How Mansa Used Figures To Accurately Benchmark Compensation
- Industry: Banking
- Country: France
- Number of employees: 30
Mansa is a fintech company that allows entrepreneurs to get cash advances and easily control their cash flow.
After raising 18 million in investment funds, Mansa found themselves in a particular situation- They wanted to quickly hire new talents to support their growth, all while maintaining balance in their teams.
However, recruiting in the highly competitive environment of the tech industry is no walk in the park. With so many tech companies hiring and so few developers available, Mansa felt as though they were in a “war for talent”.
To win over envied IT professionals, Mansa was ready to offer generous salaries. Yet finding a way to reliably benchmark compensation was a challenge. They had no way to accurately benchmark compensation or see what the competition was offering. This was a true barrier for them to be able to achieve their hiring goals and overall HR strategy.
On top of that, Mansa was aware that the new packages they were offering could lead to other challenges in the team. What about their employees that had already remained loyal to the company for years? They deserved fair compensation just as much as anyone.
Mansa was ready to continue cultivating their positive company culture with fair pay, openness and transparency. They only needed a way to reliably benchmark salaries, and Glassdoor was just not cutting it. The data was unreliable and outdated, and searching through the website was extremely time consuming.
This is when Mansa met Figures.
Mansa put Figures in place to get reliable, easy-to-use compensation benchmarking data. In launching a project with Figures, Mansa hoped to achieve the following results:
- Easily access reliable, applicable compensation benchmarking data
- Completely revise their salary grid
- Save time spent researching salaries
- Increase attractiveness for new talent
- Create a positive company culture of fairness, openness, and transparency
Thanks to Figures, here is the system Mansa was able to put in place:
Get high quality benchmarking data The quality and precision of data Figures provided for Mansa goes unmatched. With Figures, Mansa searched from a pool of 16,000+ startup and scaleup employee salaries, updated each year to make sure they are accessing the latest information. For any given position, Mansa can compare between 5 and 500+ salaries.
Compare what is comparable Many variables go into deciding a salary. That’s why Mansa uses Figures’ filters to specify exactly what profile they would like to compare. In this way, they are able to compare compensation with companies just like theirs. Figures provides them with the following filters:
- Seniority level
- Company Size
- and many more
In this way, when Mansa was looking for a new developer, they were able to benchmark compensation for Backend software Engineers in the Fintech industry in Paris with an intermediate level- very precise, accurate information to base their decision on.
Automatically generate market driven salary ranges For each position, Figures generate the high, median, and low compensation range. However, Mansa wanted to pay employees 20% more than the market average to attract better talent and provide more positivity in the workplace. To do this, Mansa simply set Figure’s results to generate compensation for the 70 percentile.
Easily use data in compensation conversations After salaries were benchmarked, Mansa easily downloads the information in a well-formatted PDF to share with employees and future hires. This greatly facilitates negotiations and compensation conversations because they can show employees that they are being paid 20% above the market.
Instead of searching the world wide web for hours looking for compensation benchmarking data, Mansa finds reliable benchmarking data for the exact positions they are hiring for. With Figures’ data, Mansa was able to create a salary grid with each position and level with data-backed salary ranges.
Ultimately, the HR strategy was structured, the hiring process was greatly facilitated, and employee satisfaction increased.
Before Figures, we had no structured, strategic HR plan, and now with Figures, we do.
Paul de Preville, VP Sales