Today’s freshest comp data, on demand
As businesses grow and adapt to change, the ability to remain competitive in terms of compensation is critical for success. OpenComp provides a comprehensive compensation software solution that allows companies to benchmark their current pay structure, analyze costs associated with potential decisions, and access detailed comp data relevant to their size, industry, and funding stage.
With AI-driven auto-benchmarking capabilities, market positioning tools, geo strategies for optimizing remote pay, and more, OpenComp is revolutionizing how businesses approach compensation benchmarking and planning.
Read on to learn how you can save weeks of time while avoiding mistakes, forecast talent spend accurately, and make better budget allocation decisions.
Need the lowdown on compensation benchmarking? Check out our eBook, “ The Ultimate Guide to Compensation Benchmarking.”
OpenComp AI-Driven Auto-Benchmarking: Match Employee Roles, Levels, and Locations to Comp Data with 95%+ Accuracy
OpenComp’s AI-driven compensation benchmarking is the most efficient and accurate way to compare your company’s pay structure with that of your competitors.
This feature of our compensation software quickly matches employee roles, levels and locations to benchmark comp data from our 5000 customers, allowing you to create reliable compensation benchmarking and a compensation plan.
Once complete, you’ll immediately see company-wide insights like how many employees sit within each bracket when compared to the market, and be able to filter the information based on level, department, gender, or ethnicity. Plus, automated cost-to-market calculations make it easy to understand the costs associated with optimizing for consistency and competitiveness.
By automating this process, OpenComp’s compensation benchmarking saves you time and money, while reducing the chances of making costly mistakes when making compensation decisions for employees.
Ready to see how your company’s pay stacks up? Get started on your compensation benchmarking exercise for free.
OpenComp Comp Data Lookup: Today’s Freshest Compensation Information At Your Fingertips
Access all the data you need to stay competitive in a rapidly changing compensation landscape with Comp Data Lookup.
Through our comprehensive search tool, you can access clear and up-to-date comp data from almost 4K roles across 18 industries and 41 countries. This includes salary, OTE, total cash, and equity for each role so that you can accurately compare your company’s pay against your peers.
With this feature, you'll have the information you need to develop a strategic plan and ensure you remain competitive and attract top talent without overpaying.
OpenComp Market Positioning: Get The Most Accurate Comparison To Your Competitors
True peer comparison can only be achieved when companies are matched based on their specific industry, size, and location. Unfortunately, many organizations end up with irrelevant data when they purchase salary information from sources that don't look like them.
Market Positioning helps you to accurately compare your company’s pay structure with that of peers who truly match your organization's profile, even when accounting for remote pay. This is the new standard for compensation benchmarking.
By creating a custom market proxy, you can determine how effective your compensation plan actually is. Plus, the tool provides insights into the cost associated with optimizing for consistency and competitiveness so you can make informed decisions about employee salaries without breaking the bank.
Market Positioning gives you all the information you need to ensure your business remains competitive in a rapidly changing compensation landscape.
Start making better budget decisions today. Schedule a demo of our compensation software.
OpenComp Geo Strategies: Manage Plans for Remote Pay in Clicks
When your workforce is spread out across many different locations, you're in direct competition for talent in multiple geographic markets. But relying on a single pay strategy to manage all employees is a risky move that could lead to overpaying or undervaluing top talent. Managing a dispersed team involves creating remote pay policies that balance competitiveness with cost-effectiveness. Doing so, however, can be a complex and error-prone process.
OpenComp's Geo Strategies feature allows businesses to easily manage pay plans for remote employees with just a few clicks. With pre-built templates, users can quickly adopt a geo strategy and adjust their pay plan in seconds.
For those who need a more custom solution, OpenComp also enables them to build out a fully customized remote pay plan based on their specific needs.
This capability helps companies make sure that all of their employees, regardless of location, are fairly compensated for the work they do.
Ready to apply a remote pay program that optimizes for competitiveness and spend? Check out our guide, “How-To: Pay a Remote Team in OpenComp”.
