30 Most Valuable Companies to Watch 2020
Gender pay gap is a form of gender discrimination present in many countries around the world, including, to a lesser extent, in the Western world. While it is not always intentional, this gender wage gap is highly unfair and needs to be counteracted. A gender wage gap means less financial independence for women, greater reliance on welfare payments, less motivation at the workplace, and less social justice overall. When writing your essay, decide which specific aspect of the problem you want to analyze, what your approach to writing will be. Reviewing some essay samples, like the ones below, will prove helpful.
Gapsquare was originated in 2015 to bring data science smarts to the challenges of the workplace gender pay gap. The World Economic Forum came out and said it was going to take 217 years for the global gender pay gap to close! Gapsquare said, “We thought that this was too long, so we started thinking about the way that technology is disrupting the way we work, the way we travel and the way we communicate so why not use disruptive technology to tackle inequality?”
Gapsquare developed easy to use software which allows your business to analyze and track pay disparity statistics and produce instant reports on equality and diversity data, ready to be presented to your team. Its tech tool, backed by a team of equality and diversity experts, automates pay gap reporting, allows you to look at the impact of your pay reviews and develops equal pay audits saving hundreds of hours normally spent on analysis.
What Gapsquare does
Gapsquare wants to be in a world where work is fair and inclusive, where pay meets value and diverse talent thrives. They provide innovative solutions that ensure all work is fair, so that companies can focus on performance, productivity and building inclusive teams.
The company does this through its self-use software, its software packages, and its consultancy services. They tailor their products to best suit your organization and its needs.
Why Gapsquare does it
For every 10% increase in gender diversity, an organization’s EBIT rises by 3.5%, and ethnically diverse companies are 35% more likely to have financial return above the industry median, according to a report by McKinsey.
According to a report by the Boston Consulting Group, companies with below average representation of minority employees had 26% average innovation revenues, compared with 46% for companies with above average diversity levels.
Improved pay transparency and fair wages also leads to improved trust. This boosts employee loyalty, efficient work, performance and productivity, as well as bettering employee satisfaction and retention.
Gapsquare is a secure, cloud-based service that gives you instant reports of the pay gaps across an organization. Simply upload your HR and payroll data, and in just a few seconds, get instant headline figures including:
Mean and median pay gap, proportion of employees across quartile bands, bonus pay gap, proportion of employees receiving bonus. You’ll be instantly on the road to compliance with easy to understand visuals on the latest gender pay gap reporting legislation.
Gapsquare uses your HR and payroll data to provide detailed and visual insights into your gender pay gap. It can do this across demographics, departments, and locations (and more). And it can help you explore trends, bonus programmes and using ONS data, provide a narrative on how your organisation compares to others in the same or different sectors.
This allows you and your stakeholders to understand your gender pay gap easily, visualized in various different formats. You can pinpoint areas that can then be looked at in more detail, offering insights into your workforce dynamics and recruitment trends, leading to improved planning for HR teams.
Custom Built Narrative
Using Machine Learning and Artificial Intelligence, Gapsquare’s FairPay software explains the visuals and what the numbers actually mean. Gapsquare team said, “The software helps make sense of data, so that HR teams can join up the complex data analysis with our embedded equality and diversity expertise.”
This narrative can be used to form your gender pay gap report for both an internal or external audience, saving you both time to draft the reports and money on consultancy from diversity & inclusion experts.
Gapsquare uses your HR and payroll data to provide detailed and visual insights into your pay gaps more broadly. By using employee characteristics, you can understand your pay and remuneration structure biases beyond gender. With Gapsquare FairPay, you can compare by ethnicity, disability, sexual orientation, religion or belief.
Governments around the world are passing legislation on workforce issues related to gender, race, disabilities, sexual preferences, aboriginal status, and more—and organisations have to comply.
Understanding your remuneration models through its comparator analysis lens allows you to truly understand your pay structures and design a model that is fit for the modern workforce.
Pay Transparency Decomposition
What proportion of your gap is made up by biases in your pay and reward packages? Do you have a pension gap, or an employee share scheme gap? Does your car allowance scheme favor your male employees? Using Gapsquare FairPay helps you understand any biases within your pay and reward structures. Use data to build fairer remuneration packages for your staff.
Meet Dr. Zara Nanu, CEO and Co-Founder
Zara is an expert on how diversity and inclusion can shape more dynamic and productive teams and a more engaging and empowering workplace. She is an entrepreneur who believes business can generate social impact as well as revenues and profits.She’s not a talker – she’s a doer.
“We specialize in data analysis, gender pay, diversity in business, women in business, wage gap, pay gap, diversity, software, inclusion, diversity and inclusion, HR, human resources, AI, and pay gap reporting.”