A novel approach to managing pay equality in large businesses has been unveiled by beqom, a cloud provider of solutions for compensation and continuous performance monitoring. Beqom’s new software seeks to successfully solve pay disparities in light of the expansion of equal pay rules around the world and the increasing significance of fair and competitive compensation to fulfill talent needs.
Recent legislation in the US, EU, Asia, and other places, including numerous US state laws, has made compliance with equal pay standards more important than ever for enterprises. Fair pay protection reduces legal risks, protects reputation, and improves financial stability.
Specialized software like beqom’s is required to manage the intricacy of evaluating huge amounts of data to find unfair behaviors. The beqom Pay Equity solution readily complies with new laws and regulations and, out of the box, satisfies the majority of international compliance needs. Beqom, a comprehensive compensation management tool, can also easily integrate pay equity principles into routine compensation decision-making processes, like promotions, raises, and new hiring.
Tanya Jansen, beqom CMO and an industry expert on pay equity, states “Organizations are dynamic, pay equity cannot be a one-and-done effort. Pay equity is now a year-round process that is integrated with regular compensation cycles thanks to beqom.”
Companies can find wage discrepancies related to gender, ethnicity, age, and other demographic parameters, as well as intersections of factors, using the beqom solution. Eliminating prejudice in compensation decisions and ensuring equitable rewards based on abilities, performance, and other acceptable criteria are the goals. Additionally, the software aids in finding compensation differences in comparison to the market.
A thorough gap analysis is provided by the beqom Pay Equity solution to pinpoint pay disparities, and extensive regression analysis is used to determine their underlying reasons. The service analyzes raw and adjusted pay disparities using machine learning (ML), suggests remediation alternatives, and delivers actionable budget simulations to estimate the cost of putting pay remedies into place.