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Draft:Trusaic

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Trusaic
Company typePrivate
IndustryHR SaaS
Founded1999
FounderRobert Sheen
Headquarters520 S Grand Ave suite 200,
Los Angeles, California
,
United States
Key people
  • Robert Sheen, Founder and CEO
  • Mark Dwyer, Chief Data Science Officer
  • Megan Rapinoe, Chief Equality Officer
  • Dianne Seo, Chief Financial Officer
  • Dawn Clements, Chief Sales Officer
Products
  • Pay Equity
  • Global Pay Data Reporting
  • Global Pay Transparency Compliance
  • Affordable Care Act Compliance
  • EEO-1 Reporting
  • Tax Credits
Websitetrusaic.com

Trusaic is an American human resources software-as-a-service (HR SaaS) company. Established in 1999 by Robert Sheen, the company is headquartered in Los Angeles, California. Trusaic's solutions focus on regulatory compliance and workplace equity.

Background

Trusaic, established in Los Angeles, California in 1999 by Robert Sheen, specializes in ensuring that organizations adhere to industry and government standards and regulations.[1] In addition, the company offers technological and analytical tools to assist businesses in collecting, analyzing, and interpreting data for informed decision-making. Originally named First Capitol Consulting, Inc., the company initially focused on work opportunity and enterprise zone tax credits. With the introduction of the Affordable Care Act in 2015, the company expanded into compliance services.[2][3] First Capitol Consulting concentrated on work opportunity and enterprise zone tax credits, later moving into Affordable Care Act compliance with the passing of the law in 2015.[2] In 2019, First Capitol Consulting was rebranded as Trusaic, which has since diversified its offerings to include pay equity, diversity, and other software and services.[2][3]

Services

Trusaic offers Pay Equity Analysis services to assist clients in ensuring pay equity and addressing gender and racial wage disparities, in adherence with the Equal Pay Act of 1963 and similar pay regulations such as the California Fair Pay Act.[4] The company also assists employers in complying with state, federal and global diversity pay data reporting and transparency requirements such as EEO-1 component 1, component 2, the California Pay Data Reporting and the EU pay data transparency and pay data reporting directives, and provides software and support for businesses to meet the provisions of the Affordable Care Act (ACA) and Inflation Reduction Act (IRA).[5][6][7] Additionally, Trusaic supports enterprises in obtaining both work opportunity, empowerment zone, employee retention tax credit and related tax credits.[2][8]

Studies and campaigns

In 2020, Trusaic conducted a study analyzing pay data from over 500 companies, revealing statewide gender pay and race/ethnicity disparities amounting to $46 billion and $61 billion, respectively.[4] Among executives, people of color were paid an average of $12,700 less annually than white executives. In manufacturing roles, the difference was $7,300.[9] The analysis spotlighted salary differences between white and non-white, as well as male and non-male employees.[4] The results of this research were later referenced in Senator Monique Limón's Pay Transparency for Equity Act, which became law in September 2022.[10]

In December 2021, Trusaic initiated the Pay Gap Store, an online platform designed to underscore workplace inequities by proposing differential pricing based on race and gender.[11] Proceeds from this venture were allocated to charities advocating for pay equality.[12]

In 2022, the company introduced The Big Mac Pay Gap Index, an online tool contextualizing pay disparities through the pricing of McDonald's Big Mac, shedding light on the effects of income inequality on consumer purchasing power.[13] In that same year, amid the 2022 Great Resignation, Trusaic sponsored a YouGov study to ascertain preferred workplace benefits, revealing unconventional preferences like "Hangover Leave," "Breakup Leave," and "Social Media Detox Days."[14]

Additionally, in 2022 Megan Rapinoe, a distinguished soccer player and equal pay proponent, joined Trusaic as its Chief Equality Officer and Strategic Partner.[15] Drawing from her advocacy for the U.S. national women’s soccer team, Rapinoe collaborates with Trusaic's CEO, Robert Sheen, to address pay disparities using the PayParitySM software.[15][16]

Software services and patents

In February 2021, Trusaic launched the ACA E-File solution with Penalty Risk Assessment, a complimentary software that mimics Internal Revenue Services (IRS) checks to pinpoint discrepancies. This aids businesses and HR teams in rectifying errors before submitting their 1094-C or 1095-C files for ACA reporting.[16] Later that year, in November, Trusaic secured two United States Patent and Trademark Office (USPTO) patents, 10,976,965 and 10,977,008, centered on data processing and accessibility in computing. These innovations are incorporated into Trusaic's Workforce Analytics Machine (WAM) to optimize data handling, analysis, and compliance assurance.[17]

References

  1. ^ "Robert S. Sheen - CEO & Founder at Trusaic".
  2. ^ a b c d "Preparing For The Future Of Work: Robert Sheen of Trusaic On The Top Five Trends To Watch In The…". Authority Magazine. 2021-11-04.
  3. ^ a b "Robert Sheen | CEO - Trusaic". Forbes HR Council.
  4. ^ a b c Di Felicantonio, Chase (2021-10-27). "California women, minorities are still being paid much less than their white, male counterparts". San Francisco Chronicle.
  5. ^ Starner, Tom (2022-07-28). "What HR needs to know about the growing push for pay transparency". HR Executive.
  6. ^ Miller, Stephen (2022-08-16). "Inflation Reduction Act's Health Care Provisions Could Affect Employers". SHRM.
  7. ^ "EU Pay Transparency - Trusaic". 2023-03-08.
  8. ^ "Employee Retention Credit | Internal Revenue Service". www.irs.gov.
  9. ^ Bedayn, Jesse (2022-02-26). "New California bill aims at the combined $107 billion lost to gender, racial pay gap". The Mercury News.
  10. ^ "NEWSOM SIGNS TRANSFORMATIVE PAY EQUITY LEGISLATION BY SENATOR LIMÓN". Senator Monique Limón. 2022-09-27.
  11. ^ Barrabi, Thomas (2021-12-28). "Online store 'stunt' aims to promote understanding of workplace inequality".
  12. ^ Ma, Michelle (2021-12-28). "Inside the world's first Pay Gap Store - Protocol". www.protocol.com.
  13. ^ O'Connell, Brian (2022-06-14). "McDonald's Big Mac Used to Measure 'Pay Gap'". TheStreet.
  14. ^ Gibbs, Alice (2022-08-25). "'Hangover Leave' Officially Tops List of Perks Americans Want at Work". Newsweek.
  15. ^ a b Buchholz, Lucy (2022-05-18). "Megan Rapinoe joins Trusaic to eliminate gender pay gap". march8.com.
  16. ^ a b "Trusaic Announces New Product to Simplify ACA Compliance | QSR magazine". www.qsrmagazine.com. 2021-02-11.
  17. ^ Viscusi, Steffania (2021-05-07). "Trusaic Secures New Patents Focused on Clean Data & Flawless Compliance". www.futureofworknews.com.

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