It may be 2021, but there is still a gender pay gap. In fact, research by Movemeon and Payspective found that the global gender pay gap actually grew by 3% in 2020 to 22%.
Ensuring that everyone is paid the same for doing the same job is the mission of Seattle-based HR tech startup Syndio, which was founded in 2017.
To support it its mission of helping companies achieve lasting workplace pay equity, Syndio has announced it has received more than $1 million in funding from Penny Jar Capital, an early-stage investment firm led by US basketball star Stephen Curry; and existing investors including Emerson Collector and Voyager Capital.
Currently Syndio data-based software – and associated consulting services – helps the likes of Salesforce, General Mills, Vimeo, and Adobe to avoid pay inequity. This in turn, Syndio argues, helps companies to improve employee trust and to better retain and attract talent.
Talking about the news, Curry stated: “Ensuring people are paid fairly is long overdue, and is a fundamental issue that needs to be addressed to progress towards an equitable society.
“Syndio is an objective solution that removes unconscious bias from the equation and changes the way business leaders tackle workplace equity, making pay equity the standard for companies around the world.”
Syndio CEO Maria Colacurcio added: “Syndio licenses unique software that helps companies identify and resolve pay disparities. More importantly, it embeds workplace equity as an essential element of how they treat their people.
“Our software makes it much easier for companies to understand why they may not be paying equitably, and how to fix it.”
This investment comes on the back of a year of impressive growth for Syndio, which allowed it to innovate and develop new features. One example is its Pay Finder feature that helps employers eliminate bias in starting salaries, as well as ensure that any pay rises won’t impact pay equity.