Pay Equity Software

What is Pay Equity Software

Pay Equity Software is software that measures employee compensation and determines payment fairness according to market, industry, and government standards. In addition to compensation measurement, Pay Equity Software can measure employee cohort diversity, create pay policy models, and record retention. Pay Equity Software also usually offers risk and competition analysis, tracking, and visibility tools.

Pay Equity Software automates compliance measurement in a number of ways, from compensation analysis to root cause identification and risk modeling. Pay Equity Software can allow you to get direct feedback from employees through included survey construction and sentiment analysis tools. Pay Equity Software will also help reduce gender or racial pay disparities by automatically comparing employee compensation across cohorts, as well as in comparison with competition in the industry, and provide automated alerts and appropriate suggestions for your business. These lets you proactively address possible equity concerns before they become litigation or brand damage issues.

Pay Equity Software can be seen as a subset of Compensation Management Software with a more outward-facing, proactive approach. That is, Pay Equity Software analyzes market trends, federal regulations, and industry competition to inform data-driven outcomes. While Pay Equity Software can handle some compensation management tasks, it adds much more robust employee visibility tools that what you would find in Compensation Management Software, such as cohort identification and payment disparities across groups.

Pay Equity Software Features

Pay Equity Software typically include:

• Customizable routine payment monitoring
• Proactive analytics and insights
• Adjusted and unadjusted pay gap disparity monitoring, tracking, and trending
• Equal pay estimation and design
• Market competitive analysis
• Risk identification
• Systemic root cause identification
• Employee risk clustering
• On-demand specialist and expert consultation
• Cohort comparison and analysis
• Representation and diversity scoring
• Automated remediation strategy generation
• Cost and planning simulation
• Pay policy modeling
• Survey construction, deployment, and analysis
• Sentiment analytics
• Hiring, promotion, and retention tracking and analytics
• Automated federal standard compliance reporting
• Disclosure statement generation
• Job pricing and compensation support
• Performance evaluation tools
• Cloud-based, hybrid, and on-premises deployment options

Pay Equity Software Comparison

When choosing Pay Equity Software, consider the following:

Employee visibility tools. If you manage a large company, a Pay Equity Software’s ability to provide thorough cohort analysis will be a major point of consideration for you. PayAnalytics offers a wide range of grouping customizability, allowing for quick insight on payment across employee race, gender, or other demographic categories. Syndio PayEQ may be espe cially helpful for globalized companies because of its emphasis on international pay equity.

Compliance reporting tools. Depending on federal or industry standards for pay equity and salary transparency, you’ll want to make sure your Pay Equity Software makes this task easy for you. PayScale offers transparent salary market data options to ensure compliance. EquityPath’s Reduction-in-Force tool helps with ensuring that layoff and furlough actions are equitably designed and are less prone to litigation.

Competitive modeling tools. The ability to use diversity and inclusion as a branding tool can be a powerful competitive strategy. As such, you’ll want a Pay Equity Software that gives you insight into your competition and how their compensation plans compare to yours. Sentinel Pay Analytics not only compares your business to its competitors in real time, but also provides future compensation modeling services so you can stay informed on industry trends.

Analysis tools. The specific analysis tools a Pay Equity Software provides may be an important factor if you choose to use the software as a complement to another tool. For example, Affirmity offers robust statistical tools to measure a variety of quantitative data, making it helpful if you use other tools to capture survey data.

Pricing Information

Pay Equity Software products are usually sold as subscriptions tailored to meet the needs of the business, and thus vendors should be contacted directly for pricing quotes. Most vendors offer free demos.

More Resources

The following resources can be helpful choosing software focused on workplace equity:

• Beyond Lip Service: How HR Software Can Improve Workplace Diversity