Per Siems, Ravio’s automated, scalable data-pipeline approach is made possible because of widespread accessibility of employer data held in HR and other business systems via API - it just needs to convince employers to give it API access. “We currently support 28 HR systems which cover all the major players in Europe including Workday, Personio, BambooHR, HiBob and Namely,” he adds. “We primarily connect via API, so there’s no manual work for our customers in submitting and drawing together data, and this enables real-time updates rather than one-off static submissions - which are inefficient and hard to scale.” “We gather data from ‘source of truth’ systems including the HRIS, ATS and cap table management software of our customers,” explains Siems. The basic service is free but the team is building additional modules to layer on top that will be paid - so it’s taking a freemium approach to grease its data pipe. Ravio works by a sharing to participate model which means that organizations that want access to its jobs benchmarking data must agree to share info on their own teams, including salary data. “By having a focused approach we can build depth in our dataset, before expanding into other sectors.” Employee equity in private companies is one of the least transparent areas within compensation, so we’re tackling this early on. “High growth startups are the best place to start because they’re the least served by traditional benchmarking providers, and are feeling the talent crunch the most. We validated this during our research phase, with strong feedback from SMEs all the way up to large enterprises in other industries,” he tells TechCrunch. “We’re starting focused but the need for a solution is universal across industries and company sizes, it’s not confined to the tech industry. After all, notes Siems, there are talent shortages across all sorts of sectors - so a tool that supports businesses to make more attractive compensation offers could have broad utility, assuming the benchmarking insights live up to billing. The follow-on goal for Ravio is to deepen its database by getting more scale-ups signed up - and, ultimately, it hopes to be able to expand the approach to other sectors. “There’s a lot of clamour on closing pay and diversity gaps at startups but not many tangible numbers or practical solutions - it’s mostly high level reports and talk.” “Hiring and retention is the biggest challenge right now for scaleups due to war for talent, fast moving markets, (over)funding, the shift to remote work and ‘the great resignation’,” argues co-CEO and co-founder, Raymond Siems. These high profile, high pressure startups are also often on the front line for diversity issues - where Ravio believes its SaaS tool will also provide valuable benchmarking. Ravio’s first target is fast growth scale-ups which are of course at the coal-face of the fight for talent. It is now flipping on the light today for its official launch - and also announcing a total of $10 million in seed funding led by Northzone with participation from Cherry Ventures and Spark Capital. (Research work and the idea itself dates back to last year.) The startup, founded out of London, has been operating in stealth mode since starting building work on the platform in January, though it quietly opened up access a couple of weeks ago. “Whether it be gender, background or other criteria, this offers the most detailed diversity insights available to companies who want to make data-driven changes,” is another top-line claim. The software also lets companies “identify compensation inequalities at individual, job type and company levels - and compare to peers in the market”, as it tells it. “Customers can explore market data and compare themselves to companies with similar characteristics such as location, industry, funding raised and headcount growth,” it writes of its SaaS platform in a press release accompanying the official launch today. Its new-to-market compensation benchmarking tool lets users see how the compensation (wages and benefits) they offer their own staff compares to the market by pooling data across its employer customers (data is anonymized at the platform level) - idea being to help them offer more competitive packages which help convince talent to sign on the dotted line. UK-based Ravio reckons real-time data is the best way to arm businesses to win the global talent war.
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