Why We Started CandorIQ

Tuesday, March 14, 2023

Employee compensation is one of the most important financial decisions a business needs to make.  And yet, today most companies still use spreadsheets to benchmark compensation, create job architectures, and plan for headcount investments.

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With compensation data trapped in documents and excel files, department leaders and people managers struggle to analyze pay fairness across the team and to assess for outliers who might be at risk of churn as it comes time for merit adjustments and equity refreshes.  During hiring, it can also be difficult for managers to answer basic questions about compensation philosophy leading to a poor candidate experience. The same is true for talking about comp during performance reviews.  To complicate matters further, there are new macro issues to take into account, including pay transparency regulations, work-from-anywhere practices, the economic slowdown, and rising inflationary pressures. As the landscape changes, it’s more important than ever to develop a responsive compensation strategy and communicate it broadly across your organization.  

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CandorIQ’s mission is to bring fairness and transparency to compensation. As founders, we feel there has not been enough software innovation to improve compensation management. We set out to create tools that empower employees to understand their comp and leaders to focus on making comp a strategic driver of company performance. Our platform is designed to be predictive, collaborative and transparent so that we can address the needs of all stakeholders. We believe:

• Employees and candidates deserve to have access to the information they need to understand their entire compensation packages and options for career progression
• Finance leaders deserve to be able to align the financial planning process with the compensation philosophy and do more streamlined budgeting and scenario planning
• Talent leaders deserve to be able to set job architectures that are fair, transparent, and data-driven, both by external benchmarks and internal goals and objectives.
• CEOs deserve the visibility into the impact of headcount investments, as well as how growth forecasts and cash burn are affected.

Why us? As founders, we were particularly attracted to this challenge for a few reasons:

First, we have all managed teams at companies big and small, and we know the pain of compensation and headcount planning first-hand. We are uniquely equipped to tackle this problem because of our experience in b2b platform technology, artificial intelligence, and highly regulated industries, like fintech.

Second, our experience at enterprise-scale platform companies like Salesforce has taught us the value of solving complex, multi-stakeholder problems. We are excited by the opportunity to empower leaders, managers, and employees with the data they need to understand comp and reduce reliance on HR business partners and people operations.

Finally, we see pay transparency through the lens of first generation immigrants who struggled to understand our worth while seeking green cards and citizenship status. We wanted to create a mission-driven organization focused on pay fairness because we truly believe it is a driver of American innovation.

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We see compensation philosophy as intrinsic to the future of work and on a trajectory to continue having an outsize influence on business performance. This trend did not begin and end with the pandemic – the way people work, what they value in their jobs, and how they are rewarded by employers are all still in a state of change. Business leaders will need proactive compensation management tools to continue navigating a changing landscape and stay competitive.

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Please contact us if you would like to talk more about how CandorIQ can help you make better compensation management decisions.

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Founders

Haris & Sutthipong
CandorIQ Inc.

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