The company uses data science and machine learning to create a toolkit for the compensation process. The machine learning algorithms utilize an extensive database of compensation numbers to support the platform, allowing employers to analyze how much employees should be paid individually. It recognizes several different variables such as AUM, performance, staffing intensity, peer group competitive dynamics, and each employee's roles and responsibilities.
The platform gives real-time data and automatic data analysis and reporting about events, partnerships, candidate data, public data, and company data. The goal of the platform is to align job descriptions, optimize human capital management, analyze payment practices, map functional titles to understand specific employee responsibilities, and automate compensation practices.
In March 2016 CompIQ announced raising $2.5 million in seed funding from Glocap and Soros Capital.
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Compensation and Pension Service
- Artificial intelligence (AI)Artificial intelligence (AI) is intelligence exhibited by machines.
- CompanyA company, abbreviated as "Co." within a company name, is a legal entity made up of an association of people, be they natural, legal, or a mixture of both, for carrying on a commercial or industrial enterprise.
- Employee CompensationEquity compensation is pay to a stakeholder in a company that comes in the form of ownership in a company. This could come in the form of options, shares or restricted stock.
- Machine learningA field of computer science enabling computers to learn.
- Data scienceInterdisciplinary field about processes and systems to extract knowledge or insights from data