An Edinburgh-based start-up that helps organisations simplify the gender pay gap reporting process has completed a seed investment round.
Cloud-based technology outfit Spktral said the funding has been provided by a group of investors including Paul Atkinson, who is the non-executive chairman of recruitment services provider Taranata Group, John Hall and Philip Pritchard.
Anthony Horrigan, chief executive of Spktral, 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 organisation’s future success and attractiveness to employees, customers and investors.
“Studies have identified a direct link between diversity and business performance. Spktral’s goal is to help clients quickly and easily understand where they lack diversity.”
Over the next five years, businesses and organisations will come under increasing pressure to reduce inequality. In 2021, ethnicity pay gap reporting is expected to become a statutory requirement in the UK, followed by disability.
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.
“The larger the gap is, the less desirable an employer they will be, and those organisations who act on their gender pay gap reports will be the big winners.
“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.”
The level of the funding and other financial terms have not been disclosed.
Fiona Hathorn, chief executive of Women on Boards and a champion of gender equality within business, said: “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. 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.”