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OpenComp Releases Comp Cycles Solution To Deliver On-Budget Adjustments That Retain Talent

By Business Wire

Business Wire
Overall Rating

New tool halves time spent on merit cycles, increases retention by 16%, surfaces insights that keep teams on policy and within budget

DENVER--(BUSINESS WIRE)--OpenComp, the leading end-to-end compensation software provider, today released a new solution to help HR confidently deliver adjustments that retain teams 16% more often while keeping people managers within budget and on policy. Comp Cycles simplifies traditionally chaotic collaboration across stakeholders to reduce the time spent on merit cycles by 50%, while surfacing critical insights that drive more equitable, on-policy adjustments.

HR and people leaders can spend months completing merit cycles. Despite their efforts, manual tracking of historical compensation data and proposal reconciliation still result in increased attrition from delayed, inaccurate or missed adjustments. Plus, wage gaps are exacerbated by subjective, out-of-policy proposals made without data.

OpenComp Comp Cycles reduces the time spent running a merit cycle by 50% by providing HR and managers a one-stop shop for adjustments – operating faster, collaborating seamlessly and basing decisions on data. Comp Cycles offers smoother workflows and approvals, makes collaboration easier between HR and managers, and surfaces important data to keep adjustments impactful, equitable and on budget. As a result, OpenComp customers experience a 16% increase in their retention rate.

“Every delay in merit cycles causes frustration between HR and people managers, takes teams away from other projects and drives up attrition — costing businesses at least one-third of an employee’s salary every time one quits,” said Thanh Nguyen, CEO and co-founder, OpenComp. “Comp Cycles sets guardrails for people managers to propose adjustments within budget and policy based on performance criteria, so HR can escape admin hell and instead focus on its strategic role in the modern organization.”

Comp Cycles delivers seamless adjustments by:

  • Aligning HR, people managers and executives in a fully transparent, collaborative workspace
  • Surfacing critical data at the point of decision, such as gender-based DEI analysis, performance reviews, pay ranges for each role/level change and peer salaries
  • Reducing cycle preparation to minutes with centralized budget distribution, automated employee assignments, and optional employee eligibility requirements
  • Delivering guardrails, timelines and criteria to all budget owners
  • Streamlining the approval process with rules-based approval flows and automated notifications

“Our data show that compensation has become a more strategic lever in the last year or two for employers, and many are putting more effort and emphasis on decisions backed by data,” said Ben Eubanks, chief research officer, Lighthouse Research & Advisory. “The new Comp Cycles tool from OpenComp powerfully achieves that, weaving in DEI insights, transparent communication, and more. As a leader who has struggled through the spreadsheet chaos that compensation adjustments often represent, I found the real-time visuals and policy guardrails particularly valuable. Tools like Comp Cycles help to level up the professionalism and capability of compensation practices in the eyes of key stakeholders and business leaders, ultimately driving more strategic talent decisions overall.”

To learn more about Comp Cycles and to sign up for OpenComp, please visit http://www.opencomp.com.

About OpenComp

Employers and employees use OpenComp to get clarity at the point of every compensation decision. Together, they’re pioneering a new standard for compensation: one that’s competitive, equitable and scalable.

With OpenComp’s Compensation Intelligence Platform, business and HR leaders optimize compensation program effectiveness with benchmarking, design, and activation tools. Managers, recruiters, employees, and candidates use OpenComp to make the best compensation decisions for themselves and their teams.

Founded in 2021 by Salesforce’s founding HR team, OpenComp is backed by J.P. Morgan, TIME Ventures (the investment fund for Marc Benioff), 8VC, and more. The company was recognized as no. 8 on Fast Company’s Most Innovative Companies of 2023, in the Workplace category. Get started for free at www.opencomp.com, where tiered pricing and services are also available.

Contacts

Heather Sliwinski
Changemaker Communications for OpenComp
heather@changemakercomms.com

First published on Thu, Mar 23, 2023

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