The newly added feature to the pay equity platform helps identify small groups of employees performing similar tasks.
Syndio, a leading HR analytics platform, announced the launch of a new small group analysis feature on its pay equity technology platform, PayEQ. Syndio works with a mission to eradicate pay disparities for companies of all sizes. The recently unveiled feature helps organizations evaluate small groups of employees that perform similar work in the company, and resolve potential pay gaps identified that are not explainable by job-related criteria. PayEQ assists companies to identify and resolve any pay inconsistencies arising due to gender, race, or other such categorizations.
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Diminishing Pay Gaps in Companies of All Sizes
The company had last year come up with a software program that would allow companies to assess their pay data within minutes. Addition of this new feature further enhances Syndio’s PayEQ solution and its extensive capabilities for companies employing fewer than 10 employees in a mix of all genders. But the small group analysis isn’t just for the small companies, stated, CEO of Syndio. “Organizations of all sizes have groups of employees doing substantially similar work that are small – too small for multivariate regression – and require the application of controls, which you cannot perform with basic pay equity technology,” she added.
Syndio later came out with a set of pay equity standards in collaboration with the National Women’s Law Center which was first of its kind in the field. Many companies have since joined hands in identifying and eliminating pay disparity by pledging to follow the set standards. Slack, NerdWallet, and Match Group are some of the well-known companies to do so.
Zev Eigen, Founder and Chief Data Scientist at Syndio quoted, “Syndio’s PayEQ software now leverages powerful and precisely calibrated analytic results from a company’s entire dataset and applies that information to small groups that defy precision.” He further added that it was a great way to reduce biases or inefficiencies that habitually come from trying to ‘eyeball’ differences in small groups.
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Fair Pay for a Productive Work Culture
Set up with the sole aim to promote equality in companies of all sizes, starting right from fair pay, Syndio has become a pioneer in the field of HR analytics that works consistently towards the cause of empowering modern organizations to close the racial and gender gap. Syndio makes use of sophisticated software in association with valid methods and Artificial Intelligence to achieve the feat.
It helps companies make fair and compliant decisions while promoting a healthy workplace where employees are motivated, productive, and happy. In turn, companies achieve better employee engagement, higher retention rates, and more profitability.