Introducing the new era of compensation: meet FiguresAI
In the ever-evolving realm of HR and compensation management, staying ahead of the curve is crucial for attracting, retaining, and rewarding top-tier talent.
With new specialised jobs, emerging markets, distributed teams in diverse locations and quick market evolution, there will be occasions where robust salary market data are not available…
But now FiguresAI steps in using machine learning, tripling your salary insights!
Traditional compensation methods frequently rely on historical data, surveys, and manual analysis. While these methods offer some insights, they tend to be time-consuming, static, and limited in scope. The rapidly shifting job market and evolving business landscape call for a more dynamic and data-driven approach.
Real-time compensation benchmarking is crucial for organizations aiming to stay competitive. This global shift towards data-driven compensation decisions stems from innovations that have simplified the process.
One prime example is our very own Figures, Europe's leading compensation management platform.
For the past 3 years, we've been at the forefront of integrating real-time benchmarking tools, providing accessible and dependable compensation data to companies across Europe and the US. Our mission at Figures has always been to use technology and data to make compensation easier, fairer and more efficient for HR and People leaders.
Given our expansion and commitment to delivering top-notch innovation, we've ventured into the realm of AI. We're working closely with data science experts to tackle challenges, enhance existing features, and triple our benchmark coverage.
The FiguresAI Advantage
FiguresAI rises to meet this challenge by harnessing the power of artificial intelligence. It leverages an extensive dataset from over 1,200 top European companies, enriched with thousands of unique data points. But what truly distinguishes FiguresAI is its ability to discern patterns and correlations among various factors, such as roles, locations, levels, industry, funding and company size. This results in an unparalleled benchmarking experience, delivering precise and actionable insights.
What is FiguresAI?
At its core, FiguresAI is an AI-driven compensation benchmarking algorithm designed to help HR professionals and compensation experts make informed and strategic decisions. It acts as a beacon in the often complex and turbulent sea of compensation management, offering a clear and data-backed path.
Virgile Raingeard, founder and CEO of Figures, said: “AI is a transformative technology but its effectiveness is largely dependent on the data it’s built on. We’ve designed FiguresAI to augment our existing compensation benchmarking tools, to make it easier than ever for HR leaders to make effective decisions when hiring for new roles or making internal salary decisions, all built on the qualitative and reliable data we’ve built up over the past three years. We believe this is a new era for compensation benchmarking and I’m excited for our customers and their teams to start enjoying the power of FiguresAI and supporting them in their day-to-day work.”
Get more data, faster with FiguresAI
FiguresAI is powered by cutting-edge data science and machine learning algorithms. It goes beyond mere data collection and reporting; it intelligently interprets the data to provide meaningful insights. The platform continuously learns and adapts, ensuring that its benchmarking capabilities remain up-to-date and relevant in the face of changing market dynamics.
Comprehensive benchmark coverage
FiguresAI takes compensation benchmarking to the next level by significantly expanding its coverage. While traditional benchmarking tools may have gaps in their data, FiguresAI excels in offering comprehensive insights.
Improving the benchmark in many countries in both locations, such as Germany, Austria, Italy, Denmark, Spain, and the United States. Even remote benchmarks for these regions are covered. Additionally, FiguresAI provides detailed results for various seniority levels, including individual contributors and VPs, enhancing its usability across diverse organizational structures.
Enhancing existing features
FiguresAI not only broadens its scope but also elevates existing features. The introduction of enhanced Salary Bands allows organizations across the UK and Europe to promote pay fairness by defining clear and concise salary ranges throughout their entire workforce. FiguresAI is a crucial player in the mission to bring greater fairness and data-driven decision-making to businesses across Europe.
What are the benefits of FiguresAI?
Now that we have a solid grasp of what FiguresAI is and why it's a game-changer in the world of compensation benchmarking, let's delve into the benefits it offers to HR professionals and organizations.
Informed Decision-Making: FiguresAI empowers HR professionals with data-driven insights derived from extensive datasets and advanced analytics, enabling precise and confident compensation decisions.
Comprehensive Insights: Say goodbye to data gaps and limitations; FiguresAI offers robust benchmarking coverage across countries, cities, and seniority levels, ensuring it caters to diverse roles and remote teams.
Real-Time Updates: In today's fast-paced business environment, real-time data is invaluable. FiguresAI continuously feeds Figures Market Benchmark, allowing organizations to respond promptly to market changes and maintain competitiveness.
Enhanced Salary Fairness: FiguresAI promotes salary fairness by enabling organizations to define equitable salary ranges, attracting and retaining top talent while fostering equity.
Strategic Advantage: FiguresAI provides a strategic advantage in talent acquisition and retention by aligning compensation strategies with real-time market data, positioning organizations as top employers and attracting the best candidates.
Global Benchmark: Our customers can now rely on a unique solution to get worldwide salary insights and avoid jumping from one provider to another.
How is the data created?
Figures AI uses an open source machine learning model (XGBoost) to predict compensation for a specific combination of job / location / level.
This predictive model has been trained over the 90.000 data points (within 88 countries) currently making up the Figures benchmark, considering the different roles, levels, and countries & locations.
We trained the model over all percentiles (from 10th to 90th) in order to provide our users with the whole range of compensation, for each role and level, as we do with our traditional benchmark.
Our learning model is obviously much more efficient when data volumes are large. While we can very easily predict the compensation of a Senior Software Engineer in Paris, we'll have a much harder time determining the compensation of a VP Risk Manager in Phnom Penh: quite simply because we have hundreds of Software Engineer, thousands of Seniors and tens of thousands of employees in France, while we have very few employees in Cambodia, and few VP Risk Managers worldwide.
How reliable is the model?
Each individual AI based result comes with a quality score going from 0/5 to 5/5. We decided to display only the best results within the app.
The quality score results from the individual score of each feature (job, level, country, location), which is determined by a both the sample size and the relative pinball (which is a statistical metric used to evaluate the performance of this kind of data model) of these features.
Moreover, FiguresAI provides the users with a range of compensation rather than with a unique value, reducing the risk of error. It is also important to note that the model is trained only on our internal data, which has already been qualified through multiple processes (customer onboarding & constant quality check), and does not rely on some non-qualified external sources.
However, it's important to note that these values come from an AI and cannot be 100% accurate. Just as benchmark values are supposed to be representative, they don't necessarily correspond to reality to the nearest euro.
How does it compare to your current data quality levels?
Figures displays 3 different data quality levels : Fair, Strong and Excellent. Figures displays data as soon as it collects data points from at least 3 different companies. If not enough data, the user will face a “Sample too low” indicator.
We decided to display AI results only where we don’t display any result from the traditional benchmark. Meaning, until now, users will access FiguresAI results only to complement the current traditional benchmark. We tried to make it understandable and user friendly within the product.
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