Link to press release on Business WireQuarterly awards program for companies defining the new era of HR accountability and responsibility
DENVER (February 22, 2023) – The leading end-to-end compensation software provider OpenComp today announced 12 winners of its Transparent Employers to Watch in 2023 award – part of a quarterly awards program designed to honor companies defining the new era of adaptive transparency and accountability for human resources and people professionals. Transparent Employers to Watch highlights the workplaces that are providing the right pay information to the right people at the right time, including employers in financial services, high tech, manufacturing, and retail — such as Fox Robotics, Hummingbird, SendBird and Sendoso. OpenComp customers Fluxx, Lambda and Headspace Health were among the dozen winners.
Research shows that 68% of workers would switch jobs to work for a company with better pay transparency, even if their pay stayed the same. Of the 50 U.S. states, 42 require pay equity by law, and 23 legally require pay transparency. Not only do employees demand transparency, but we are also on the cusp of a new era of HR accountability, where executives, board members and investors could all be held liable for not complying with new regulations. As seen by recent lawsuits, people leaders must get ahead of the curve, or face personal risk.
“Transparency means something different to every stakeholder in the modern workplace,” said Emily Sweet, OpenComp’s VP of social impact and lead of OPEN Imperative. “In this new era of adaptive transparency, a one-size-fits-all solution won’t work. Business accountability is shifting to HR leaders, who are now responsible for facilitating this mission-critical corporate initiative, and it is a pleasure to honor these companies for pioneering the future across so many industries.”
As part of the evaluating criteria, OpenComp selected from a list of nominated workplaces where employees report knowing:
- Their employer’s compensation philosophy - this is the North Star for an organization and clearly communicates their compensation strategy compared to their peers.
- The source of their organization’s compensation data - so often, employees and employers use conflicting information on salaries. Understanding the source of data levels the playing field during compensation discussions.
- Their role’s pay range - employees are informed of the minimum and maximum pay for their role to support fair pay practices.
- Why they are paid what they’re paid - managers clearly communicate how an employee’s pay was determined – where they fall in their pay range based on their performance – to eliminate potential for pay inequity.
The Transparent Employers to Watch in 2023 are:
Employers with 100 employees or less
- Lambda Labs
- Fox Robotics
Employers with 101-500 employees
- Migo Money
Employers with 501-1,500 employees
- Headspace Health
- Wilson HCG
To find out what these employers are doing to earn this award, visit https://www.opencomp.com/blog/12-companies-defining-the-era-of-adaptive-transparency.
Employers and employees use OpenComp to get clarity at the point of every compensation decision. Together, they’re pioneering a new standard for compensation, one that’s competitive, equitable and scalable.
With OpenComp’s Compensation Intelligence Platform, business and HR leaders optimize compensation program effectiveness with benchmarking, design, and activation tools. Managers, recruiters, employees, and candidates use OpenComp to make the best compensation decisions for themselves and their teams.
Founded in 2021 by Salesforce’s founding HR team, OpenComp is backed by J.P. Morgan, TIME Ventures (the investment fund for Marc Benioff), 8VC, and more. Get started for free at www.opencomp.com, where tiered pricing and services are also available.
Changemaker Communications for OpenComp