Workday has announced a partnership with Compa, a provider of software-delivered market data, to bring Compa’s real-time market intelligence directly into Workday, helping companies make more informed pay decisions to attract and retain talent.
Compa’s market intelligence will replace yearly compensation surveys, which can become outdated and inaccurate, making it harder for companies to offer competitive compensation packages. This partnership will offer joint customers access to Compa’s real-time compensation data directly on the Workday platform, helping them make more informed, competitive job offers.
Compa’s software automates data participation from HCM, ATS and Stock admin systems, eliminating manual submissions and provides up-to-date benchmarks for cash, stock, offer data and skills-based compensation. Compa’s offerings can empower compensation professionals to make strategic decisions confidently in order to stay ahead of market trends.
Cristina Goldt, general manager of workforce and pay, Workday, said: “In today’s competitive labor market, attracting and retaining top talent is a critical challenge for companies, and access to real-time compensation data can be a game-changer.
“With this partnership, we’re empowering Workday customers to make informed pay decisions that attract and retain top talent, giving them a strategic edge in the war for talent.”
Through this partnership, organizations can:
- Create talent-winning job offers. HR and hiring managers can see relevant market data during job offer creation and job review changes.
- Improve internal mobility strategies. Organizations can make sure their internal pay for promotions matches what they would offer new hires, helping them keep employees engaged and motivated.
- Promote pay equity. Organizations can leverage current market data to fairly compensate their employees from day one.
Charlie Franklin, co-founder and chief executive officer, Compa, said: “Companies need new ways to stay competitive in today’s tight market. Our partnership with Workday will help organizations make better, faster pay decisions based on more accurate data.”
Additionally, Compa’s integration is expected to become available to Workday Human Capital Management (HCM) customers in 2025, which joint customers can access at no additional cost.
