OpenComp
Overview
OpenComp is a company that provides compensation management software designed to help businesses make informed pay decisions. Their platform offers a comprehensive suite of tools that cover the entire compensation decision workflow, including global compensation data, benchmarking, merit and bonus cycles, pay strategy and ranges, pay equity, total rewards statements, headcount planning, and intelligent offers. OpenComp aims to create a culture of fairness and transparency in compensation, helping companies to build trust with their employees by ensuring pay equity and competitive compensation packages.
Industry: Compensation Management
Ideal Customer Profiles: OpenComp's ideal customers are businesses and organizations that are looking to optimize their compensation strategies. This includes HR departments, compensation managers, and executives in mid to large-sized companies who need reliable compensation data and tools to ensure pay equity, manage merit cycles, and make strategic headcount decisions.
Website: opencomp.com
LinkedIn: http://linkedin.com/company/opencomp-inc
Twitter: http://twitter.com/opencomp
Products
Global Comp Data
OpenComp provides continuously updated global compensation data sourced directly from HRIS, equity management, and payroll systems via real-time API syncs, ensuring accuracy and relevance.
Features
Real-time Data Sync
Description: This feature allows users to access up-to-date compensation data that is sourced directly from their HRIS, equity management, and payroll systems. The data is synced in real-time, ensuring that users have the most current information available.
Benefit: Users benefit from having accurate and timely compensation data, which helps in making informed pay decisions.
Frequent Data Updates
Description: OpenComp ensures that compensation data is frequently updated to reflect the latest market trends. This prevents the data from becoming outdated or irrelevant.
Benefit: Users can confidently rely on the data to make competitive and informed compensation decisions.
Benchmarking
OpenComp's benchmarking tool allows companies to compare their compensation plans against global data or third-party sources, providing a holistic view of their standing in the industry.
Features
AI-powered Benchmarking
Description: This feature uses AI to quickly benchmark an entire employee population by normalizing, leveling, and matching data for accurate comparisons.
Benefit: Users can quickly understand how their compensation plans compare to industry standards, enabling them to make strategic adjustments.
Third-party Data Integration
Description: Users can import data from third-party sources to enhance their benchmarking capabilities, allowing for a more comprehensive analysis.
Benefit: This feature provides flexibility and depth in benchmarking, ensuring that users have a complete view of their compensation landscape.
Merit and Bonus Cycles
OpenComp offers data-driven workflows for managing merit and bonus cycles, helping companies to reward performance and motivate employee engagement effectively.
Features
Data-driven Workflows
Description: This feature provides structured workflows for determining compensation adjustments based on performance data and company pay strategy.
Benefit: Users can make informed and fair compensation adjustments that align with company goals and motivate employees.
Automated Communication
Description: The system can automatically generate and send letters to employees regarding their compensation changes, such as increases and promotions.
Benefit: This feature streamlines communication, ensuring that employees are promptly informed of their compensation changes.
Pay Strategy and Ranges
OpenComp helps companies eliminate compensation conflicts by providing tools to define and communicate a consistent pay strategy and salary ranges.
Features
Custom Salary Ranges
Description: Users can create tailored salary ranges that consider cash, equity, location strategies, and remote work policies, ensuring alignment with company strategy.
Benefit: This feature helps companies maintain consistency and transparency in their compensation practices, building trust with employees.
Integrated Pay Ranges
Description: Pay ranges are integrated throughout the OpenComp system, assisting in various compensation decisions from offers to pay equity assessments.
Benefit: Users benefit from having a consistent reference point for pay ranges, aiding in fair and strategic compensation decisions.
Pay Equity
OpenComp provides tools to identify and address pay disparities, promoting fairness and trust within organizations.
Features
Disparity Identification
Description: This feature allows users to quickly identify pay disparities within their organization based on gender or ethnicity, using detailed compensation metrics.
Benefit: Users can proactively address pay inequities, fostering a culture of fairness and inclusion.
Equity Tracking
Description: Users can track pay equity across different departments and management levels to ensure fair compensation practices.
Benefit: This feature helps maintain equitable pay practices, supporting diversity and inclusion efforts within the company.
Quantitative Benefits
"Benchmark your entire employee population in less than thirty seconds with our AI-powered benchmarking process that normalizes, levels and matches your data for apples to apples comparison."
