PayAnalytics Year in Review: 2022

Maintaining Mission Focus, Expanding Support, and Celebrating Success: 2022 in Review

Looking back on 2022, we feel grateful for a year of honest hard work and exciting growth. We’ve focused our energy on promoting pay equity worldwide, offering more comprehensive support, and ensuring that we will continue to meet the evolving needs of our customer base.

And this customer base has been expanding. PayAnalytics’ software is now used in 75 countries around the world to ensure fair pay for over 1 million people. We are happy to be able to help small businesses with only 20 employees, global enterprises with over 160 thousand, and everything in between, including several Global Fortune 500 companies.

Promoting Fairness and Workplace Equity

Our vision is to make pay equity easy and show the world what it’s all about. To this end, early this year our founders published an article in Harvard Business Review about how people analytics can be used to build an equitable workplace.

Our founders also spoke at several conferences, including the WorldatWork Workplace Equity forum and the Nordic Innovation Summit. Our team members appeared as guests on podcasts and co-hosted Coffee Talks with Henrike von Platen. We brought our Icelandic customer community together for a special event focused on pay equity challenges and opportunities (article only available in Icelandic). Finally, one of our founders, Dr. Margrét Bjarnadóttir, represented PayAnalytics at the annual Nordic Fintech Week, where we received the Nordic Fintech Impact Award.

New Features to Help You With Your Work

In 2022 our technical team members continued innovating and improving our industry-leading software solution. We were able to give our customers several new features to further support their pay equity efforts. Users can now easily generate raise suggestions based on a certain budget. They can also get raise suggestions for any employee who is underpaid, regardless of whether they are contributing to a demographic pay gap. And we introduced notes, making it easy to collaborate with colleagues and set reminders for specific employees using the platform.

We also took time to revisit some of our original features, collaborating with our users to ensure that we meet all of their needs. The biggest change involved the Compensation Assistant. Users can now easily get a salary suggestion and view it in multiple contexts simultaneously, regardless of whether it’s based on a comparison internal or external to the company. We also expanded the types of benchmarking data we support.

We are always looking forward to supporting our customers on their path towards pay equity, no matter where they are or what local requirements they may face. We added extensive support for Canada’s Pay Equity Act along with built-in templates matching new reporting requirements in France and Ireland. We also added Italian to our language lineup, making our software available in seven languages so far.

We reached an important milestone when we received our ISO 27001 certification. This certification was based on our existing software development processes. Although these processes are invisible to users, they are essential for a robust, stable and a secure product, and we are happy to have these ongoing efforts officially recognized.

Lastly, in the spirit of keeping things easy for our customers, we introduced a new flexible automation feature. This feature lets users automatically collect data from payroll and HR systems and obtain results from multiple analyses at once. New options within our detailed user access controls make life easier for administrators, letting them give specific access to different users.

Our Customers’ Success

Our driving ambition is the success of our customers, and we celebrated a few noteworthy successes in 2022. Our customer Allianz received two awards for their pay equity work: first prize in the HR Tech and Digital Category in the German HR Management Prizes and first prize in the Analytics & Technology category in the HR Excellence Awards. Allianz is a true role model for other organizations. Their work shows that closing pay gaps is possible, even for large, global enterprises.

Our customer RUV, the Icelandic National Broadcasting Service, was featured in the European Broadcasting Union’s casebook of Diversity, Equity, and Inclusion best practices. RUV has been using PayAnalytics for years to reach fair pay. We also celebrated the long-term fair pay success of VÍS, the largest insurance company in Iceland, and shared their inspiring story.

PayAnalytics is a partner of the Universal Fair Pay Check, so it’s great to see several of our customers applying and receiving Universal Fair Pay Check certification. (For more information, see this short article in Forbes.)

We look forward to helping our customers on their pay equity journeys throughout 2023 and beyond!