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There is an art to nailing the right salary on any open job. With so many (vintage) data points, how does any hiring and compensation team get it right on the first attempt? Usually, it takes a couple rounds of adjustments (read: guesstimations) before the inbound applications start reflecting the quality of professionals your organization is seeking. And then comes the, “Let me talk it over with my spouse/parents/dog” – negotiation and alignment phase.
Introducing Compa, founded by renowned compensation specialist Charlie Franklin, a transparent, real-time compensation intelligence product who just secured $10M in a Series A round of funding.
Born out of the need to modernize traditional compensation practices, Compa allows companies to openly communicate salary ranges, benefits and perks—fostering trust and providing candidates with clear expectations. Compa is reshaping the way companies are level-setting and holding the industry accountable by inviting enterprise companies to participate.
One of the features of Compa is its data-driven approach, providing valuable insights aggregated into compensation trends in real time. This functionality enables companies to benchmark their offerings against competitors, ensuring an offer is palatable and competitive, and ultimately a data-driven way to make decisions.
By the way, it’s also a handy sidekick to lean on when reporting back to your hiring managers when they call you into their office to talk about, “Why aren’t we getting the right candidates?”
Ben Carter, Senior Vice President, Total Rewards & Talent Services at Workday, says “We all need a supplement to our Radford data. Even better, one that is real-time – not dated 6-12 months. And one that is not reliant on the rigorous submission exercise to a survey vendor. This data comes directly from your Applicant Tracking System, so you get to be hands-off on the survey submission. Just sit back and enjoy the data that comes in real-time to get a pulse on how market pay levels are trending in the latest market conditions.”
Beyond the traditional data and market analytics platforms, Compa also streamlines the negotiation process by facilitating open communication between employers and candidates. This feature reduces the time and stress associated with salary negotiations, potentially leading to quicker and more successful hires. With the recent capital injection, Compa will drive accelerated innovation, global expansion, and an enhanced user experience, adding new functionalities.
For other tools shaping the future of recruitment marketing, check out our marketplace here.