We are delighted to share the news that Diversity VC has partnered with Gapsquare, a tool that allows companies to obtain instant insights, automate compliance, and visualise data relating to their their gender pay gap.
Founded by Zara Nanu, Gapsquare makes it easier for companies to comply with new government regulations brought in under the Equality Act 2010 (Gender Pay Gap Information) Regulations 2017. The technology makes it easier and quicker to report on relevant data, as well as providing narrative to support problematic data or anomalies. Additionally, it can make recommendations and identify solutions that help address the gender pay gap moving forward.
Gapsquare analyses and examines a company’s workforce dynamics in detail, and across different characteristics, such as by age, tenure or business unit. This enables companies to better understand the reasons behind the gap, and can offers insight into workforce, recruitment and retention trends.
‘We are on a mission to increase transparency in venture capital, and working with Gapsquare will be a very important part of that. Gapsquare’s technology allows companies of any size to quickly understand their gender pay gap, and put in place strategies that address it. It’s an incredibly useful and much needed tool, which our friends in VC should recommend to their portfolio companies!’ – Diversity VC CEO and co-founder, Francesca Warner
The software has expanded its analysis so users can break down data by ethnicity, and will roll out analysis of other protected characteristics over the coming year. This allows companies to get a comprehensive insight into their equality and diversity practices within their organisation. This will have a direct impact on results. As a recent McKinsey study shows, diverse companies are 15% more likely to have financial returns above their respective national industry averages, and bring better returns and outperform on the stock market.
The World Economic Forum stated in November 2017 that it will take 217 years for the gender pay gap to close. The new UK reporting requirements only allows companies to look at half the picture. With Gapsquare, business can look at the whole story, providing a better understanding of the causes of the gender pay gap, so data-driven decisions can be made that will help narrow the gap quicker.