Abandoned unreliable data in favour of a compensation framework based on market data

The Challenge

Fabienne joined Lawpilots with the remit of revolutionising the startup’s people processes, policies and structures. When she reviewed Lawpilots’ existing compensation structure, she found a number of pay discrepancies across different teams.

When she looked deeper into why this happened, Fabienne found that Lawpilots do not have a compensation framework or salary bands for hiring managers to follow. She also identified a lack of knowledge across the startup on current market compensation data.

The challenge for Fabienne was therefore to fix this to ensure Lawpilots are ready for the forthcoming EU transparency reporting changes, as well as the headcount growth the startup has planned over the next few years.

The Objectives

These were three-fold. To:

• find a reliable and affordable source of current market data
• conduct a compensation and benchmarking analysis and identify Lawpilots’ market positioning
• create and implement a compensation framework based on market data and positioning that can be used to inform and improve compensation decision-making

The Strategy

Fabienne searched for a data solution and found Figures.

She chose Figures over other options as Figures offered her compensation data that she could filter by relevant parameters, including industry, location, funding stage, size etc. She also chose Figures because of our pricing model:

“I chose Figures for [its] relevant data… it was a very good solution really, having this very good fit on one hand and having a good price structure on the other”

How do Lawpilots use the data that they get from Figures?

Fabienne and her team provide the real-time data to hiring managers and decision-makers at Lawpilots. The data is then used to inform employee performance and salary reviews, as well as decisions and negotiations related to new job openings.

Lawpilots are also building a fair compensation framework based on this data to eliminate anymore pay discrepancies.

The Results

Fabienne is now one of Figures’ “biggest fans”.

It’s not just the quality of the data that she loves, but also how Figures’ tool helps save her team time, by presenting it in a way that is immediately usable, removing any need for her team to spend time making sense of huge data sets.

“We are now better equipped with really reliable information where we can also set different parameters in size, in this stage etc. to really fit it to our needs.”

To find out more about how Figures can help you, learn more about us here or check out our app preview here.