Testimonials
"I love that OpenComp is an end-to-end solution, not a collection of one-off tools"
Joanne Simon-Walters, Chief Operating Officer at Simplesense
Source: Comp Decision Software Designed by Compensation Experts | OpenComp
"Huge time saver...clean and intuitive."
Michael Struthers, VP of People at PetFriendly
Source: Comp Decision Software Designed by Compensation Experts | OpenComp
"I use OpenComp as my source of truth."
Amy Bouchard, Human Resources Director at Wavelynx
Source: Comp Decision Software Designed by Compensation Experts | OpenComp
"BEST COMPENSATION TOOL ON THE MARKET!"
Jess Foster, VP of People at Fluxx
Source: Comp Decision Software Designed by Compensation Experts | OpenComp
"What would I have done without OpenComp to know my burn rates? Guessed, and guessed poorly."
Jeremy Shockley, CEO/Founder at ELEOptics
Source: Comp Decision Software Designed by Compensation Experts | OpenComp
"Best interface for any compensation tool."
Ron Gonski, Chief Business Officer at Mosaic
Source: Comp Decision Software Designed by Compensation Experts | OpenComp
"SIMPLE. POWERFUL. GAMECHANGER."
Samantha Klingler, Director of Human Resources & HR Technology at Bowery Valuation
Source: Comp Decision Software Designed by Compensation Experts | OpenComp
"We use it every single day!"
Shalom Weberman, Sr. Total Rewards Analyst at Ribbon
Source: Comp Decision Software Designed by Compensation Experts | OpenComp
"OpenComp gave us one reliable source for comp data and the compensation software to use it."
Dawn Raagas, VP People Ops at Daasity
Source: OpenComp Product Suite: Revolutionizing Compensation Management
"OpenComp's real time data is an awesome way to stay competitive in the market."
Amanda Giskok, HR, Analyst at Panther Labs
Source: OpenComp Product Suite: Revolutionizing Compensation Management
"OpenComp solved the issue of having data we were confident in, at the time we need it."
Samantha Kingler, Director of HR at Bowery Valuation
Source: OpenComp Product Suite: Revolutionizing Compensation Management
"Using OpenComp elevated hiring and merit cycle conversations to the level of science."
Sheri Kelleher, SVP People at Incorta
Source: OpenComp Product Suite: Revolutionizing Compensation Management
"With OpenComp, we can build trust with employees by showing we have a strategy and aren't making random decisions."
Rachel Kratz, Chief of Staff at Qwick
Source: OpenComp Product Suite: Revolutionizing Compensation Management
"Our compensation framework went from sufficient to scalable because of the work we did with OpenComp."
Kate Martin, VP People & Culture at Sila
Source: OpenComp Product Suite: Revolutionizing Compensation Management
"We needed to build a compensation strategy and OpenComp made it possible."
Samantha Kingler, Dir of Human Resources & Technology at Bowery Valuation
Source: OpenComp Product Suite: Revolutionizing Compensation Management
"The OpenComp platform helps us address any pay inequities and give our team the pay equality they deserve."
Annie Vasishta, Team Experience Lead at Landed
Source: OpenComp Product Suite: Revolutionizing Compensation Management
"The DEI tool is a must-have for any compensation team."
Jess Foster, VP of People at Fluxx
Source: OpenComp Product Suite: Revolutionizing Compensation Management
"Without OpenComp, we probably wouldn't do total rewards. If we somehow managed to get it done, it would be at the end of the year and it would be difficult and frustrating."
Stephanie Tate, Head of People at Yummly
Source: OpenComp Product Suite: Revolutionizing Compensation Management
"OpenComp is incredibly reliable for helping us conserve cash and extend runway – while remaining relevant to top talent"
Rob Allen, CFO at Uqual
Source: OpenComp Product Suite: Revolutionizing Compensation Management
"OpenComp's comp tools allowed us to weigh the value of hires against the cost."
Dawn Raagas, VP People Ops at Daasity
Source: OpenComp Product Suite: Revolutionizing Compensation Management
"Finance is over the moon in terms of tracking burn and headcount planning. If she needs to hire four engineers and I've used OpenComp to forecast the salary range for each, then she doesn't have to do a lot on her side. I can just give her that comp data."
