Job offer management platform Compa has managed to emerge from stealth 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.
Details about the Job offer management platform Compa
The company is based in both California and Massachusetts. It provides “deal desk” software for recruiters. The software makes it easy to manage their compensation strategies. By creating and communicating offers that are easy to understand and are unbiased.
Charlie Franklin is the co-founder and CEO of the Job offer management platform Compa. He said that recruiters often lack the data and tools to figure out how much to pay people and communicate that effectively. Hence, it can be 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.
Enterprise talent acquisition leaders often face technology gaps while assessing candidates. This leads to difficulty in determining compensation.
With 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.
Jamison Hill, the partner at Base10 Partners, said that his firm was doing research in the ESG “megatrend”. They were particularly looking for startups focused on compensation management when it came across Compa.
He was attracted to the founders’ “clarity and conviction” on the company’s vision. Firstly, their understanding of the pay gap in the market. Secondly, how Compa’s solution would “create a new wave of smarter, more-data drove recruiting teams”. Furthermore, how it was enabling employers to use compensation and a positive offer management approach to differentiate itself from competitors were the points that made it stand out.
Going forward 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.
This is a long-term trend we are seeing in HR. Compensation becoming more transparent. Not just a spreadsheet shared internally but a transition from secretive to open and accountable. Technology is catching up to that, and we have the ability to produce outcomes that drive differences in pay.Charlie Franklin, co-founder and CEO of Compa