DENVER--(BUSINESS WIRE)--A majority of employers say they lack the data and resources to comply with pay transparency laws, which can lead to costly mistakes and even personal liability for people leaders. Employers are scrambling to understand the complex web of new state and local legislation. At OPEN Summit 2023 and in advance of Equal Pay Day 2023, OpenComp, the leading end-to-end compensation software provider, today added a new solution to its Adaptive Pay Transparency Suite to support employers in this new age of accountability. Now available, OpenCompliance helps employers easily comply with new pay transparency requirements.
As part of California’s recently enacted pay transparency legislation, private employers with at least 100 employees and/or at least 100 workers hired through third-party labor contractors must report pay data to the Civil Rights Department annually, starting on May 10, 2023. This stipulation applies to all employers of 100 or more, even if only one employee lives in California.
California requires a new report format for data submission. The law penalizes all misfilings, which doesn’t bode well for the 90% of spreadsheets that contain errors; spreadsheets are the status quo tool for managing compensation data. Businesses failing to file correctly can be penalized for up to $100 per employee, and $200 per employee for subsequent failures. For a business with 100 employees, that’s $10,000 and $20,000, respectively.
Starting with California reporting requirements, OpenCompliance connects directly to HRIS systems and automatically maps employees to California job categories with 95% accuracy. With the OpenCompliance - CA Pay Data Edition, HR leaders don’t need to spend weeks parsing through California’s 92-page manual on filing pay data reports, culling necessary information, or hiring costly specialists.
“The stakes are too high for employers to figure out new reporting requirements as we go, especially when we only have a few months to learn and complete this whole process,” said Sheri Kelleher, SVP of people success at Incorta. “OpenCompliance has eliminated the weeks of manual work that we would have spent filing the pay data report ourselves. OpenCompliance alleviates any anxiety we had around compliance, empowering us instead to prioritize keeping our employees happy and engaged.”
OpenCompliance bolsters OpenComp’s Adaptive Pay Transparency Suite, a holistic set of tools that employers use to deliver the right information to the right people at the right time across their organization.
For more information on OpenCompliance, visit paydata.opencomp.com.
To learn more and sign up for OpenComp, please visit http://www.opencomp.com.
About OpenComp
Employers and employees use OpenComp to get clarity at the point of every compensation decision. Together, they’re pioneering a new standard for compensation, one that’s competitive, equitable and scalable.
With OpenComp’s Compensation Intelligence Platform, business and HR leaders optimize compensation program effectiveness with benchmarking, design, and activation tools. Managers, recruiters, employees, and candidates use OpenComp to make the best compensation decisions for themselves and their teams.
Founded in 2021 by Salesforce’s founding HR team, OpenComp is backed by J.P. Morgan, TIME Ventures (the investment fund for Marc Benioff), 8VC, and more. Get started for free at www.opencomp.com, where tiered pricing and services are also available.
