Today is a milestone moment for Penny Jar — our very first investment. We couldn’t be more proud to announce that we’ve invested in Syndio, a Workplace Equity platform ensuring fair and equitable pay and opportunity for enterprises at scale. We’ve spent the past few months with the team, and this couldn’t be a better fit as we get started.
Maria Colacurcio is a powerhouse leader who leads by example and sets a vision that people want to rally around. Maria and the Syndio team are taking a swing at a historical problem and systematically enabling companies to finally give employees equitable compensation and opportunities for advancement without regard to gender, race, or ethnicity.
There has been a much-needed shift in the world around increased transparency of business practices. Consumers, employees, and regulators are demanding more of employers, and nowhere is this more evident than in corporate compensation policies. Pay transparency requirements are even being codified into law, holding businesses accountable for how they compensate their employees. Employers desperately need a consistent and effective solution to help prevent and/or eradicate any existing pay discrepancies.
With a constant stream of discrimination cases each year, employers desperately need a solution for pay inequity and better ways to close median pay gaps. Pay transparency requirements are being codified into law, and employees are demanding more of their employers. Workplace equity isn’t just a short-term fad but a long-term shift in what people and employees expect.
Before this shift in corporate accountability, companies would use an ineffective combination of lawyers, consultants, and remediation tactics to shore up only the most gaping holes in pay disparity. This strategy never has and never will be sufficient. Syndio’s platform enables enterprises to prevent any biases and disparities from occurring in the first place and fix any legacy issues they might uncover. Their real-time regression analysis highlights pay inequity at various employee group levels. In addition, they’ve equipped hiring managers to identify and package compensation offers that are both competitive in the market and fair within their workplace. As a result, Syndio customers experience an always-on method of preventing inequity in the first place.