Taking a global org’s merit cycle from 3 months to 3 weeks with AI-assisted automation

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Introduction

SigFig is a financial services firm that specializes in giving high-quality investment advice to investors of all wealth levels—using proprietary technology to lower the barrier to entry for financial advice.

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Challenge

Few industries understand the importance of compensation and budgeting the way financial services do. So, when it came to managing merit cycles and their employees’ comp and equity adjustments, SigFig wanted to make sure they invested in the best platform. Before partnering with CandorIQ, SigFig’s merit cycle process was very manual and time consuming. The HR team spent months collecting and comparing data, holding hours and hours of meetings to align with and train various stakeholders, and then manually calibrating everything in spreadsheets

Pain-points

• Retaining top talent
• Global benchmarking data confidence
• The manager experience
• Time consumption
• Collaboration and visibility
• Manual processes

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Solution

Few industries understand the importance of compensation and budgeting the way financial services do. So, when it came to managing merit cycles and their employees’ comp and equity adjustments, SigFig wanted to make sure they invested in the best platform. Before partnering with CandorIQ, SigFig’s merit cycle process was very manual and time consuming. The HR team spent months collecting and comparing data, holding hours and hours of meetings to align with and train various stakeholders, and then manually calibrating everything in spreadsheets

Key features

• Budgeting scenarios
• Customizing by department needs
• Compa-ratio analysis
• Letter generation
• Employee leveling tools
• Reports and data summaries

Results

Reduced time needed to collaborate

SigFig’s HR leaders were able to give Finance, Exec, Department Leads, and Managers all the information they needed in the CandorIQ platform. Each team member was able to collaborate and align without the need for countless back-and-forth emails and meetings.

Improved educational efforts

With their compensation strategy and all reasoning for any changes built into the platform, HR had to field significantly fewer questions from the team. Allowing them to spend more time on more strategic work.

Increased confidence

The ability to share and track data throughout the process in the platform increased org-wide confidence in the equity of SigFig’s program.

Streamlined previously manual processes

From data collection, to collaboration and calibration, to the final offer letters, CandorIQ’s tools freed up weeks of tedious, manual work for SigFIg’s HR team.