strengthen PayAnalytics market reach to bring our proven methodology to more people, and to accelerate our development, ensuring that we continue to provide our customers with the best in class platform.”
On the other hand, beqom offers a unified total compensation platform that encompasses managing compensation, employee and sales performance, pay equity, and recognition in a single integrated solution. Their platform facilitates HR teams in handling various aspects of total compensation management at scale, allowing for personalized compensation strategies tailored to an organization’s specific needs. With beqom, employees gain clarity on their value, perform at their best, and receive fair rewards for their contributions.
“What distinguished the PayAnalytics solution and team for us was their specialized expertise and sophisticated data approach enabled by a great product. Additionally, the company’s headquarters in Iceland places them strategically with a global perspective, straddling both the EU and the US. This unique positioning gives PayAnalytics an inherently global DNA and mindset, a distinction that beqom, headquartered in Switzerland, can appreciate firsthand,” says Fabio Ronga, beqom CEO and co-founder. “Consequently, PayAnalytics exhibits a deep understanding and proven experience in navigating the complexities of global enterprises dealing with diverse local regulations. These factors serve as key differentiators that set the solution apart from others in the market. We look forward to working with the whole team on keeping PayAnalytics at the forefront of pay equity software solutions, and to bring that expertise to beqom’s customers.”
Originally published on ArcticStartup : Original article