Compa<\/a>. The offer management platform provides \u201cdeal desk\u201d software for recruiters to more easily manage their compensation strategies to create and communicate offers that are easy to understand and are unbiased.<\/p>\nCharlie Franklin, co-founder and CEO of Compa, told TechCrunch it was frustrating to lose a candidate at the compensation stage, so the company created its software to reduce the challenge of relying on crowdsourcing data or surveys to compare pay.<\/p>\n
\u201cRecruiters often lack the data and tools to figure out how much to pay people and communicate that effectively,\u201d Franklin told TechCrunch. \u201cWe see talent acquisitions teams like a sales team. If you think of it from that perspective, they need to close a candidate, but to ask the recruiter to operate off of a spreadsheet slows that process down.\u201d<\/p>\n
\nCompa co-founders, from left, Charlie Franklin, Joe Malandruccolo and Taylor Cone. Image Credits:<\/strong> Compa<\/p>\nWith Compa, recruiters can input pay expectations and compare recent offers and collaborate with other team members and hiring managers to reach pay consensus quicker. The software automates all of the market intelligence in real time and provides insights about compensation across similar industries and organizations.<\/p>\n
The company, based in both California and Massachusetts, emerged from stealth Thursday with $3.9 million in seed funding led by Base10 Partners. Participation in the round also came from Crosscut Ventures and Acadian Ventures, as well as a group of strategic angel investors including 2.12 Angels, Oyster HR CEO Tony Jamous and Scout RFP co-founders Stan Garber and Alex Yakubovich.<\/p>\n
Jamison Hill, partner at Base10 Partners, said via email his firm was doing research in the ESG \u201cmegatrend,\u201d particularly looking for startups focused on compensation management, when it came across Compa.<\/p>\n
He was attracted to the founders\u2019 \u201cclarity and conviction\u201d on the company\u2019s vision, their understanding of the pay gap in the market, how Compa\u2019s solution would \u201ccreate a new wave of smarter, more-data driven recruiting teams\u201d and how it was enabling employers to use compensation and a positive offer management approach to differentiate itself from competitors.<\/p>\n
\u201cThey deeply understand the nuances that come with enterprise-level HR teams and bring that expertise to every aspect of Compa\u2019s product offering, which is why we believe Compa can emerge as a leader in this trend and chose to partner with this very special team,\u201d Hill added.<\/p>\n
Franklin, who previously led human resources MA at Workday, founded Compa last year with\u00a0 Joe Malandruccolo, who was on the engineering side at Facebook and Oculus, and Taylor Cone, who has done innovation consulting for organizations like Stanford University.<\/p>\n
The company was bootstrapped prior to going after the seed round and will use the capital to expand the team and create additional products that fit into its mission of \u201cmaking compensation fair and competitive for everyone,\u201d Franklin said.<\/p>\n
Going forward, he adds that job offers and compensation need to catch up to how quickly the world is changing. As more people work remotely and companies want to attract a diverse workforce, compensation will be an important factor.<\/p>\n
\u201cThis is a long-term trend we are seeing in HR \u2014 compensation becoming more transparent \u2014 not just a spreadsheet shared internally, but a transition from secretive to open and accountable, Franklin said. \u201cTechnology is catching up to that, and we have the ability to produce outcomes that drive differences in pay.\u201d<\/p>\n
\nCompanies should utilize real-time compensation data to ensure equal pay<\/a><\/p>\n<\/blockquote>\n
\n\u00a0<\/p>\n
Article source: http:\/\/feedproxy.google.com\/~r\/techcrunchIt\/~3\/gdPQ33Kg8Ck\/<\/p>","protected":false},"excerpt":{"rendered":"
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