Here are the terms that our industry uses to describe OpenComp's category: “Compensation Analytics,” “Compensation Management,” “Comp Tech,” and so on.
We say “Compensation Decision Software.” We think it more clearly conveys what people are using our product for. Each of them, including ours, misses the mark.
Think about a time that you sat in the room, across the desk from your manager waiting to hear your annual increase. How did it feel if it came in well under what you thought you deserved? Like a hollowing out? We’ve all been there. I know I have. Here’s why: Comp is a sacred contract between employer and employee. In every conversation about it, you either gain or lose share on both sides of the equation.You are saying to somebody, “this is what you're worth to me.” And if their response falls on deaf ears, they don’t feel heard, which never feels good.
It’s hard enough doing it for one person. Imagine doing it for hundreds or thousands. With managers as your mouthpieces and distributed workforces, balancing both company and employee considerations. That’s what we’re helping our customers do here.
We're in the early innings of changing an entrenched system that had led to the current dynamic.We’ll find a better way to say it. Starting with “compensation” itself, which can mean “money awarded for loss or suffering.” Even though it has two meanings, that one is a little too close for comfort. So I use “Comp” instead, for now...
– Bobby Benfield, CEO of OpenComp
