SEATTLE – June 18, 2024 – Syndio, the world’s leader in workplace equity solutions, today announced enhancements to its Workplace Equity Platform that help companies navigate the evolving, complex demands for pay equity and transparency.
Today, employers are faced with mounting pressure to explain and prove that their compensation, assessment, and promotion strategies are not only equitable, but driving the bottom line, improving culture, and attracting top talent. To meet these needs, Syndio continues to evolve its Workplace Equity Platform to turn today’s challenges into opportunities, helping HR teams deliver greater value while balancing operational efficiency. The latest updates across Syndio’s Platform include:
- Global Pay Reports: A new reporting solution that simplifies the creation of pay reports across 29 jurisdictions. Launching later this year, an integrated AI expert, trained on proprietary information, will provide 24/7 guidance to ensure companies stay compliant with evolving transparency regulations.
- PayEQ® Compensation Consistency Analysis: Expanded analytics in PayEQ that helps resolve inconsistencies in employee compensation, providing detailed analysis to ensure equitable pay practices throughout the organization.
- OppEQ® Performance Equity Analysis: OppEQ now includes performance equity, extending its analytics to cover promotions and performance assessments. This enhancement identifies biases and inconsistencies, providing a holistic view of the key drivers of the unadjusted pay gap.
- Upgraded Pay Finder™ functionality: Pay Finder now provides more robust and customizable features. Administrators can set precise policies and manage user access to data, putting the right insights in the hands of decision makers. This enhancement ensures consistent, equitable, and transparent pay decisions throughout the employee lifecycle.
With these enhancements, Syndio’s platform is a one-stop solution for HR leaders to streamline workplace equity and transparency efforts regardless of where companies are in their journey. It enables data-driven decision-making and consistent communication, helping companies efficiently create equitable workplaces that attract and retain top talent.
“Today’s C-suite leaders face the dual challenge of adhering to new pay transparency laws while meeting rising employee expectations and shareholder demands. The stakes are high, and leveraging advanced technology to navigate this landscape is crucial for maintaining competitiveness and optimizing the bottom line,” said Maria Colacurcio, CEO of Syndio. “Company leaders need insights to identify and reward the values that move their company forward and enable growth. Syndio’s platform does just that while maintaining consistent and equitable practices for every employee.”
At a recent WorldatWork Total Rewards ’24 event, industry leaders affirmed the vital role pay equity — and workplace equity technology — play to protect and evolve company culture and performance in the transparency era. Hywel Jones, Vice President of Total Rewards at TD SYNNEX, emphasized the proactive approach needed for compliance with the EU Pay Transparency Directive. “As we prepare for the EU Directive, we are focusing on getting ahead of it rather than letting the train hit us,” said Jones. “This means we invest time in our data and methodology, as well as a technology partner that gives us confidence in presenting to our leadership.”
Athar Siddiqee, VP of Total Rewards at Micron Technology, highlighted how their commitment to pay equity has become a key differentiator in attracting top talent. “Candidates have told us, ‘I’ve had multiple offers, but I chose to work with Micron because you are committed to pay equity’.” By leveraging Syndio’s PayEQ, Micron has not only achieved pay equity across base compensation, bonuses, and stock but has also seen a significant increase in employee engagement scores directly tied to their equitable pay practices. These sentiments echo a broader trend towards prioritizing pay transparency as an essential component of organizational success and employee satisfaction.
To learn more about Syndio’s latest advancements and how the expanded Workplace Equity Platform can help companies effectively shape strategies for pay equity and transparency, visit Synd.io.
