Builders of modern companies require daily insight to hire and keep the talent they want, while protecting runway. But, for many high-growth pre-IPO businesses, compensation planning remains a manual, tedious, and error-prone process.
You need accurate, real-time insights to accelerate talent acquisition while expertly managing your runway. In this article, we’ll explore integrating your Human Resource Information System (HRIS) in OpenComp to make winning offers while avoiding overspending on salaries, automate compensation updates, and confidently prevent over-dilution.
Craft your best offer, hire the best talent
With the labor market the hottest it’s ever been and a record number of employees quitting their jobs, you need to make winning offers as fast as possible — not waste time manually organizing and analyzing compensation data.
But you do need that data to know what a competitive offer in your industry, and at your company size and funding stage, looks like. Not having compensation data can compromise your runway, and put the financial well-being of your business in jeopardy. However, most compensation data providers only collect market data once a year, leading to outdated benchmarks that offer no value in a rapidly changing market.
Integrating your HRIS in OpenComp pairs the most up-to-date and accurate data available with real-time updates on your organization's compensation insights, ensuring you craft competitive compensation packages that will attract and retain talent, while also strengthening your runway.
“…having the most up-to-date compensation market data is crucial to crafting compensation packages that keep us competitive.”
“The job market is incredibly competitive at this time, so as a recruiting team, having the most up-to-date compensation market data is crucial to crafting compensation packages that keep us competitive,” says Katy Scott, director of talent at Focused Labs.
By leveraging integrations with 20+ HRIS and Equity providers, OpenComp ingests compensation data daily, and provides leaders with the most up-to-date, accurate, and normalized compensation data available today.
Get more insights, with less effort
Once connected, your business’ HRIS will act as the single source of truth for compensation and staff updates, auto-refreshing daily, so you can stay focused on growing your business.
OpenComp uses AI and machine learning to auto-calibrate company-provided data, matching for job role, level, company size and stage, so company data is maintained with higher accuracy and less effort than can be achieved with manual spreadsheets.
Make smarter, easier, and faster compensation decisions, daily
The platform also delivers daily insights to help guide smarter micro-decisions — such as changes to your diversity, equity, and inclusion mix, or updates to your burn and dilution. Because every hire and promotion changes the mix and profile of your business, daily insight is required in order to rebalance your organization and stay competitive.
“The market is moving faster than compensation survey providers can collect data…”
Says Katy, “The market is moving faster than compensation survey providers can collect data, so having not only our own data updated every day in OpenComp, but also most recent benchmark data against our peer set gives us an accurate, timely pulse to make better comp decisions.”
Over 20 HRIS and Equity providers supported
Over 20 HRIS and Equity integrations are supported on OpenComp, with more on the way. Supported providers include:
ADP TotalSource (Coming Soon!)
Sequoia One (Coming Soon!)