HiBob, the company behind Bob, the HR platform transforming how organisations operate in the modern world of work, has announced their formal integration with Mercer Compensation and Benchmark data, which will be available through the Bob platform.
HR and compensation managers can use the data for smarter compensation cycles, workforce and budgetary planning, and hiring with competitive pay strategies.
Mercer data within Bob
Bob Compensation Benchmarking powered by global consulting leader Mercer offers a curated, global dataset to fit customer base needs relating to size and sector and bring significant value to companies expanding into new markets, as well as established multinationals. It will help HR and compensation managers optimise compensation cycles, workforce/budgetary planning, and hiring with key metrics in areas such as attrition and DE&I. Mercer survey participation is simplified for HiBob customers purchasing the custom dataset.
Benchmarking in Bob means you're connecting pay data to critical HR workflows, streamlining the entire compensation management process using data-driven compensation insights for the modern workforce.
Benchmarking in today's fast-changing market
In today's ever changing talent landscape, compensation benchmarking is critical to staying competitive in the market and improving performance. It helps in making informed decisions on pay structures and individual rates of pay, and it enables companies to make better pay decisions that allow them to attract and retain top talent.
"When you're trying to understand where you need to focus your budget, and on what jobs; getting pay right is essential to be considered by top talent, and to keep your current employees. Widespread labour shortages with high demand for specialised skills, compounded with a high inflationary environment, corporate relocations and remote working all amplify the need for timely, accurate and trusted benchmark data," said Michael Anderson, workforce analytics, global career product leader, Mercer.
"Mercer's data will help enable HiBob's users to confidently assess their rewards strategy more efficiently and effectively, giving them the competitive edge for talent."
Building a future-ready workforce
Today's job market is more competitive than ever. There is no sign this will change anytime soon. Compensation is a major lever in attracting and retaining the high performing employees, making it a strategic differentiator. Choosing a proper pay scale that is aligned with, or superior to, your competition gives you an edge.
"You need to anticipate your next workforce challenge, predict your labour costs, and understand how to adapt in order to compete, particularly during challenging economic times. A regularly updated, trusted global source of compensation data and workforce analytics isn't just a nice-to-have, it's a necessity for making smart business decisions and ensures your business is able to keep rewards and compensation strategies consistent across all markets," said Ronni Zehavi, CEO and co-founder of HiBob.
The partnership comes on the heels of HiBob’s latest funding round in August where the company raised $150 million in a Series D upround, which brought HiBob’s valuation to $2.45 billion.