beqom, a provider of compensation and continuous performance management cloud solutions, has introduced an innovative solution for managing pay equity in large organizations. With the rise of equal pay regulations worldwide and the growing importance of fair and competitive compensation to meet talent needs, beqom’s new software aims to address pay inequities effectively.
Compliance with equal pay regulations has become increasingly crucial for organizations due to recent legislation in the US, EU, Asia, and other regions, including various US state laws. Ensuring fair pay mitigates legal risks, safeguards reputation, and enhances financial stability.
To handle the complexity of analyzing large volumes of data to uncover inequitable practices, specialized software like beqom’s is necessary. Out of the box, the beqom Pay Equity solution meets most global compliance requirements and easily adapts to new rules and regulations. Additionally, as a comprehensive compensation management solution, beqom can seamlessly incorporate pay equity practices into day-to-day compensation decision-making processes, such as promotions, raises, and new hires.
“Organizations are dynamic, so pay equity cannot be a one-and-done project,” says Tanya Jansen, beqom CMO and industry voice on pay equity. “beqom makes pay equity an ongoing process that integrates with normal compensation cycles throughout the year.”
beqom’s solution enables companies to identify pay gaps associated with gender, ethnicity, age, and other demographic factors or intersections of factors. The objective is to eliminate bias in pay decisions and ensure fair rewards based on skills, performance, and other legitimate criteria. The software also helps identify pay disparities relative to the market.
The beqom Pay Equity solution offers a comprehensive gap analysis to identify pay inequities and employs advanced regression analysis to uncover their root causes. Utilizing machine learning (ML), the solution identifies raw and adjusted pay gaps, proposes remediation options, and provides actionable budget simulations to determine the cost of implementing pay remedies.
Research indicates that pay equity is a primary consideration for employees seeking new opportunities. In beqom’s 2023 Leveling the Paying Field report, approximately 51% of US employees believe their employer has a gender pay gap, and nearly 45% would consider switching to a company with a lower gender pay gap. Beyond compliance, achieving fair and transparent pay enables companies to attract and retain top talent, fostering a diverse and inclusive workforce.
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