“Using CandorIQ for our merit cycles has freed up my time to focus more on our people, less on spreadsheets”
Liz Ridge
Head of People
Case Study SigFig
How a global org automated their merit cycle from 3 months to 3 weeks
FinTech
Industry
150
Employees
Fully Remote
Location
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.
Value Of CandorIQ
60%
reduction in time spent on the merit cycle from start to finish
5Weeks
weeks of leadership time saved with streamlined collaboration
240Hrs
hours spared in spreadsheets and gained for more strategic HR work
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
Solution
SigFIg partnered with CandorIQ to instill org-wide confidence in their merit cycle process, making it not only more efficient but more effective.
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.
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.
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.
