OpenComp

05/02/2023

Even the playing field the next time you ask for a raise with PayChecked – OpenComp’s new and *free* salary calculator that gives you access (for the very first time!) to the same compensation data that companies use to evaluate pay.

Get personalized results, view salary trends, and sign up for future alerts! https://www.opencomp.com/paychecked-salary-calculator

05/19/2022

Not sure if your fast-growing company needs a compensation philosophy?

Why our answer is yes:

1. Hire & retain employees by communicating clear reasons behind comp
2. Align pay to your company’s finances
3. Spotlight behaviors you want to drive and reward
4. Make pay equity and diversity part of the process, not just an intention
5. Ease administration for your HR and compensation team

This how-to guide is a great place to start:

Are you managing pay without a compensation philosophy? Find out why a compensation philosophy is necessary for your company’s culture, finances, and growth.

05/18/2022

Today's candidate job market has changed... a lot, including how employers negotiate compensation with candidates and existing employees they want to stick around. Are negotiations a thing of the past?

We rounded up top experts to debate the question...

Tomorrow, we'll speak with beth sheffner scheer, Head of Talent at Homebrew Ventures, Michael Zhang, COO & Co-founder at Candidate Labs, and Ashley Brounstein, Sr. Director of People at OpenComp to get their take on what needs to change.

Save your spot: https://bit.ly/3vWwtxp

05/11/2022

Graduation season is upon us, and there's a new pool of talent entering the market.

According to a survey by Monster, new grads are looking for 3 things in prospective employers.

- DE&I: 33% won't accept a job offer at a company without a diverse workforce and 26% would turn down an offer at a company that didn't have women and marginalized groups in top leadership roles.

- Mental health support: 90% think it's important that they feel comfortable discussing mental wellness at work and 84% agree that companies as a whole need to invest more in mental wellness resources.

- Transparency: More than half said they need to see salary ranges in a job ad to apply, followed by career advancement opportunities (37%) and evidence of work-life balance (36%).

05/10/2022

According to the Bureau of Labor Statistics, the Consumer Price Index rose nearly 7.9% in February, while worker wages rose just about 4.5% over 2021.

Some companies have responded to this 3% gap by boosting base pay, but the majority are concerned that inflation will compromise the value of pay increases. Here are a few other ways companies can can meet evolving employee needs:

- Empower candidates to shape their salary/equity balance
- Offer fully remote work opportunities
- Embrace the 4 day work week or flex schedule
- Don't cap time off (and encourage employees to actually take it)

Do you have any other ideas? Share in the comments below!

05/09/2022

Some say comp perpetuates pay gaps, fuels the Great Resignation, and exposes employers to the expensive financial and cultural consequences of mass attrition.

Industry leaders who have abandoned traditional negotiation tactics are reporting early signals of the Great RETENTION.

Join us on May 19th at 12PM PT | 3PM ET as we explore all sides of this hot topic: https://bit.ly/3vWwtxp

05/05/2022

Let’s be clear about what salary transparency is (and is not…)

✅ Listing pay ranges in job descriptions
✅ Documenting & sharing criteria for bonuses, promotions and benefits
✅ Having informal compensation discussions outside of the hiring process and annual reviews

❌ Saying you “pay competitively” and leaving it at that
❌ Asking candidates about salary history
❌ Relying on unverifiable comp data to guide decision making

What does salary transparency look like for you?

05/04/2022

ICYMI: Chicago employers could be fined up to $1,000 for not including an expected salary range in a job posting, according to a new city ordinance.

Census data shows that men make nearly $13,000 more than women in the state of Illinois - one of the highest pay gaps in the nation.

According to CNBC, a handful of states and cities must disclose salary ranges during the hiring process, but not necessarily in the job listing. Do you think discussing pay ranges during the hiring process is enough?

05/03/2022

Hiring is a pain point for everyone right now. So how do heads of business transition from the Great Resignation to the Great RETENTION?

We’re seeing leaders make compensation decisions for their orgs and teams in 5 new ways.

1. Share pay ranges in job posts & interviews
2. Document & communicate criteria for bonuses, promotions and benefits
3. Don’t ask candidates for salary history
4. Conduct pay audits regularly & proactively budget to correct discrepancies
5. Have informal internal discussions outside of the hiring process and annual reviews

Of course… all of the above is only scalable and effective because these industry leaders have compensation philosophies, and use competitive compensation data to confirm they can actually afford them.

04/29/2022

When employees have offers to join other companies, employers have one of two choices. They can 1) match offers or 2) lose the employee… but which option costs more?

Matching an external offer has a defined cost. Finding replacement talent has a long list of hard and soft costs.

From recruiter fees & time spent on interviews, to lost productivity & cultural impacts, matching an offer might be significantly more cost effective.

04/26/2022

When it comes to pre-IPO executive compensation, Salesforce's first two hires, Nancy Connery and Thanh D. Nguyen have seen it all.

They know that a well-rounded exec comp program does more than lure star candidates. It also protects a company’s future by helping it:

- Define rewards and career pathways that encourage execs to stay
- Manage burn & dilution to keep finances balanced through funding stages
- Build a culture of trust and transparency for employees at all levels

Check out Nancy & Thanh's exec comp best practices here:

If your executive compensation strategy is based on presenting a shinier offer than the competition, it’s time to adopt a plan that goes beyond high numbers.

04/22/2022

According to a recent article, companies based in New York City are arguing that pay transparency laws impinge on their efforts by making it harder for organizations to offer higher compensation to attract BIPOC individuals. However, these laws are instituted for the very purpose to help eliminate pay differentials based on gender or race.

By providing salary range information, lawmakers hope that employees and candidates will know where they stand and be more likely to apply for promotions or negotiate raises. So far, there’s evidence that pay transparency laws in other states are having their intended effect.

What do you think? Will laws backfire or are they necessary to create needed change?