Edinburgh-based diversity tech start-up Spktral has announced a number of new appointments, with Fiona Hathorn, CEO Women on Boards (UK) joining the board as a non-executive director.
Spktral launched in November last year with a funding round backed by a number of angel investors including Paul Atkinson, chair of Taranata Group plc. The company has developed a cloud-based platform to help organisations use their data to better understand and address inequality across their workforce.
Spktral offers a number of services, including the preparation of gender pay gap reports. It has also developed a free-to-use application that allows anyone who is interested to view the gender pay gap data for sectors and companies since it became a statutory requirement in 2017. With eight weeks to go until the deadline this year, only around 9% of organisations have reported with the data is showing a marginal improvement on last year.
Spktral has also appointed an advisory board comprising former EY Managing Partner and Head of Talent for UK and Ireland, Liz Bingham OBE; former HR Director of Legal & General Capital Management, Tracey Ashworth-Davies; and Alan Plunkett who led the development and design of the gender pay gap reporting service for gov.uk.
Recognising that more needs to be done to close pay gaps, the UK government is looking to expand the reporting requirements through the Equal Pay Bill which could see organisations with 100 or more employees being required to report on ethnicity, and publish a document requiring them to set out what actions they will take to reduce differences in pay.
According to Fiona Hathorn, too many organisations are still not implementing strategies that will in time close the gap.
“Addressing inequality is complex and requires a concerted effort from management at all levels. The gender pay gap reporting requirements provide organisations and their stakeholders with valuable insights into their progress, and a benchmark from which to work from. Ongoing data analysis and measurement is essential to delivering meaningful change and the reason I joined Spktral”.
Spktral co-founder Innes Miller added,
“Through Fiona’s work with Women on Boards, she brings valuable knowledge of the effective actions organisations can take to address inequality. This coupled with the experience of Liz, Tracey and Alan will provide the thought leadership to expand our services into new areas to ultimately support the needs of business leaders and stakeholders who understand the importance of delivering tangible progress in this area”.
As part of the broader sustainability agenda, organisations are seeing growing pressure from external stakeholders to create fairer and more balanced organisations. Recently, Goldman Sachs announced that it would not IPO companies that could evidence diversity on their boards.