The perfect compensation package…
That ever-elusive, tough to nail down, seemingly mythical beast that talent teams have been hunting for decades. It’s always been difficult to track. And in 2022, it’s gone even deeper into the woods.
Because there are more and more people leaving jobs to get higher wages. Post-pandemic cultural and occupational norms are just… different. And market data on salaries is rapidly changing (seemingly every week).
As a Comp Leader - you need to stay ahead of the curve. Otherwise, you’re wasting time and money while missing out on potentially great candidates.
In 2022, the biggest elephant in the room is data. You need the right data that’s up-to-the-minute accurate if you want to lead the pack. But most organizations are still winging it. They're doing armchair analytics, making decisions based on assumptions, and watching their competition gobble up all the good candidates.
This happens when you’re:
- Blending market data across multiple surveys (that definitely don’t match up)
- Piling up spreadsheets upon spreadsheets and getting lost in the weeds
- Wasting time building peer groups that don’t produce results
But if you look closely at the talent process, you’ll find the solution right in front of you: your candidates (and recruiters).
As it turns out - if you listen carefully to your candidates, you find clean, accurate, and powerful market data you can use to improve your comp strategy, today.
Relevance… these are literally the people you’re considering hiring
Real-time… getting a leading indicator pulse on what people expect
Simplicity… their expectations are matched to the job they want
Apples to apples… you can compare your actual market performance (how often you win offers and what you pay to win) directly to your source of market data (the candidates)
Think about it - your recruiters talk with hundreds of candidates every week.
They source, screen, and interview for all your open positions. So why not use those interactions as opportunities to capture data and insights on pay expectations, competing offers, and current pay trends?
This is how you get an instant view of the market and candidate expectations in real-time. It’s how you get meaningful data. And it’s how you create better comp packages and competitive job offers.
The Challenge of Capturing Your Recruiters’ Notes (at Scale)
The question then becomes… how do I get that data?
Because those notes are impossible to use, right? They’re tucked away in private ATS notes, emails, texts, screenshots, stickies - you name it. And even if you had your team share everything in a collaborative document (e.g. Google Docs), you’d have to deal with incomplete data, limited usage, and consistency issues.
This brings us back to our original dilemma… wasted time and money due to organizational inefficiencies.
Because there’s a hole in the system. We like to think of it as a Black Hole. It sucks up time. It sucks up resources. It sucks up money. And it sucks up good candidates. You know the one I‘m talking about (chances are, you’re fighting it off right now).
But take heart because we have a solution.
It’s a way to avoid the Black Hole and shine a spotlight on your recruiter notes and candidate data. It’s why we built Compa. So you can know for certain that the data you’re using to offer more compelling comp packages is accurate, timely, and never out of style.
If you’re interested in seeing how Compa can help you avoid the Black Hole, streamline your data, and win more offers... click here to get a free personalized demo.