Disclosure: As published by Yahoo Finance in June 2023
The rapid advancement of AI technology, coupled with the increasing implementation of pay equity and reporting laws in multiple states and countries, has ushered in a new era for the compensation landscape. This is fundamentally changing how employees, employers, and governing agencies gain visibility into compensation matters. Recognizing the pressing need for fair and transparent pay practices leveraging AI technologies, payfederate was launched, a revolutionary platform that aims to eradicate pay disparities through connected compensation systems.
With payfederate, organizations can navigate the evolving market salary dynamics and adjust with legal requirements effortlessly. The platform provides comprehensive tools, real-time connectivity, and AI-driven insights, enabling companies to make informed decisions and maintain fairness and transparency throughout the compensation process.
payfederate tackles the root cause of pay disparities by connecting different pay decisions stakeholders from HR team, executives, employees to candidates. By integrating benchmarking data, real-time salary ranges, and advanced AI algorithms, payfederate empowers organizations to streamline their compensation practices, eliminate biases, and make precise comparisons across industries and companies. With payfederate’s real-time market data, companies can benchmark their compensation practices against industry standards, mitigating the risk of gender-based disparities or other discriminatory factors.
“The moment I realized there was a problem to solve in the compensation space began with a personal experience working in compensation space for decades,” shared Barkat Ali, Founder of payfederate. “As a software engineer navigating the world of tech, I witnessed firsthand the need for an AI-based architecture to address inconsistencies and disparities in pay. This realization sparked a fire within me, leading me to create payfederate-a company dedicated to revolutionizing compensation practices.”
payfederate’s unique value proposition lies in its ability to connect disparate systems and automate decision-making, resulting in increased transparency, accuracy, and fairness in compensation practices. The platform seamlessly integrates with existing HR domains, ensuring collaborative and effective compensation strategies. Collaborating with other HR domains is essential for effective salary management, as noted by Josh Berin.
Barkat Ali’s dedication to driving meaningful changes in the compensation landscape is deeply rooted in his decade-long experience working with tech giants like Oracle and Taleo. Ali, passionate about revolutionizing the industry, also founded Compright – a leading compensation planning software that has since been acquired by Unit4. “Through extensive conversations with professionals in the field, we have developed payfederate as a comprehensive solution to bridge the gaps in existing compensation systems,” said Ali. “Our goal is to empower organizations, promote equitable compensation practices, and ultimately eliminate pay disparities. Together, we can create a fairer and more transparent future.”
payfederate’s launch represents a significant milestone in the quest for pay equity. As organizations embrace this innovative platform, they gain access to cutting-edge technology that ensures compliance with regulatory requirements, promotes fairness, and enables them to attract and retain top talent.
To learn more about payfederate and its mission to solve pay disparities through connected compensation systems, visit payfederate.com.