Today, OpenComp officially announced the release of our most powerful tool yet: Range Builder. With Range Builder, you can produce expert-level pay ranges in just three clicks, that reflect your organization’s business strategy, values, and vision in just minutes.
Pay ranges are the most important tool you can give your team. High-performing businesses literally can no longer afford to put off creating pay ranges, given the critical role they play in extending runway, increasing retention, meeting new pay transparency regulations, and advancing meaningful DEI practice to close pay gaps. But, until now, the construction of pay ranges often required months of work, help from external vendors, and costly analog analysis.
Powered by artificial intelligence built from decades of compensation experience, and the most advanced machine learning available in compensation technology, Range Builder empowers you to operate smarter financially, sidestep the complexity of pay ranges, and adhere to emerging legislation — without any cost or consultant.
Operate smarter financially with Range Builder
Now, more than ever, organizations have become acutely aware of the dangers of overspending on top talent. Operating without a clear set of compensation guidelines puts your business at risk of unnecessary cash burn, layoffs, or even the eventual shuttering of your organization. It’s critical that organizations establish a clear set of compensation guidelines to produce accurate and actionable financial models.
With Range Builder, you can create compensation guardrails that are unique to your business and can be applied across your entire organization. Predictive AI/ML produces ranges for your current employees as well as future hires, so you can immediately reduce unnecessary burn and dilution, and facilitate forward-looking financial planning.
You can also use OpenComp’s Headcount Plan and Scenarios features (with Range Builder) to compare the impact of different pay range strategies and staffing plans, and be prepared for any future scaling scenario your organization may face.
Sidestep the complexity of traditional pay range solutions with Range Builder
Creating, maintaining, and socializing pay ranges has been traditionally fraught with complexity and frustration. Pay ranges lived in cluttered spreadsheets, leaving them prone to error and making it extremely difficult to ensure organization-wide alignment. On top of that, the process for creating pay ranges required costly manual analysis, and/or months-long engagements with external vendors.
Range Builder eliminates the need for spreadsheets by acting as your single-source of truth for budgeting, burn analysis, leveling, and hiring. And with OpenComp Permissions, it’s simple to control visibility across your organization, so stakeholders only see the information that matters to them.
Simplify compensation management and administration by giving the right information to the right people, all from one single-source-of-truth.
No other solution produces professional-grade pay ranges as simply and quickly as OpenComp Range Builder. Its simple-to-use, advanced customization options for department-level strategies make operationalizing your unique compensation strategy effortless.
What used to take months of effort can now be done today, in minutes, with no experience.
Ensure adherence to rapidly emerging legislation with Range Builder
In an effort to address systemic pay inequality, more cities and states are requiring businesses to publish pay ranges for every job. Your business risks severe penalties without clearly defined and defensible pay ranges, so you must stay ahead of rapidly changing regulatory requirements.
Range Builder helps you avoid missteps with AI/ML that automates range creation across job families and levels for your entire organization. HRIS-integration and automated out-of-range position identification work together to give you a 360° view of your entire business, so you can identify & fix any employee pay discrepancies, and protect underrepresented workers during the economic uncertainty - a time when they’re most vulnerable.
Seamless UI displays information at the individual and aggregate levels, allowing you to check both company and employee adherence to pay ranges. Plus, information is normalized across geographic locations, so you can easily compare any employee to another regardless of where they live.
A solution built to scale with you
The advantage of using Range Builder’s doesn’t end with your initial build and analysis. Tooling built directly into OpenComp Range Builder allows for total compensation management, regardless of your organization’s size, so your compensation program can scale with you. Simply input the parameters needed for your stage of growth, and ensure your pay policies mature alongside your business.
Sign up for OpenComp today, and begin building professional-grade pay ranges for free.