Figures, the modern compensation platform, is launching a new AI feature to support Chief People Officers and compensation experts to make more informed compensation decisions and attract and retain top talent.
The Figures AI tool is built on Figures’ existing salary dataset from 1,200+ top European companies and thousands of unique data points. It leverages this data to look for patterns and build recommendations based on existing data and correlations between roles, locations, levels, company size and more, ultimately increasing its benchmark coverage by more than 3x.
For instance, it will be able to provide stronger and more accurate coverage with more countries and city-based locations including Germany, Austria, Italy, Denmark, Spain and the US, including remote benchmarks for these countries. Seniority levels such as individual contributors and VPs will also return more results now. As well, Figures AI will also enrich the platform’s other features and tools such as Salary Bands which enable companies across the UK and Europe to promote pay fairness by defining clear and concise salary ranges across their entire organisation. This is all part of Figures’ mission to bring greater fairness and more constructive decision-making to businesses across Europe.
Introducing the power of AI to benchmarking
Since launching in 2020, Figures has pioneered the use of real-time integrations-based benchmarking tools to provide accessible and reliable compensation data for companies across Europe and the US. However, the lack of data on some locations, roles and seniority levels means there can be critical gaps. To help solve this, Figures worked for months with data science experts to solve these challenges using AI which augments existing features and makes compensation smarter and more efficient.
Over 80% of HR leaders have explored or implemented AI solutions to improve process efficiency within their organizations according to Gartner. Figures AI is part of a new wave of AI and machine learning-based tools which are designed to support HR teams and help them make more effective decisions, using data.
Virgile Raingeard, founder and CEO of Figures, said: “AI is a transformative technology but its effectiveness is largely dependent on the data it’s built on. We’ve designed Figures AI to augment our existing compensation benchmarking tools to make it easier than ever for HR leaders to make effective decisions when hiring for new roles or making internal salary decisions, all built on the qualitative and reliable data we’ve built up over the past three years. We believe this is a new era for compensation benchmarking and I’m excited for our customers and their teams to start enjoying the power of Figures AI and supporting them in their day-to-day work.”