Comparably has launched a new product aimed to give company leaders a market-wide idea about where compensation is going. With this latest offering, chief executives, management, and those in human resources can access Comparably’s full set of salary and equity data for free. Additionally, companies can claim their pages on Comparably to customize and receive analytics about how they’re viewed by employees.
Launched in March by Docstoc cofounder Jason Nazar, former Docstoc chief operating officer Mike Sheridan, Yammer cofounder George Ishii, and InvestedIn cofounder Yadid Ramot, Comparably aims to make work better. Nazar said the first way it’s going about that is to “provide transparency around compensation and culture.” While it started out by soliciting employees to anonymously submit their salaries and help them understand their equity, now it’s branching out to provide aggregate information to the business owners, shining a light on the real market value of their team and how both sides can move forward together.
Now anyone in a hiring role will have access to a list of recent salaries for each job role as well as demographic data broken out by market. This will help make jobs more competitive in the industry while also hopefully reducing the wage gap between men and women, another objective of Comparably.
Opening this up to business leaders also puts Nazar’s company more in competition with Glassdoor and others in the space that offer compensation information. CEOs can readily access sentiment information from Comparably for free to understand how employees both past and present rate them, broken down not only gender but by departments, their tenure at the company, and ethnicity.
To make businesses a part of this compensation process, Comparably has opened up management of their company pages to businesses, so those in human resources will be able to be able to apply some branding while also being able to analyze the ratings and information Comparably collects about them.
The company counts Uber, Twitter, Zenefits, and Cornerstone OnDemand as a few high-profile tech companies taking advantage of this new product offering. The release of these features is likely aimed at empowering managers to get near real-time information and analytics about employee praise or disgust about how they’re being compensated and perhaps expedite any changes that are needed to make working somewhere more enjoyable and retain top talent.
Since its launch, Comparably has launched a slew of products, including ones around salary data, calculating one’s equity, employee company ratings, and more.
“We want to provide employers with the best tools to understand how to compensate their teams and address inequitable pay discrepancies; while also providing employees and companies a thoughtful platform for culture feedback, not primarily based on disgruntled public venting,” Nazar said.