The idea to help make workplace compensation and culture more transparent dawned upon Jason Nazar shortly after he exited his previous venture, a legaltech #startup. Jason, a serial entrepreneur, says he’s a huge believer in the importance of culture for organizations and felt there was an opportunity to transform this space.
What he came up with is Comparably, a site that monitors the job market to help make work more rewarding for employees and employers alike. Comparably aggregates compensation data to assist prospective employees in understanding what salaries their specific skillsets should command.
The startup, which launched publicly in March, bears similarities to Glassdoor, but Jason says its product has a different take on how to help organizations.
Data is gleaned from a number of sources but vetted for accuracy.
“Our compensation data, especially for tech employees, is much more thorough. Employees can see what people just like them are getting paid, and can break down the data by numerous variables including company size, funding, gender, education, ethnicity, and years of experience,” he explains.
The data is gleaned from a number of sources, including current employees, recruiters, and HR departments of existing companies. But there are various internal processes to ensure it’s vetted for accuracy and reliability.
Comparably doesn’t just offer employer reviews and average salary levels. It also helps people understand how much equity they should be offered based on factors such as company size, funding, and years of operation.
For employers, Comparably offers a SaaS product that helps them access things like market compensation reports and company culture. To assess culture it utilizes anonymous surveys to understand factors like leadership, happiness, and job satisfaction. Currently, these products are offered free of cost.
To make employer reviews better, it’s trying to differentiate itself from the Glassdoor model where users can simply post a snapshot of their experience with a company. Instead, it uses these reviews to give organizations ratings on factors like leadership, compensation, team, and environment. Comprehensive data behind each factor review is also available, such as the “percentage of people excited about going to work.”
Comparably isn’t monetizing right now, but it does have plenty of cash to help it sustain operations. The startup has raised a total of US$6.5 million in funding with high-profile investors such as 500 Startups and Chris Sacca’s Lowercase Capital participating in previous rounds.
Next on the horizon is a jobs matching product, which will help connect talent to companies searching for it. Jason says that’s an area where they’ll look to monetize, but didn’t give a specific timeframe for achieving that.
“We believe job seeking and hiring is fundamentally flawed and antiquated. There’s a better way to match great talent and companies, and that’s what we aim to fix, along with making workplace compensation and culture dramatically more transparent,” he affirms.