The compensation software provider joins the ranks of OpenAI, Disney, Tiffany & Co., and more
DENVER–(BUSINESS WIRE)–OpenComp, the leading end-to-end compensation software provider, has been named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2023. OpenComp was ranked no. 8 in the Workplace category.
This year’s list highlights the businesses at the forefront of their respective industries, paving the way for the innovations of tomorrow. These companies are setting the standard with some of the greatest accomplishments of the modern world. In addition to the World’s 50 Most Innovative Companies, 540 organizations are recognized across 54 sectors and regions.
“More than 3.3 billion workers are paid $40 trillion every year, and the tools used to manage compensation are wildly outdated,” said Thanh Nguyen, CEO and co-founder, OpenComp. “OpenComp believes it shouldn’t be hard for employers to plan, act on, and communicate about pay in an equitable, sustainable way; nor that it should be hard for employees and candidates to know what they’re being paid and why. We envision a world where employers and employees have clarity every time they make a pay decision. Together with our customers, we’re spearheading a new era of adaptive transparency – providing the right information to the right people at the right time. We’re grateful to Fast Company for recognizing our impact.”
OpenComp’s Compensation Intelligence Platform is the only end-to-end compensation software platform with benchmarking, design and activation tools. With more than 5,000 customers across 41 countries and 18 industries, the company continues to push the boundaries of what’s possible for HR leaders, as they gain influence among executives and boards and demand best-in-class tools to support their initiatives. In 2022, OpenComp expanded its offerings with breakthrough technologies – and the company isn’t slowing down.
- Range Builder: Pay transparency laws have swept the nation, many of which require pay ranges in job postings, and penalties for non-compliance are steep. But creating pay ranges can take costly external consultants half a year, using error-prone spreadsheets. OpenComp launched an AI-powered tool that automates pay range creation and saves users extraordinary mistakes, time and sunk cost in three clicks.
- Intelligent Offers: Businesses consistently want to close top candidates fast, but hiring managers and recruiters can’t always get needed information or approvals to extend equitable, on-policy offers. Intelligent Offers uses predictive insights to craft offers with the best likelihood of acceptance that align with set pay ranges – increasing offer acceptance by nearly 20%.
- OPEN Imperative: Technology alone cannot fix inequities, which is why OpenComp launched OPEN Imperative (Organizations for Pay Equity Now) on Equal Pay Day 2022. More than 350 CEOs, HR leaders and activists joined this coalition to end gender pay gaps in their organizations by 2027. In its inaugural year, OPEN Imperative experienced remarkable growth and supported its members with gender pay equity reports, actionable best practices, and a vibrant community. Members who have conducted free and confidential pay assessments through OPEN Imperative outperform national wage gaps by 85%. This additional $0.13 to the $1, when invested over a 40-year career, will be worth $2.1M per woman, assuming an annual return of 6%.
Compensation is virtually every company’s largest expense, and it influences how employees live every single day. But until now, compensation has lived behind a veil of mystery that few people can access or understand. Managers, recruiters, and employees use OpenComp to make the best compensation decisions for themselves and their teams. OpenComp customers have 87% employee retention (+14% industry average), 83% offer acceptance (+18% industry average), and raise 34% more funding than their peers. OpenComp customers also reduce gender pay gaps within their company by 75%.
Fast Company’s editors and writers sought out the companies making the biggest strides around the globe. They also judged nominations received through their application process.
The World’s Most Innovative Companies is Fast Company’s signature franchise and one of its most highly anticipated editorial efforts of the year. It provides a firsthand look at the inspiring and innovative efforts of companies across all sectors of the economy.
“What a strange and thrilling year it has been to honor this year’s Most Innovative Companies. This year’s list compiles some of the most cutting-edge groundbreakers who are changing our world every single day, from legacy organizations like McDonald’s to upstarts like MrBeast and institutions such as NASA. Everyone on this list does something completely, uniquely different, yet, they all have one thing in common: innovation,” said Fast Company editor-in-chief Brendan Vaughan.
Fast Company will host its third annual Most Innovative Companies Summit on April 19 and 20. The virtual summit celebrates the Most Innovative Companies in business, and provides an inside look at cutting-edge business trends and what it takes to innovate in 2023. Fast Company’s Most Innovative Companies issue (March/April 2023) is available online here, as well as in-app form via iTunes, and on newsstands beginning March 14. The hashtag is #FCMostInnovative.
For more information on OpenComp, visit https://www.opencomp.com.
About OpenComp
Employers and employees use OpenComp to get clarity at the point of every compensation decision. Together, they’re pioneering a new standard for compensation, one that’s competitive, equitable and scalable.
With OpenComp’s Compensation Intelligence Platform, business and HR leaders optimize compensation program effectiveness with benchmarking, design, and activation tools. Managers, recruiters, employees, and candidates use OpenComp to make the best compensation decisions for themselves and their teams.
Founded in 2021 by Salesforce’s founding HR team, OpenComp is backed by J.P. Morgan, TIME Ventures (the investment fund for Marc Benioff), 8VC, and more. Get started for free at www.opencomp.com, where tiered pricing and services are also available.
About Fast Company
Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication Inc., and can be found online at www.fastcompany.com.
Contacts
Heather Sliwinski
Changemaker Communications for OpenComp
[email protected]
