An Edinburgh tech company that helps companies simplify reporting of gender pay gaps and improve workforce diversity has announced the completion of a seed investment round.
The funding package, which remains undisclosed, has been provided by a group of investors including Paul Atkinson, non-executive chair of Taranata Group, John Hall and Philip Pritchard.
Based in Leith, Spktral’s cloud-based platform enables firms to prepare their own pay gap reports and see where inequalities lie, with users able to users able to undertake the process in-house or fully outsource it to the company itself.
The startup provides detailed insights into where improvements can be made to enhance and organisations brand and reputation as an inclusive and diverse employer.
Services provided through the Spktral platform also include analytics support, equal pay analysis and benchmarking, learning and business change programmes. Spktral also allows client organisations to view the UK Government’s own gender pay gap reporting as a way to benchmark their performance.
Commenting on the funding announcement, Spktral CEO Anthony Horrigan said: “As a result of this investment, Spktral is now ideally placed to help its clients address the wider sustainability agenda that’s gathering pace among business leaders globally.
“Diversity, inclusion and equality are part of the global sustainability agenda and are recognised as being key to an organisations’ future success and attractiveness to employees, customers and investors. Spktral’s goal is to help clients quickly and easily understand where they lack diversity – from there we can help them develop a plan and measurement framework to address this complex issue.”
Paul Atkinson added: “The issue of equal pay and the gender pay gap is something that will impact business across the whole of the UK.
“Companies like Spktral will play an integral role in supporting the positive evolution of organisations to become more inclusive, and, particularly alongside my interests in talent and recruitment, I am pleased to be able to support them.”
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Organisations around the world are under increasing pressure to reduce workforce inequality. By 2021, ethnicity pay gap reporting is expected to become a statutory requirement in the UK, followed by disability.
Pay gap reporting is also being introduced in more countries amid a period of growing demand from customers and investors for companies to improve transparency and accountability.
Fiona Hathorn, CEO of Women on Boards and business gender equality champion, commented: “The issue of inequality in organisations will continue to maintain its profile over the coming years. It is imperative that organisations take the case of equality and inclusion seriously and ensure that they act on all pay gap reporting to make a positive change.”