Dubbed the Reward Advisory Tool, this software is in keeping with the innovative Icelandic parliamentary bill set to become law in 2020
Brussels, 20 June 2017 – Brussels-based software publishing house YoumanCapital, which specialises in human resources management software, has just been celebrating the successful launch of its Reward Advisory Tool application. This SaaS application allows for pay rises of company employees to be objectivised in observance of budgetary restraints, regardless of organisation size. The application is based on an algorithm that was developed in association with the world of academia so as to use only objective, documented and anonymised criteria.
“The law, which could be implemented in Iceland in 2020, will require public and private sector organisations to apply equal pay rules to men and women who perform work of equal value. And that’s a very good thing”, YoumanCapital Managing Partner Reggy-Charles Degen stresses, “And that’s without even considering the fact that this proposed law will require companies with fewer than 25 employees to obtain certification attesting to the fact that they actually have such a fair pay policy in place.”
“The YoumanCapital software, which is in keeping with the Icelandic parliamentary bill, caters to the expectations of organisations that are keen to put in place a fair pay policy. This policy is concretised by way of objective parameters and the transparency needed, available to be audited by in-house or outside inspectors. As such, it’s a great tool to ensure equal treatment of men and women, even though it excludes preconceived ideas any of us might harbour when it comes to gender (gender bias)”, comments JUMP founder Isabella Lenarduzzi,
To serve its purpose, this software is able to determine pay increases based on the market value of the various roles (i.e. the posts) held by workers, their salary package at a given time and the outcome of the way they are assess according to three dimensions: performance (factoring in the passé), competence (factoring in the present), and talent (factoring in the future), with talent being synonymous with potential.
The market value of the various roles are established based on anonymised data, gathered by well-established specialist companies. YoumanCapital’s customers have access to these data via the Reward Advisory Tool application. The data relate to specific role profiles (accountant, manager, IT engineer, etc.) and the professional expectations they have in common (problem-solving skills, project management abilities, types of duties, etc.).
The successive pay rises are managed by the Reward Advisory Tool application, albeit solely as part of a company pay policy that transcends individual cases.
As such, the application calculates the pay rises to be implemented for all employees of a given organisation in consideration of their current salary, their role-specific profiles, the professional expectations held out for these roles and the performance, competence and talent (or potential) levels they have attained. All of which comes in compliance with the statutory frameworks that apply to businesses in the countries where these members of staff operate.
To do so, YoumanCapital has defined and incorporated into the application’s algorithm a set of parameters which qualify these various elements and levels, enabling the companies that use the Reward Advisory Tool to manage their total payroll over time and to award fair salaries to their employees, setting out from strictly objective and anonymised data.
To date, YoumanCapital’s software is used to manage the pay rises of employees in Belgium as well as 6 other European countries. The software is set to be rolled out across other continents during the course of 2017.