The software company PayAnalytics, which is developing an equal pay cloud solution, raised $525,000 from the New Business Venture Fund. PayAnalytics’s solution is already helping over 50 companies and organizations in Iceland close the gender pay gap, employing a total of 30,000 staff, or about 14% of the Icelandic labor market.
Margrét Vilborg Bjarnadóttir, Founder and Chairman of the Board of PayAnalytics comments that PayAnalytics “is used by most of Iceland’s leading companies. At the same time, the regulatory environment is changing rapidly throughout the world. For example, In the UK, companies now need to measure and publish the absolute gender pay gap every year, in France companies will soon be fined if they are not working to reduce the pay gap. At the same time, public opinion is shifting quickly, which creates a further need for our solution. We have enjoyed the support of the Icelandic Technology Development Fund, which has brought us to where we are today. With this investment from the New Business Venture Fund, we can keep our technological advantage and speed our entry into markets abroad, where we are already attracting significant interest.”
PayAnalytics’ goal is to put a comprehensive pay analysis tool into the hands of executives, HR managers, and advisors to support real-time data-driven salary decisions. This means that the software lets companies close demographic pay gaps wherever they appear as well as monitoring salary data over time to ensure the gaps remain closed. The software works with any payroll and human resources management software.
After measuring the pay gap, PayAnalytics recommends changes to the pay of individual employees to close the gap as fairly and efficiently as possible. Likewise, the software shows the impact of salary decisions on the pay gap before those decisions are implemented.
Huld Magnúsdóttir, CEO of The New Business Venture Fund states that “Iceland has taken the lead when it comes to gender equality. PayAnalytics is founded in a strong equality environment and has developed a world class solution. With this decision, The New Business Venture Fund has not only made a good investment, but also supports the export of Icelandic knowledge and equality values, which have received international recognition. We are therefore excited about our work with the PayAnalytics team and believe that our strong network and knowledge base will benefit the company’s ongoing growth.”