One Company, Three Industries, Countless Compensation Challenges - Solved

Operating at the intersection of finance, technology, and insurance, our customer provides specialised services and tools for property lenders. Their dual business model offers direct services while equipping lenders with technology to implement similar solutions independently. Accuracy in valuation and risk assessment is mission-critical in the property lending sector, making data-driven decision-making essential.

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"It's a very niche kind of market where it's kind of a balance between we offer this service, but we also offer all the tools for you to be able to also have this service."

- HR Director

Their previous compensation platform lacked comprehensive industry-wide data, particularly for specialised roles. This is a widespread problem - 67% of companies report difficulty finding reliable salary benchmarks for niche positions (WorldatWork, 2023). Traditional salary benchmark survey companies often focus on broader job categories, leaving significant gaps in highly specialised jobs.

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"There'd be certain job roles where they didn't really have hardly any companies for comparison. So, it might be good for more generic roles like HR and payroll, but for underwriters, we probably won't find as much information."

- HR, Payroll and Benefits Manager

As a hybrid finance-tech-insurance company, the company needed tailored benchmarking: tech roles against tech companies, finance roles against finance companies. There’s an assumption that modern tech salary benchmarking software providers have coverage, but they only really have great salary benchmark data for tech companies and struggle with the other roles that may exist in organisations such as theirs.

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"We might be benchmarking one department on a technical or IT side, but then another might be purely finance-focused. It depends on the business area and what they primarily do."

- HR Director

Their previous salary benchmarking system required extensive manual effort to compile and analyse data. Many HR professionals spend up to 40% of their compensation review time just gathering and formatting data - time that could be spent on strategic analysis (Gartner HR Research, 2023).

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"The most tedious part (with the previous salary benchmark provider) was collating information into spreadsheets. Previous systems also required checking each role separately to see if figures had updated."

- HR, Payroll and Benefits Manager

The Company's compensation benchmarking update schedule meant compensation decisions were often based on outdated information when using previous salary benchmarking data sources. In a market where salary trends shift quarterly, relying on old data put them at risk of offering uncompetitive salaries.

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"We had to leave it quite late because of renewal timing, and we weren't sure if updates would be available in time. It wasn’t updated monthly."

- HR Director

The People Team discovered Compensation IQ through an email from their HR system provider, highlighting its seamless integration. This integration proved to be a game-changer, reinforcing the growing importance of connected HR tech ecosystems.

Compensation IQ connected directly to their HR platform, automatically updating as employees join or leave. Integrated HR systems have been shown to reduce administrative time by up to 30%, allowing People teams to focus on strategy rather than manual data entry (Deloitte Human Capital Trends, 2023).

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"Working in partnership with existing software was definitely a plus. The email came at the right time because we were not quite happy with what we had."

- HR Director

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There’s the added benefit of being able to view the entire organisation, department or team and each individual role against the salary benchmark directly within the platform. This removes the hassle of having to manually search one role at a time and then stitch things together in excel spreadsheets which is often the case with other salary benchmarking companies.

And of course the integration means the employee register headcount and all the details are synced in real-time.

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"Because it is linked to the HR system, any new starters and leavers are updated straight away. No need to manually add or remove people."

- HR, Payroll and Benefits Manager

Compensation IQ provided broader and deeper data across industries because it offers three different salary data sources in one platform. This means the Company could access salary records from over 7 million companies for self-reported data AND global real-time job postings data from 5.8 million companies (powered by Lightcast) to get a complete compensation market view.

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"The main thing we got from it was more reliable data we trusted. You can see how many companies are being referenced and cross-check with job postings."

- HR Director

With the ability to filter by industry, company size, and other factors, Compensation IQ enabled them to make informed decisions rather than relying on broad, less relevant data. Industry-specific compensation benchmarks can vary by 15-30% for the same job title (McKinsey Talks Talent, 2023), making precise filtering essential.

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"We played around with company size and industries. Most roles didn't need heavy filtering, but for a few, we refined the data to get the right level."

- HR, Payroll and Benefits Manager

With Compensation IQ’s salary benchmark data update schedule, they now have access to fresh data - critical in an era where salary increase budgets are shifting dynamically in response to inflation and talent shortages.

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"The fact that it's updated frequently is very beneficial. If you need a quick answer, you can find it instantly rather than searching Google or calling a recruiter. "

- HR Director

Compensation IQ transformed their compensation review workflow, reducing administrative burden and improving efficiency. With 43% of companies now conducting salary reviews more than once per year, having quick access to reliable data is a competitive advantage (SHRM Salary Benchmarking Report, 2023). IQ’s salary benchmark data update schedule, they now have access to fresh data - critical in an era where salary increase budgets are shifting dynamically in response to inflation and talent shortages.

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"It worked well because everything is in one place. You can tweak, test different roles, and find close matches. It was just more fluid."

- HR Director

When asked how likely they were to recommend Compensation IQ to other HR Teams (on a scale of 0-10) both the HR Director and the Payroll and Benefits Manager gave it a perfect 10. In an industry where only 23% of HR professionals report being fully satisfied with their compensation management tools (PwC Workforce Study, 2023), this is a significant endorsement.

"Reliable source, easy-to-use software, clear insights, good support. It’s fast and integrates well with different systems."

- the HR Director and the Payroll and Benefits Manager

So whilst it was slightly more than 3 words...

..we’re thrilled that we could help the Company in their pay and performance review process with strong salary benchmarking data.

In a labour market where 81% of organisations struggle to attract and retain top talent (LinkedIn Workforce Trends, 2023), having access to accurate, real-time compensation data is a necessity. Compensation IQ delivered the comprehensive, flexible, and reliable solution this finance-tech-insurance company needed - enabling them to make strategic, data-driven compensation decisions with confidence.