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Compensation doesn’t have to be complicated. But it is when you can’t trust the integrity of your data, and when the information that you do have lives in siloed systems.
Without the most up-to-date and accurate data, HR leaders are forced to make decisions based on outdated or irrelevant information, instead of current facts. The result? Compensation that isn’t competitive, excessive burn and dilution, and inconsistent pay practices.
OpenComp Market Pulse gives you the most relevant data for your organization, so that you can benchmark compensation as accurately as possible. You’ll see how your company pays versus your peers and confidently model changes with today’s best compensation data, benchmarks and analytics.
In this blog, you’ll learn about the five features that make Market Pulse such a powerful tool for your organization.
OpenComp Market Data: Gain real-time insight.
Traditional compensation data sources suffer from lagging information, poor quality control, and data blind spots. Modern businesses require modern data that reflects rapid change, while also being hyper-relevant to your business.
OpenComp Market Data delivers real-time insight that’s relevant to your specific organization and reflects the millions of decisions made every day about how people are paid.
Market Data offers data that’s as up-to-date as possible and received directly from our thousands of customers, meaning it comes directly from employers, rather than employees. And, to ensure accuracy, our team of compensation experts review the data set continuously, applying regression analysis and best practices to ensure market data is logical and complete across all job families and levels.
Market Data parses by company size, industry, funding stage, and more, so you can trust that the data you see is the data you need. It’s custom-made to help you optimize compensation programs to attract and keep top talent longer.
OpenComp Indexing and Normalization: Compare roles with confidence.
OpenComp Indexing and Normalization saves you weeks or months of work with AI-powered mapping. Simply connect your HRIS software or manually import your employees, and our indexing and normalization instantly prepares all roles, levels, locations, and compensation for direct comparison.
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.
Be confident knowing your roles are mapped accurately with OpenComp Indexing and Normalization, and do away with time-consuming manual mapping.
OpenComp Market Positioning: Compare to peers with the freshest comp data delivered daily.
Comparisons only matter if they’re like-for-like, but all too often organizations purchase market data that’s full of companies that don’t look like them. OpenComp Market Positioning ensures that when we say you can see how you compare with peers, we really mean peers.
Market Positioning showcases how your company’s pay stacks up against companies of your size, industry, and funding stage with the freshest comp data delivered daily. The intersection of Market Data and Indexing and Normalization, Market Positioning displays your base salary, total cash, OTE, and equity as percentiles against the market, and against your own benchmarking.
Market Positioning also parses out employee information, so that you can see how many employees sit at, above, or below your benchmark. Automated cost to target calculations show the cost of bringing your business up to your benchmarks, in both dollars and shares.
Extraordinarily simple and insightful, Market Positioning parses critical company-level information for you enabling you to make data-driven decisions faster and smarter.
“The fact that OpenComp’s data is solidly founded for the pre-IPO market is perfect for us. While non-US data is generally challenging to come by, OpenComp’s benchmarks combine competitive market data, our compensation philosophy, and pay bands that support our hiring in many countries.”
- Sheri Kelleher, SVP People & Places @ Incorta
Read the full story of how Incorta managed cash, runway, and consistency with OpenComp
OpenComp Scenario Modeling: Evaluate the impact of different compensation strategies.
Businesses aren’t static, so you also may want to see how you stack up against your peers under a number of different future states. Scenario Modeling helps you evaluate how different compensation strategies change market position, pay & equity ranges, DEI, location strategy, and headcount.
OpenComp Scenario Modeling creates a duplicate of your business, so that you can model modifications before making any changes to your business. Change strategies such as pay range settings, remote pay policies, future hires, or simply update your funding stage and funds raised to view new market positioning when compared to a different set of market data.
Instead of utilizing multiple systems to track your compensation and people-related programs, Scenario Modeling ties your whole plan together in one singular view, streamlining the decision-making process and vetting the cost of future ones, too.
OpenComp Compulator. Build competitive offers right when you need them.
As your business scales, you may also want to gut-check the cost of a future role. OpenComp Compulator gets you the information you want while accounting for your current compensation practices and optimizing for competitiveness in just a few clicks.
Use OpenComp Compulator to run a query for market data on any role included in the OpenComp dataset, or, if you’ve built pay ranges in OpenComp Range Builder, view where a new hire sits within your pay ranges. You even have the option to switch your view back and forth between market data and pay ranges, so that you can compare an employee’s position in range to their market percentile.
OpenComp Compulator follows the pay policies you’ve put into effect for your organization. Features like Location Strategy are taken into account when you run a query, so you can be sure that the data you view is relevant and accurate for your specific business.
OpenComp Compulator puts every piece of OpenComp Market Data directly into your hands, so you can make data-driven decisions as easy as possible.
OpenComp Market Pulse
Market Pulse helps you say goodbye to stale, inactionable data and spreadsheets, and say hello to one single source of truth with compensation benchmarks and data that is updated daily. With Market Pulse, you can deliver accurate and fair pay practices that current and potential employees will love, and know that you’re making decisions with the most relevant data for your organization.