Stephanie Tate, Head of People at Yummly
Source: OpenComp Product Suite: Revolutionizing Compensation Management
"Our offer competitiveness was an important payoff from our work with OpenComp."
Demetrius Wallace, Head of Talent at Sila
Source: OpenComp Product Suite: Revolutionizing Compensation Management
"I love that OpenComp is an end-to-end solution."
Joanne Simon-Walters at Simplesense
Source: Customer Success with OpenComp: Achieving Compensation Excellence
Customer Stories
Daasity
Problem: Lacked a reliable source for compensation data and software
Value Add: OpenComp provided a single, reliable source for compensation data and the software to utilize it effectively
Outcome: Daasity gained access to accurate compensation data and tools, enabling them to make informed pay decisions
Source: OpenComp Product Suite: Revolutionizing Compensation Management
Panther Labs
Problem: Needed to stay competitive in the market with real-time compensation data
Value Add: OpenComp offered real-time data to help Panther Labs remain competitive in the market
Outcome: Panther Labs was able to stay up-to-date with market trends and make competitive compensation decisions
Source: OpenComp Product Suite: Revolutionizing Compensation Management
Bowery Valuation
Problem: Lacked confidence in their compensation data and needed timely access to it
Value Add: OpenComp provided confident, timely access to compensation data
Outcome: Bowery Valuation gained the ability to make informed compensation decisions with data they trust, when they need it
Source: OpenComp Product Suite: Revolutionizing Compensation Management
Incorta
Problem: Needed to elevate hiring and merit cycle conversations
Value Add: OpenComp provided data-driven workflows for determining compensation adjustments
Outcome: Incorta elevated their hiring and merit cycle conversations to a more scientific, data-driven approach
Source: OpenComp Product Suite: Revolutionizing Compensation Management
Qwick
Problem: Needed to build trust with employees regarding compensation decisions
Value Add: OpenComp enabled the creation of a data-driven compensation strategy
Outcome: Qwick was able to build trust with employees by demonstrating a clear strategy behind compensation decisions
Source: OpenComp Product Suite: Revolutionizing Compensation Management
Sila
Problem: Needed to scale their compensation framework
Value Add: OpenComp helped develop a more robust and scalable compensation framework
Outcome: Sila's compensation framework evolved from sufficient to scalable, better supporting their growth
Source: OpenComp Product Suite: Revolutionizing Compensation Management
Landed
Problem: Needed to address pay inequities
Value Add: OpenComp's platform helped identify and address pay disparities
Outcome: Landed was able to give their team the pay equality they deserve
Source: OpenComp Product Suite: Revolutionizing Compensation Management
Fluxx
Problem: Needed tools for managing compensation and diversity, equity, and inclusion (DEI)
Value Add: OpenComp provided a DEI tool as part of their compensation platform
Outcome: Fluxx gained a must-have tool for their compensation team to manage pay equity
Source: OpenComp Product Suite: Revolutionizing Compensation Management
Yummly
Problem: Struggled with creating and distributing total rewards statements
Value Add: OpenComp simplified the process of creating and sending total rewards statements
Outcome: Yummly was able to efficiently create and distribute total rewards statements, improving their compensation communication
Source: OpenComp Product Suite: Revolutionizing Compensation Management
Uqual
Problem: Needed to conserve cash and extend runway while remaining attractive to top talent
Value Add: OpenComp provided tools for strategic headcount planning and competitive compensation
Outcome: Uqual was able to balance financial goals with competitive pay practices, conserving cash while still attracting top talent
Source: OpenComp Product Suite: Revolutionizing Compensation Management
ELEOptics
Problem: Needed accurate burn rate predictions for financial planning
Value Add: OpenComp offered tools to accurately predict burn rates based on headcount and compensation data
Outcome: ELEOptics gained the ability to accurately predict and manage their burn rates, avoiding poor guesswork
Source: OpenComp Product Suite: Revolutionizing Compensation Management
Simplesense
Problem: Needed to deliver pay equity and earn executive influence
Value Add: OpenComp provided an end-to-end solution for compensation management
Outcome: Simplesense was able to build pay equity and gain executive influence using OpenComp's compensation data
Source: Customer Success with OpenComp: Achieving Compensation Excellence
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