Compete’s system enables HR and CFOs in technology companies to obtain extensive information on dozens of payroll components and related terms
Fellow Rappaport, Co-Founder of Compete. Photo: Omar HaCohen
Although “knowledge is power” is one of the best-known clichés, there is a truth behind it – certainly on a charged issue like high-tech wages. If workers in different positions in technology companies knew how much their colleagues in the company earn or worked in parallel positions in other companies, they could have negotiated better and improved their terms. But this equation works the other way around as well.
The system of the new Israeli startup Compete serves as a platform for comparing the salaries and benefits of the high-tech employees of the companies that are subscribed to the service. Amit Rapaport, CEO of Compete, explains that HR and finance executives can understand at the push of a button how much it will cost them to recruit and retain the top talent they need.
The idea is simple: each company that purchases a subscription to the service transmits the salary data and benefits of its employees – and in return receives access to the full database of employee compensation in the various companies – according to the division of sub-professions, areas of responsibility and other sections. In a conversation with Giktiim, Rappaport says that in addition to immediate suspects such as salaries and options, the system includes information on 50 different types of benefits, including signing grants, annual bonuses, maternity leave, vacations, health benefits, promotion tracks, commissions, study funds and more. According to Rapaport, the type of benefits is tailored to the client’s geography. For example, in Israel there is data on the food cards that the companies provide, and in the United States there is data on 401K – the pension savings plan.
Rapaport says companies that subscribe to Compete can see what their competitors’ remuneration mix really is, what the market trends are, and more importantly – whether they are really organizationally fair to their employees – an issue of great importance to many employers. According to me, in contrast to wage surveys that are based on the wisdom of the masses and therefore their reliability is questionable – Compit’s system is fed by data transmitted by the companies, the HR and the CFO.
Let’s talk for a moment about your technological development. Isn’t this in the end just a great Excel?
“The biggest difficulty is turning the ‘big excel’ and normalizing the data. Each company uses different titles, different levels, etc. The ability at the push of a button, with the help of integrations, to create the same normalization – this is a more complex challenge. “
What key insights has your system recently gained regarding the Israeli market?
“Which is very dynamic… A classic example is working from home. What was common practice six months ago is no longer relevant today. And in order to remain competitive and attractive – companies need this data in real time. “
Your system is designed for use by companies – not employees. Is there no actual harm here to employees, who do not have access to the database?
“Think about what power it is for an employee or candidate who knows that the company he works for or is being interviewed for uses Compete – this is a very strong indicator of the company, which really cares about its talent, so the company invests its money, constantly checking the data. “Competitive in relation to competitors, and also maintains internal organizational fairness – a super critical thing – for example in the differences between men and women.”
$ 15 million new investment
Compete employees. Photo: Omar HaCohen
Compete was founded in 2020 by Amit Rapaport, who serves as CEO; And June Wasserman, VP of Technology, and today (Tuesday) it announces the completion of a $ 15 million A round of funding led by Tiger Global and with the participation of existing investors Aleph Ventures and Vine Ventures. This round of raising brings the total investment in the company since its inception to $ 17.5 million. According to the company, hundreds of large high-tech companies in Israel and the United States use its platform, including monday.com, Lemonade, Iron Source, Upplayer, RiskPayed and more. The company recently announced the appointment of four new executives to sales, human resources, information security and product management positions – 3 of them women.
Compete provides human resources and finance managers and CEOs with the tools and data they need to run a calculated employee compensation strategy. Their detailed real-time insights are a must in today’s competitive and fast-paced talent market, ”said Aaron Rosenson, general partner at Aleph.
Yaniv Avital
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