Syndio Releases New Software Tool to ID Inequity-Creating Policies
Pay Policy Analytics Delivers Data-Driven View of All Factors Affecting Compensation
SEATTLE — February 2, 2021 - Syndio, the leading EquityTech analytics platform, today announced the availability of Pay Policy Analytics, an extension of its flagship PayEQ software-as-a-service (SaaS) pay analytics product. This powerful tool allows companies to support fair compensation by going beyond pay equity analyses to examine the impact of pay policies on compensation, identify the root causes of inequity at the policy level, and build better compensation models.
“Pay policies are increasingly in the spotlight,” says Nancy Romanyshyn, a lead consultant at Willis Towers Watson and specialist in workforce compensation strategies. “Boards, executives, and employees want to know that pay is intentional, consistent, and, of course, equitable. The trouble is, most organizations might think they’re paying for clear and fair reasons, but when you start to look at the data, it’s often not the reality.”
Most companies have pay policies - factors like tenure, location, experience, and performance scores - designed to drive differences in compensation and, in turn, motivate and reward the right behaviors. However, few have visibility into whether the policies work as intended. Syndio’s Pay Policy Analytics generates current, data-driven views of all factors leading to differences in compensation, so HR and compensation leaders can instantly see if their intentions match reality and if not, recommend data-driven solutions.
Syndio’s Pay Policy Analytics details how differences in compensation are explained by pay policies or by protected class status like gender or race, and what differences are random and not explainable at all. Companies can examine the organization as a whole as well as group subsets. This enables companies to identify, explain, and address the root causes of compensation inequities and inconsistencies. When policies are working as intended, it is also a powerful tool to prove the efficacy of those strategies.
The tool builds on PayEQ, which offers companies unparalleled insights on pay equity to guide decision making in real time, ensuring fair compensation and mitigating legal risk. With PayEQ, companies can perform rapid analyses of employee and pay data to find actionable paths toward workplace fairness, relying on validated methodology, an easy-to-use interface, and expert service and support. Syndio’s software applies data science and AI to analyze every employee in the context of peers doing similar work, generating results in minutes rather than months as with traditional pay equity analysis methods.
“Until now, most companies haven't had a clear line of sight into how their pay policies impact pay equity. Now there is a way to shine a light on this core issue -- and not knowing is no longer an excuse,” said Maria Colacurcio, CEO of Syndio. “With the move to remove work amid Covid, companies are rethinking compensation differences based on location, working conditions, or other factors. Our software arms businesses with the insights they need to bake fairness into every compensation decision.”
Over 100 companies, including Adobe, Hyatt, Nordstrom, Salesforce, Slack, and StitchFix, use Syndio to analyze and resolve pay disparities based on gender, race, or ethnicity across 2.3 million employees. For more information about Syndio’s Pay Policy Analytics, visit here. To learn more about achieving fair pay policies, read Syndio’s guide here.
Syndio’s mission is to empower employers to eradicate unlawful pay disparities due to gender, race, and ethnicity and make ongoing compensation decisions informed by fairness and equity data. Syndio customers drastically reduce legal risk, saving millions in ongoing remediation and create a positive brand reputation, which helps attract and retain top talent at every level of the business. Syndio is proud to partner with brands who are leading the way in equity and setting the standard for workplace fairness.