Evaluating and communicating compensation bands at Instabase
- Instabase’s candidates view their offer letters in Trove up to 10 times a day as they evaluate their offers
- HR admins are able to visualize how their new leveling framework affects the organization in real time without manually pulling data from multiple systems
- Managers have the data they need to make compensation decisions for their team
Instabase started with a vision to build a platform that would enable enterprise companies to automate anything from insurance claim processing to income verification. Capturing the attention of large customers in the banking industry, Instabase grew rapidly as it scaled from its origin in 2015 to a unicorn valuation in 2019. In that time, the company grew to 50 employees as they attracted machine learning and engineering talent in San Francisco, New York City, and Bangalore. Now, they plan to double down on their goal to bring intelligent automation to an enterprise scale by tripling their workforce to around 150 employees by the end of 2020.
Instabase needed to establish a solid foundation for leveling and compensation across the organization. They had modeled their engineering career ladder around industry best practices to provide talent with individual contributor or leadership tracks. However, they lacked a career ladder and compensation framework for the rest of the organization.
As the company raced to define the foundation of their career ladder and compensation strategy, the company faced a number of urgent questions:
- How would they communicate these new compensation bands to recruiters, managers, and employees?
- How would they ensure that managers had the data they needed to map their employees to these new bands?
- How would they communicate compensation to deliver a great experience for prospective hires?
The company needed a suite of tools that would help them evaluate and adhere to their new compensation strategy as they scaled.
Instabase met Trove as they had finalized their compensation bands for the company. They were searching for a tool that would enable:
- Current and prospective employees to better understand the upside of Instabase equity
- Recruiters to price offer letters using the compensation bands for each location and historical offer outcome data
- Managers to have the data they need to calibrate their team to the new leveling system during merit cycles
Among the solutions Instabase evaluated, Trove was the only platform that provided tools for stakeholders across the entire organization to analyze, communicate, and plan compensation.
Trove leveraged their integrations with Zenefits, Carta, and Greenhouse to route employee and candidate data to their compensation communication and analysis tools.
Within a month, recruiters were already using Trove’s visual offer letter tool to close candidates. As HR admins and managers calibrated the new compensation bands, they were able to visualize how newly leveled employees fit into these bands.