# The Challenge
Like many fast-growing companies, Qantev’s remuneration strategy was instinctive, aimed at attracting top talent but without statistical analysis. “We would generally look at talent.io for benchmarking; it wasn’t very rational,” contemplates CEO Tarik Dadi.
But as Qantev entered a recruitment phase this year, its team recognised the need for reliable benchmarking to create competitive salaries. “We didn’t want to underpay; we always aimed to pay our talent above market rates,” explains Tarik.
While welcoming their new hires, they also wanted to assess pay for existing staff. Qantev took a refreshingly honest approach to this. “Employees were ready to negotiate upwards – and we were willing to listen and make rational decisions.” To make those decisions, the Qantev team needed information – and that’s where Figures came in.
“Another client, Joko, recommended Figures. We were ready to establish an internal salary grid, and Figures’ geographical coverage [600+ companies] made it ideal for feeding in to our HRIS.”
# The Objectives
“We didn’t have any rationalization for our renumeration strategy,” explains Tarik. “We would look online but we didn’t use or subscribe to any HR tools.”
Figures’ data would help Qantev to ensure their job titles matched up with candidates’ expectations: “We had some blind spots during the recruitment process. A lot of job titles didn’t make sense; we wanted to standardize them and, also, look at our internal levelling.”
Now that many employees were ready to discuss promotion, the founders could use Figures to produce an internal salary grid – and share it with HR for optimum transparency.
# The Strategy
Tarik and CTO Hadrien De March undertook an analysis of their total compensation package, looking at equity options as well as salary.
“We use Figures to check key indicators and analyse salaries by level of seniority. The CTO and I access the platform and then share benchmarks with the HR manager.”
Figures also enables the team to keep a close eye on the potential gender pay gap, with they’d already been tracking.
# The Results
Budgeting for new roles is quick and easy. No more internet trawling or guesstimates! “We know how to budget for a new role now,” says Tarik. “Benchmarking is simple and saves us time.”
When they are ready to raise more funds, the figures will be at their fingertips. Qantev has secured $1.7m since its foundation in 2019, with plans to expand. “With Figures we have been able to revalue salaries fairly and ensure that new salaries are correctly levelled.”
The new pay grid is transparent and equal. “Figures gives us the confidence to communicate about salaries with our employees, both in negotiations and day-to-day operation.”
“Figures is a reliable source for quality benchmarking. The way it has crowdsourced HR information as well as its geographical coverage made it a great choice for Qantev.” Tarik Dadi, CEO, Qantev