Today, I’m delighted to announce record revenue and customer growth in 2022, indicating an urgent need for businesses to fix a system that has been broken for decades with compensation software.
This growth represents significantly more industry, geographic and role coverage – up to 18 industries, 41 countries and 6,000 private and public companies – with the same deep comp data quality that customers have experienced with OpenComp's compensation software. Read the press release.
“With OpenComp's compensation software, we empower recruiters and hiring managers with information when making hiring decisions and have peace of mind that every new hire is being paid equitably with existing employees. We are very excited about recent pay transparency legislation in California, and we are totally ready thanks to data from OpenComp to make our salary bands."
— Shathiya Rengalwar, Head of Talent @ Panther Labs
Pay Transparency Legislation Fuels a Tipping Point for CEOs & People Leaders
With boards, employees, and investors pushing for more wage transparency — and state and local governments’ pay legislation flat out requiring it — companies are recognizing they can no longer afford to get compensation wrong. CEOs, HR executives and people leaders have passed a major tipping point, investing in new software and insights to make more informed decisions about how they pay.
In 2022, legislation in New York City went into effect, requiring employers to publish salary bands in job postings, and California and Washington announced pay bands need to be published as of January 1, 2023 – with laws in more states like New York on the way. But, salary bands can’t be done ad hoc to fulfill a short-term need; people teams need to build an entirely new infrastructure to deploy them effectively across the entire organization, requiring better data, insights and workflows to get the job done.
OpenComp revenue grew 5X in 2022
As a result, OpenComp’s revenue grew 5x, and its customer base increased more than 6x as demand for compensation software grew. Each quarter, both compensation software revenue and customer base outperformed every prior quarter, with December 2022 marking more deals and revenue than any other month in the year.
As more and more states passed pay transparency legislation, we saw firsthand that people teams didn’t have the resources to build strategic compensation programs and comply with salary band requirements.
Our customers have recognized that, without a swift response, they risk not only losing their employees’ and candidates’ trust; they also risk imperiling their headcount planning and financial future. When all eyes are on spend, OpenComp’s AI-driven, full-cycle platform empowers HR to design the compensation programs that make the best financial sense and activate them across the organization.
Each OpenComp customers saves 6 months, $15K with Range Builder
Manual processes like building salary bands and crafting job offers that align with company strategy move too slowly for modern businesses, and often require tens of thousands of dollars in expertise and months-worth of time they don’t have in order to win top talent.
Last year, OpenComp released solutions like Range Builder and Intelligent Offers to help employers meet this paradigm shift. Employers such as AllBirds, Headspace, Panther Labs and Yummly adopted OpenComp’s end-to-end technology to adapt their compensation strategies for the modern workplace – one that provides clarity at the point of every decision about pay.
For example, an OpenComp customer using Range Builder saves six months of work and $15,000 on average.
Shathiya Rengalwar, head of talent at OpenComp customer Panther Labs, said it best: “With OpenComp, we empower recruiters and hiring managers with information when making hiring decisions and have peace of mind that every new hire is being paid equitably with existing employees. We are very excited about recent pay transparency legislation in California, and we are totally ready thanks to data from OpenComp to make our salary bands."
To learn more about OpenComp and sign up for free, please visit http://www.opencomp.com.