OpenComp Cost Analysis: Gain Instant Insight Into Your Compensation Plan’s Financial Impact
Planning for the future can be a difficult task, especially when it comes to budgeting and accounting for unprecedented economic uncertainties.
OpenComp's Cost Analysis feature enables organizations to quickly and accurately assess the effect that their current and future compensation decisions will have on their bottom line. This tool provides detailed cost projections for scenarios such as hiring new employees or making changes to existing pay structures.
With this information rooted in the most accurate comp data available, companies are better equipped to make educated decisions regarding employee salaries that still drive business goals while minimizing financial risk.
Along with a comprehensive view of salary costs, users can also access additional data points including equity and bonus implications to create an accurate representation of the impact of their compensation plans.
With Cost Analysis, you’ll easily adhere to your financial plan, surface key insights, and identify the best path forward for your organization.
See Cost Analysis and our other compensation benchmarking capabilities in action by talking to our team today.
OpenComp Scenario Modeling: See How Your Compensation Plan May Need to Evolve Under Different Scaling Conditions
Because businesses are ever changing, you may want to evaluate how you stand against your competitors in multiple future scenarios.
OpenComp's Scenario Modeling feature enables businesses to run simulations and explore their potential salary structure under different conditions. This helps them plan ahead, anticipate changes, and find the most cost-effective way to remain competitive in their industry at any given time.
Users can easily adjust variables such as headcount, geographic-based pay strategies, and pay bands to see how they impact competitiveness. With this insight, businesses can make informed decisions on where to allocate resources and how best to stay ahead of market trends.
Tracking compensation and people-related programs across multiple systems can be tedious and time-consuming. That’s where Scenario Modeling brings your entire plan together in one centralized view, making it easier to make informed decisions and evaluate the cost of future initiatives.
Learn more about Scenario Modeling – part of OpenComp’s Design Studio – by watching this video.
OpenComp User Permissions: Ensure The Right People Get the Right Information
While compensation touches every employee in your business, not every person needs access to each piece of information. The information you want to give your exec team will likely look very different from the information you share with people managers and individual employees.
OpenComp's user permissions feature simplifies the process of managing and administering employee compensation across your entire organization by enabling you to easily grant access to relevant comp data while restricting access to sensitive information.
This ensures that managers have the right information at their disposal when making decisions related to salaries and promotions, while keeping confidential pay information secure.
Our compensation software’s intuitive interface provides easy-to-understand overviews of salary ranges and makes it simple for users to analyze comp data quickly and accurately. As a result, businesses are able to confidently manage their compensation practices with less stress and more success.
OpenComp Compulator: Build Competitive Offers Right When You Need Them
Bringing on a new team member for a role that's never been filled before is an exciting milestone for any company scaling up. However, sourcing the right compensation benchmarking data for this role can be a huge headache. Employee-reported data sources are unreliable, role matching and leveling varies between organizations, and survey data can be expensive and hard to interpret.
This is where OpenComp's Compulator comp tool comes in handy, simplifying the process of finding appropriate comp data for your unique needs.
Compulator is your ultimate solution for pricing future roles while factoring in your current compensation practices and competitor data. With this tool, simply enter the benchmark role, level, and location, and in real-time, you will get a detailed breakdown of base salary, total cash, and equity. Our powerful visualizations also highlight the various market percentiles to help you make competitive offers with accuracy and precision. As the underlying dataset for Compulator and our other tools, OpenComp ensures that all your insights are customized to your business's unique needs.
Say goodbye to the stress of pricing new or ad-hoc roles and transfers with Compulator. With this tool, you can confidently operate knowing that your compensation programs are optimized for competitiveness and fairness.
Begin pricing any job with OpenComp’s Compulator. Get started for free.
Lexie Sirak is a Senior Campaigns Coordinator at OpenComp and previously worked at JPMorgan Chase & Co. Connect with her on LinkedIn here.