Compa Co-founder and CEO Charlie Franklin recently joined George LaRocque on his WorkTech podcast to talk about the future of HR Tech and how our new offering, Compa Index, fits into the mix. Following is a summary of Charlie’s discussion or you can watch the full podcast here.
Compa Index is the first real-time market data platform based on offers and built for the enterprise. Compa Index aggregates offer data across our customer network in a give-to-get model. By connecting to a customer’s applicant tracking system (ATS), Compa Index verifies accepted and rejected offers data. Customers get instant access to real-time, global market data exclusively available to participating companies and automated real-time reporting on internal offers.
- Explained how Compa Index operates in the HR space much like the way the housing market aggregates real time data on homes for sale and what they eventually sell for. In the HR space, Compa Index aggregates verified and rejected offers so comp leaders can have an accurate, up-to-the-minute picture of the market for particular talent.
- Discussed why companies without access to real time data are simply flying blind and explained how real time offer data is superior to survey data that lags the market, particularly with respect to its predictive capabilities of market rates for specific roles.
- Reviewed the slew of significant shocks happening in the market currently, e.g. Post Covid changes in the workplace, hybrid work, quiet quitting, layoffs, pay transparency laws and regulations, new levels of accountability, and the availability of a plethora of data sources.
- Addressed the importance of knowing how stock/equity packages are changing as a result of market vicissitudes so companies don’t overpay or underpay but develop fair offers.
- Outlined how HR leaders are shocked when they see Compa Index for the first time and fully appreciate the massive changes in offer data across many different elements, from salaries, to sign on bonuses, and stock grants.
- Explained the “give to get” model in order to build trust with clients and to structure the data so that it’s leveled and matched, including internal offer data.
- Talked about the dangers of compensation misinformation and how candidates are now increasingly armed with far more current data points than ever before.
For a live preview of Compa Index, click here.