The benefits of investing in Pay Equity Software: ROI Calculator
Why Use Pay Equity Software?
Ensuring pay equity within an organization is no longer optional; it’s an essential part of creating a fair, transparent, and competitive workplace. Pay equity software, like Pay Equity by beqom, simplifies this process significantly, providing companies with the tools they need to comply with local requirements, identify pay disparities, and take meaningful action to close those gaps.
By automating the analysis of pay data and generating insights, the software takes the complexity out of compliance with regulations in different markets. beqom supports businesses across the globe, making sure they stay in line with local requirements while ensuring fairness in compensation practices. The built-in reports and analysis features help organizations effortlessly meet reporting obligations, removing administrative burdens and allowing HR teams to focus on strategic decisions.
Moreover, pay equity software provides customized recommendations on how to close any identified pay gaps. Whether you need to implement changes gradually or all at once, beqom helps you align your pay equity goals with your budget. It prompts thoughtful decision-making by asking critical questions about your priorities—such as focusing on fairness versus cost-effectiveness or tackling pay gaps across the entire organization versus focusing on specific groups....
Ultimately, adopting pay equity software is about taking proactive, measurable steps toward pay fairness, which enhances employee trust, meets compliance standards, and strengthens your organization's reputation in the market.
Pay Equity ROI Calculator
$3,220,000,000
$30,000,000,000
Enter values represented as benefit/savings of managing below risk
Operational Risk of running no or inaccurate Pay Equity Analysis
0.01% of Total Compensation Payroll = $322,000
Includes Pay Equity Audit Cost, Reporting cost, Hiring Cost, manual process, etc.
Litigation Risk of running no or inaccurate Pay Equity Analysis
30 Weeks of litigation
$500 as hourly Legal Fees
= $600,000
Regulatory fines (depending on jurisdiction)
$150,000 as possible regulatory fine.
Audit Risk of running manual pay equity process
0.1% of Total Compensation Payroll = $3,220,000
Includes excel errors, security breach in excel, reporting errors, not using proper regression analysis, etc.
Brand/Reputation Risk of running no or inaccurate Pay Equity Analysis
0.01% of Annual Revenue = $3,000,000
Includes brand erosion as a % of revenue due to turnover, employee engagement, inability to hire top talent, consumer perception of the company, etc.