Spktral raises funds to roll-out pay gap transparency software
Clear view: Anthony Horrigan and Innes Miller
Spktral, which helps firms simplify their gender pay gap reporting process, has raised seed funding from a group of investors who include Paul Atkinson, chairman of the headhunting firm Taranata Group.
The investment comes ahead of anticipated legislation in 2021 on ethnicity pay gap reporting, followed by disability. The sum raised was not disclosed.
Pay gap reporting is being introduced in more countries at a time when there is growing demand from stakeholders including customers and investors for organisations to be more transparent and accountable.
Technology firm Spktral’s platform helps organisations quickly and easily prepare their own pay gap reports and see where inequalities lie.
Anthony Horrigan, chief executive, who set up the business with chief commercial officer Innes Miller, 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.”
Fiona Hathorn, chief executive of Women on Boards, added: “The issue of inequality in organisations will continue to maintain its profile over the coming years.
“While Brexit may have delayed the legislative agenda, we will see more on equal pay in 2020 as a result of the #metoopay campaign led by Dame Moya Greene.
“More cases will be taken through an open legal process as opposed to being resolved under non-disclosure agreements, increasing reputational risks for employers as these cases are profiled by the media.
“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.”
Mr Atkinson said: “The issue of equal pay and the gender pay gap is something that will impact businesses across the whole of the UK. Alongside current employees, who are already paying close attention, organisations will soon find prospective candidates also interrogating the pay gap.”