By OpenComp, Jan 27, 2022 12:45:00 PM
OpenComp Announces New HRIS Integrations to Give Employers a Competitive Advantage with Automated Compensation Data and Intelligence
- Founders, finance leaders, and HR teams now have the most timely compensation intelligence at their fingertips to craft competitive offers and compensation frameworks in a hot labor market — while managing cash and equity distribution
- OpenComp now offers 20+ cash and equity integrations - including ADP Workforce Now, Gusto, Bamboo HR, Rippling and Carta - to eliminate cumbersome manual data entry
SAN FRANCISCO (January 27, 2022) - With the labor market the hottest it’s ever been and a record number of employees quitting their jobs, employers are demanding the best data available to craft competitive compensation packages that will attract and retain talent. OpenComp, a leading provider in compensation intelligence solutions, today announced a new set of API integrations with top HRIS, payroll and equity management software to automate and support employers with the most timely compensation intelligence in a hot labor market.
Typically, business and people leaders upload cumbersome spreadsheets with compensation data and are required to manually update their databases every time a new employee is hired or pay increases occur. Plus, most compensation data providers only collect market data once a year, leading to outdated benchmarks in a rapidly changing market.
With these 20+ cash and equity integrations, the OpenComp platform automates compensation data entry and bolsters market data so high-growth companies have the most timely compensation intelligence at their fingertips to craft competitive offers and compensation frameworks. Employers can now:
- Quickly connect their HRIS platforms once, removing manual data entry, and auto-refresh changes in their employee compensation data daily
- Unlock accurate, normalized competitive market data updated quarterly to make data-driven decisions that accelerate talent acquisition and manage cash/equity burn
OpenComp uses AI and machine learning to auto-calibrate company-provided data, matching for job role, level, company size and stage, so it takes less time to maintain company data with higher accuracy.
“Employers rely on compensation market data to craft competitive offers and compensation frameworks that attract and retain talent, while balancing cash and equity distribution,” said Thanh Nguyen, CEO and co-founder, OpenComp. “These new integrations not only remove the time-consuming processes of compensation analysis for our customers, but they also further improve OpenComp’s best-in-class data set, which has the most up-to-date compensation intelligence in the industry today.”
“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,” said Katy Scott, director of talent at Focused Labs. “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.”
These integrations with HRIS/payroll/equity software - including ADP Workforce Now, Gusto, Bamboo HR, Rippling and Carta - will begin rolling out to OpenComp customers this week via API hooks.
OpenComp empowers high-growth companies to confidently make the best business decisions with compensation intelligence. More than 2,000 companies use OpenComp to attract and empower top talent in fair, consistent ways, including Calm, DataRobot, Discord, DrChrono, Figma, Medium, Mosaic, Mux, and Reddit. Founded in 2021 by Thanh Nguyen and Nancy Connery, Salesforce’s founding HR team, OpenComp has raised $24 million in venture capital from J.P. Morgan, TIME Ventures (the investment fund for Marc Benioff), 8VC and more. OpenComp is available for free for organizations up to 50 employees, with tiered pricing and services for other organizations based on size and needs. Sign up at www.opencomp.com and get connected at https://www.linkedin.com/company/opencomp-llc/.