Every company has to decide what it pays its employees and track that compensation in some way, often in spreadsheets and across disparate payroll, finance, and human resource systems. Companies also need to make sure that they pay people with similar experience a similar amount for the same job.
Assemble, an early-stage startup, wants to bring regulation to the process, and today announced a $5 million seed investment from Susa Ventures, Goldcrest Capital, and several industry leaders.
Assemble co-founder Enrique Esquilsa said the startup has created a system for participating in compensation decisions.
“This is a system that brings all compensation and workforce data into one central location that typically lives in disparate systems, and then makes it not only accessible but actionable and easy to understand for different stakeholders across the company,” he explained.
Esclusa and co-founder Lisa Wallace worked together at another company where Wallace was responsible for hiring and managing Esclusa’s finance and business operations. There they learned firsthand how difficult it is to keep track of this kind of information.
“What we’ve come to realize is that just about everything lives in spreadsheets, and it’s a really painful and time-consuming way to put all that data and frameworks together, share the right information with the people who make decisions across the company, and make decisions that aren’t just competitive enough that you can hire people And attracting them and retaining employees, but also I was financially responsible and fair and equitable.”
So in 2020, the two founders got together and decided to do something about it, and made a product to address the issues they had.
Wallace said companies typically don’t look at equity in a straightforward way because they build an organization, and then go back and try to fix it, a process that requires consultants to pull information from different systems. Aggregation is designed to build equity into the compensation system from the start.
“It’s not just about doing a salary value analysis in one place, or providing a one-time view for managers in another. It’s really about having a layer of engagement across your organization that operates from many stakeholders touching the rewards because there are so many different stakeholders and so many The goals are different, and it’s really easy to get off track.”
Association. There are currently 10 employees, and with a diverse founding team and DE&I’s mission on equal pay, they are working to build a diversified and inclusive company.
“We made a very concerted effort on every application we opened to interview and assess diverse candidates. … It’s something I really focus on, and Enrique and I have spent about a third of our time hiring,” she said, adding that while they only have 10 employees so far, their diversity is good to Somewhat on a number of scales.
“So we’re 40% Hispanic as a company and 60% of us are immigrants or the children of immigrants,” she said. While only two of the current 10 employees are women, Wallace said this is something she is working to address in future hires. She said the company is also diversifying on the funding side by bringing a number of historically underrepresented angel investors to the ceiling schedule.
Since compensation does not work on its own within an organization, Assemble works in conjunction with HR and payroll software tools such as WorkDay, Gusto, ADP, and Bamboo HR.