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