Gapsquare: Reducing the gender pay gap by a century
The World Economic Forum states it will take 117 years to close the gender pay gap. With instant analysis of pay data, custom built narratives and tailor-made recommendations, Gapsquare uses disruptive technology to reduce the gender pay gap by a century.
Imagine a world where women are paid the same as men for doing the same work. How much fairer would the world be if there was gender parity in the workplace?
Unfortunately, all countries have a gender pay gap. It’s part of a historical legacy that can be overturned, wiped out and eradicated.
The World Economic Forum states it will take 117 years to close the gender pay gap. But what if it was possible to quickly and easily do something about it?
With Gapsquare, it is possible to quickly and easily do something about the gender pay gap, meanwhile using data-driven insights and recommendations to support positive change.
At Gapsquare, we know that it is crucial that we not only understand the pay gap on a company level, but on themes emerging throughout industries and across nations and competing economies on a global scale. By looking at these issues on a macro as well as a micro level, we can solve them once and for all.
In this new world, women and girls can fully participate and prosper, countries are enjoying increased growth and organisations have lower staff turnover, happier shareholders and greater productivity.
You’ll also know that you’ve achieved something that’s right and just.
At Gapsquare, we can skip a century on inequality.
The World Economic Forum reports that only 59% of the economic participation gap has been closed—a reversal on several years of progress and has reverted back to where it stood in 2008.
The global average of a woman’s earnings stands at almost half of men’s. The gap is pronounced for Black, Asian and Minority Ethnic women and women of lower economic status.
Women and girls’ economic inequality deprive the marketplace of much-needed talent, opportunities for innovation, and financial returns. Closing the gap would expand the global economy by over 20%, adding an estimated 10 to 17 trillion USD.
Why our solution will solve the problem:
Technology has been used to disrupt the way we travel, the way we learn and how we communicate.
Research shows that companies with the highest representation of women have 35% higher return on equity and 34% higher total return to shareholders. Catalyst research proves that gender diverse companies are more likely to introduce radical new innovations into the market.
Combining disruptive technology with data is powerful. By using data to help companies understand their gender pay gap, we have shown we can fuel growth – McKinsey research shows that gender diversity means a company is 15% more likely to out-perform competitors.
Our solution's stage of development:Growth
Our target outcomes:
Our impacts are:
- Using data visualisation, make it easier for people to understand where their gender pay gap comes from
- Using data-driven artificial intelligence, create tailored recommendations specific to companies to reduce its gender pay gap
- Using meta-analysis and industry wide trends, identify barriers that need to be removed in order to facilitate more women coming into male dominated industries
Our beneficiaries are the women and girls who will have an increased income, the companies who experience higher retention and recruitment rates and the trickle-down impact that this then has on the wider economy.
How we will measure our progress:
The populations we will benefit initially:
The regions we will benefit initially:
The countries we will benefit initially:
The technologies we employ:
Why our solution is unique:
Our solution is innovative because it allows companies to understand and visualise data so that their gender pay gap makes sense. By using cutting edge disruptive technology, we can help companies take specific targeted measures to close the gap, so that women and girls can fully participate and prosper in the economy.
There is no other specifically designed technological solution for analysing gender pay gap data by using HR and/or payroll data to support companies take demonstrable action to reduce their gap, and fully embed data-based solutions and actions into their equality and diversity practices.
Why our solution is human-centered:
The gender pay gap is problem that affects all women and girls across the globe. By focusing on the micro level – within companies who employ both women and men, we focus on the impact on real people who work within these companies. By designing a product that benefits companies, more will come to understand the importance of what reducing the gender pay gap will have for women and girls, but also for the global economy too. Our solution starts, ends and involves real people, with real wages and tackles real inequality.
How people will access our solution:
Our solution has already been deployed in the UK, but we also have adopters from across the globe, including Australia and the US. As it a cloud-based solution, it is globally accessible.
We have a basic free product for companies, to get instant analysis of their gender pay gap, whilst we have a tiered pricing model based on number of employees for those who want detailed insights and data-driven, tailor-made recommendations.
As we grow and scale, our advanced product can be tailored based on the economies of each country in order to make it accessible in a global market.
Technology-Readiness Level:9 (Commercial)
Where we are located:
How we will sustain our team financially:
As we have a live product, we have been focussing on UK based sales since their new gender pay gap regulations came into force from April 2017. We have a sales and marketing strategy for the UK and within our business plan, intend to grow into Europe and United States in 2018 and Asia Pacific in 2019.
As we have a commercially viable product, we have been applying for investment to scale our solution to meet our growth plans.
The factors limiting our success:
The main factors limiting our ability to succeed are:
- Investment so that we are able to grow and scale up our solution so that we can reach more companies, obtain more data to have more powerful data-driven insights and results
- Investment so that we can develop and grow our product to make it more appropriate for global consumption
How long we have been working on our solution:2 years
How long it will take to develop a pilot:We have already developed a pilot.
How long it will take to scale beyond our pilot:We have already scaled beyond pilot.
Our expected annual budget:
How much of our budget we've secured to date:
We're looking for partners in these fields:
Why we're applying to Solve:
I’m a women’s rights activist with a lot of experience of the negative effects of gender inequality - not just in organisations, but also in the institutions that make up our society. I have a decade’s experience working to develop women’s services and driving the strategy changes needed to implement equality in the workplace.
I’m a visionary leader that links political thinking with practical policies that actually make change happen. I’m not a talker – I’m a doer. And a ninja. But I need Solve’s help in supporting me scale, grow and implement my solution on a global scale.
Our current partners:
We work with the UK Government Equalities Office, the Office of National Statistics as well as a wealth of clients including:
The Greater London Authority
Bristol City Council
Omnicom Media Group