Compete, the leading SaaS platform for real-time compensation and benefits benchmarking, announced today that it has raised $15 million in Series A funding just eight months after its $2.5 million seed round. The round was led by Tiger Global with participation from existing investors Aleph and Vine Ventures.
Grow your team, grow your company
U.S. staffing revenue was expected to grow by 16% in 2021 to more than $157 billion. Such numbers show how critical attracting top talent has become with organizations looking for more innovative ways to differentiate their compensation packages from one another. For example, there is a weak correlation between an employee receiving an annual bonus and remaining with the organization. So, if companies want to gain and retain top talent, alternative benefits like increased paternal and maternal leave, a shortened workweek, and mental health initiatives should be implemented as it will empower employees to not only perform at their best but stay longer at their jobs. Since talent is the factor that will make or break a company, ensuring you have a committed and content team is crucial to company outcomes. However, this is easier said than done, as the hiring market is becoming more competitive as it globalizes. Organizations are struggling to adapt their recruitment and retention strategies to the talent war, evolving employee motivations, and unprecedented turnover.
This industry, like so many others, can benefit from data. That is what Compete stives to do– they provide a SaaS HR data platform that produces real-time insights into compensation and benefits benchmarking to help tech companies recruit and retain top talent. Essentially, it empowers leaders with analysis on over 50 types of benefits, real-time benchmarking data, advanced analytics, and tailored insights to support hiring decisions, identify risks, improve retention, and develop informed compensation policies. At the click of a button, HR leaders and CFO’s can understand what it will cost them to recruit and retain the top talent they need to grow their companies. With this visibility, proper workforce management strategies can be put in place, to keep up with the fast-moving talent market. Some of the data sets Compete uses are gender, tenure, role to salary, signing bonus, annual bonus, stock options, equity, promotion cycles, and talent mapping, and benefits like maternity and paternity leave, 401K policies, vacation policies, commission plans, and health benefits. They also consider seniority, and can compare technological roles, like that between a back-end engineer and a mobile engineer.
Founded in 2020, by Amit Rapaport (CEO) and Jonathan Wasserman (CTO), Compete has had impressive growth since its inception. In less than a year, the company increased its paid customer base by 800 %, doubled its headcount, and hired a team of executives where four out of six are female leaders. With the Series A capital, Compete plans to expand its U.S. and U.K. markets and bolster its global teams.