By Julia Dow, Oct 15, 2021 6:21:00 AM
Today, OpenComp announced new pricing and packaging for high-growth companies to thrive with our Compensation Intelligence Platform.
One of the most exciting responsibilities of my role as VP Services is the qualification of customer love. It is my pleasure to share why some of our thousands of customers love the OpenComp platform, in their own words.
OpenComp customers make data-driven operating decisions with compensation intelligence.
Every startup leader knows the pain of managing a finite set of dollars, or determining how much she needs to raise. Employee compensation management is one of the biggest, if not the largest, demands on that spend. Because many startup leaders lack human resources expertise, diving into the complex world of compensation management is new, challenging, and scary. Still, doing it wrong means squandering cash, over-diluting the option pool, and frittering away valuable market opportunity.
With Compensation Intelligence by OpenComp, startup leaders like Ele Optics stop spending in the dark and start expertly managing their spend. With accurate data and benchmarks, they access clear, simple job frameworks, develop a baseline model for how they want to rank against their peers, and craft hiring plans with the correct assumptions.
“What would I have done without OpenComp, when I wanted to know my burn rates? Guessed, and guessed poorly.”
— Ele Optics
OpenComp customers bring clarity to the entire employee experience with compensation intelligence.
Few things scale a rocket ship faster than rockstar employees, and compensation management plays big into employee decisions about where to work. It’s not just about the dollar value of the package - it’s about compensation clarity and trusting that the company is making the necessary efforts to do compensation consistently, fairly, and right.
Unfortunately, compensation management is a black box for many startup executives. Most benchmark data is stale by several quarters, if not years, and often inaccurately compares the pay of incomparable roles or company segments — such as a manager at a public company that manages a team of dozens and a manager who is an individual contributor at a 10 person company. External consultants and market surveys suffer the same data problems.
Industry-leading startups like GrowProgress rally around compensation intelligence as a proven way to decisively compete for talent — keeping engagement and retention high, and attrition and dilution low. With compensation intelligence, they delight top candidates and employees with competitive offers, clarify career pathways and development opportunities, and make confident comp decisions 24/7/365.
“We used to lack data to make our compensation competitive. With OpenComp, we upped our offer game—growing from three to 20 in 18 months!”
As another example: Fission makes negotiation frameworks clear by showing candidates screenshots of the OpenComp platform to show exactly how competitive offers are.
OpenComp customers enhance accountability and governance with compensation intelligence.
Until now, startup leaders have had to do their individual best to determine pay, often letting the candidate market dictate cash and equity ranges. At a certain scale, every startup with such an approach develops a gender and/or ethnicity pay issue that will inevitably get exposed.
When that worst case happens, top talent selects out, leaving a long-lasting impact on organization culture and trust.
Industry-leading startups like Dr. Chrono, Focused Labs, Landed, and Mosaic are seeking out new ways to measure performance and progress with diversity, equity and inclusion (DEI), so they can compare their org’s gender and ethnicity distribution with the market, anticipate and resolve issues, and track progress over time. They evolve beyond best intentions to programmatically operationalize their DEI goals — and delight their team, investors, and board of directors in the process.
“I once saw a pay disconnect for new sales hires who were mostly women. With OpenComp, we showed our founders why that needed to be fixed.”
— Head of People, Series D Company
Join OpenComp’s community!
Nothing is more crucial to a healthy employment relationship than how a startup compensates its employees — and few things are more confusing and anxiety-provoking for growing companies to manage. For these reasons, today’s fastest-growing companies rely on OpenComp to confidently make the best business decisions.
We hope you’ll consider joining us! Sign up today for OpenComp's free Team Edition to see how you, too, can benefit from compensation management.
Julia Dow is VP Services at OpenComp and has held compensation roles at VISA and Connery Consulting. She also writes about topics including compensation philosophy and executive compensation. Connect with her on LinkedIn here.