WITH three-quarters of firms yet to report their 2021 gender pay gap results, pay gap specialists Spktral have today unveiled their updated software platform and consulting service that has been enhanced using direct client feedback.
Launched in September 2019, the bespoke software company uses HR and financial data to uncover the diversity representation gaps that exist in almost all organisations. This latest update will now drive insights into representation of multiple groups, eliminating the risk of bias in employment practices and, determining if specific groups of people are more likely than others to occupy lower paid roles in organisations.
For UK-based PLCs with 250 or more employees, the Equality and Human Rights Commission will begin enforcement action against late reporters on 5 April 2022.
Anthony Horrigan, Spktral CEO, said: “It’s crucial that PLCs carry out their Gender Pay Gap analysis as soon as possible if they want to use the insights to adjust their processes and drive greater representation of women across their workforces.
“Post pandemic markets and the great resignation have proved that we need to put more emphasis on the importance of people and specifically female workers. With the future of remote working, now is the opportunity to use all of these things to our advantage and make sure we’ve got an engaged workforce that are enthused to produce the best possible work.”
Despite the challenges of the pandemic, Spktral saw a profitable year in 2021 and has reached a milestone of 50 clients since their launch with UK and international clients in sectors including biotechnology, insurance, financial & investment services and government departments.
The scope of Spktral’s software has been expanded allowing organisations to see their progress with diverse talent, giving more fair access to opportunities. The consultancy works with their clients to fully understand and interpret the data, providing answers and insights, not just numbers.
Anthony Horrigan, Spktral CEO, added: “Spktral walks companies through their data, giving them the ability to understand and explain their situation to stakeholders. We have the ability to identify a problem, backed with historical proof, and then advise companies what they need to do to fix it. We then track how they’re fixing it and if it’s improving. This is unique compared to any other pay gap analysts, as we take the full burden of the data gathering, processing and legislative task off the hands of our clients allowing them to concentrate on the action plans and their progress.”
Fiona Hathorn, Founder and CEO of Women On Boards and advisory board member at Spktral, said: “The majority of organisations want to make progress, however, over 20% of the 2021 submissions contain compliance and calculation errors. Numerous organisations still don’t know the difference between equal pay and gender pay gaps. Many senior leadership teams are unaware of these mistakes because they have made assertions that the employees, business partners or external service providers tasked with this process have completed it correctly. If they can’t get the basic compliance checks right – what else has been mis-read or worse yet, mis-calculated?”