If you’ve ever used Zillow you know they look at different parameters to "Zestimate" the price of a house. Things like square footage, fireplace, number of bathrooms, finished basement, attached garage, etc.
You can think of Compa Estimate kind of like a “Zestimate” for talent. Instead of looking at square footage and garage spaces, we're analyzing candidate data and offer history to predict the estimated value of a fair and competitive offer.
Compa Estimate is based on what we know about the candidate from the ATS, which you can add to, or correct, in Compa to refine the estimate. Not to mention, the more data we have, the better that estimate gets over time.
The fancy algorithm that figures out that magical number is based on a number of different pieces of data and information, including:
Your organization's recent offer history and similar offers;
Candidate data like job, level, location, job family, current company, etc.;
Candidate pay insights (e.g., pay expectations, competing offers, and/or current pay);
All of our customers' data sets (Don't worry, your data's safe! 🔒); and
Years of compensation expertise (e.g., we know that candidates with competing offers typically get higher offers with lower win rates).
All that data is combined and used to build a relevant peer group. Then we score past offers based on similarities to your candidate and provide an estimate that helps predict the most likely offer.