Efficient compensation is the name of the game of 2023

Published on

February 16, 2023

Contributors

Team Figures

January 30, 2023

Efficient compensation is the name of the game of 2023

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2022 was a busy year filled with things of HR planning nightmares like wars for talent, the great resignation & quiet quitting. On the positive side there were and new shifts in the future of work, increased flexibility, and focus on employee well-being.

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Now in 2023, with the current unstable global economic context, most companies are now heading towards ‘sustainable growth’ and seeking efficiency as their main priority is now to reduce cash burn, extend runway and optimize their GTM strategy.

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Cultural and legislative macro trends are driving some interest in compensation management and are pushing companies to change from how they operated before:

#1 The global rise of Pay transparency
#2 The growing importance of compensation in employees’ expectations
#3 Hiring freezes & budget cuts leading towards retention as a priority

All of this brings us to one major question...

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With salary mass being organisations #1 cost centre, how can organisation better manage employees' compensation to help reach their goals?

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TL;DR Figures is the solution for your team in 2023.

So buckle up, it's time to learn how! But first, let’s have a look at last year’s achievements.

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Looking back at 2022

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Together, we achieved some incredible milestones: Our ever-growing salary benchmark has swelled tremendously: 5x from last year in various locations including France, UK, Germany, the Netherlands and Spain and across diverse industries.

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Thank you to all our customers, partners and advisors for making it happen!

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Starting 2023 off on the right foot

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By now you have seen all the possible "2023 trend reports" but do you have your action plan? Here are some of our best resources for you to start off your 2023 year strong:

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#1 Start 2023 with a strong and structured Compensation policy.

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Your compensation policy defines how you want to compare your compensation philosophy with the market. In Figures, you can now target more accurately based on granular and customisable percentiles, a precise Geography strategy and a specific Market Positioning.

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This full visibility over market trends and your positioning allows you speed to action and to be proactive on you compensation strategy to remain competitive.

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To help you better map your current organization structure with Figures’ data model, we also adjusted our levelling framework and created 2 different versions with a Simple levelling for early-stage companies and an Advanced one for larger organizations.

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#2 Rely on the most exhaustive and qualitative EU real-time salary dataset.

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With +75,000 (and growing) employee salaries data all over Europe & the UK, Figures is the most complete salary benchmarking tool available. We launched several integrations this year with key HRIS players to help you onboard and connect your data in minutes and automatically reconcile your employee records.

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Due to fast-changing market circumstances, we also released a new bi-weekly market movement notification to help you track who’s below market and take action quickly.

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#3 Nail your next compensation review with Compensation Planning (BETA).

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In current economic context, sharp budgeting and compensation review cycles are key to control your salary mass. Define your next salary increase with fairness and peace of mind for precise compensation adjustments with our new Compensation Planning (BETA) feature.

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#4 Catch up on our top content written by experts.

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Here are our top articles for you to read:

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Sneak peek at what's coming up next for Figures

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Now we're not giving away all of our secrets, but here's a tiny sneak peek on what we are working on in this upcoming year...

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Your data under extra lock & key.

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Employee and salary data is a serious matter, that’s why we take data security and privacy seriously. Our approach to data protection and product development ensures our customers are in control of their information and that their data is safe.

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Internally, we’ve reviewed our policies and trained our team with complete security training to prepare for ISO27001 certification, one of the highest data security standards.

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Come and join the Band! Salary bands 2023 are on tour!

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Alongside the new Compensation Planning module in BETA, we wanted to continue helping you and your team to better structure, plan and communicate about compensation. That’s why we’re working on adding a new module to help you manage Salary bands to better define and also share those.

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Enhanced customer services and experience.

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To help you and your team save even more time when dealing with compensation management, we’re also improving the way you visualise, consume and share compensation data.

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Smart alerting, automatic employee mapping, improved UX… Watch out for more automation to help your whole team succeed.

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In conclusion

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There are two words you should remember after reading this post: efficient & growth.

Efficient: how you will be after using Figures to make your compensation decisions in this new year.
Growth: Figures in 2023. Adding in even more transparent & reliable data, building our team stronger and developing new features led by you, our users.

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Looking for more resources, tools and content?

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That's why we created Figures, you don't need to be a compensation expert, we are. With our an all-in-one compensation platform updated in real-time, expert HR and People insights, we want to make your job more efficient and power more fair decisions.