Speediware Releases Compensation Analysis System for SpeedEEO
Compensation Analysis with Multiple Regression Analysis and Full Reporting
March 1, 2015 - Speediware has released, as part of SpeedEEO, a full compensation analysis system for clients to use in analyzing employee compensation and how various company supplied factors relate to the pay rates of each employee.
The OFCCP has been given the mandate to analyze compensation for each employee to find any evidence of pay inequity and discrimination. As part of any OFCCP audit and on a yearly basis, contractors are required to submit their compensation as well as any factors used in determining employee pay.
Speediware's compensation analysis system provides SpeedEEO customers with a comprehensive tool to analyze employee compensation and test, using regression analysis, any number of pay factors. After determining which factors to use in the compensation model, a full multiple regression analysis is performed on the model and potential liabilities are identified.
Using the information from the compensation analysis, a contractor has the information to take corrective actions before submitting compensation information to the OFCCP for review. Taking corrective action prior to an audit or data submission can potentially save money in fines and back pay if pay inequities are found.
Contact Speediware to inquire about pricing and to add Compensation Analysis to your SpeedEEO account today.