Business circles have not been able to stop talking about the impact of COVID-19 — and for good reason. It’s revolutionized the way we look at work by introducing trends in flexibility, better compensation, better benefits, and more opportunities for career development that will continue to shape workplace transformations in the years to come.
Tech is playing a large part in these transformations. Our piece on the best Dell laptops of 2022 exemplifies that providing better equipment is a good starting point. So is streamlining various processes through the use of automation software. Yet transformation expert LHH claims that putting HR in the driver’s seat is what will really make a difference. HR professionals have the expertise needed to navigate workplace transformation and effectively measure its success.
That’s where UK-based startup Ravio comes in. Its platform combines automation and HR to come up with the ultimate data-driven platform for workplace transformation. Today, it’s launching new updates to help HR professionals win the global talent war. Here’s more about Ravio below.
More about Ravio
The startup has been operating in stealth since January 2022, and it finally launched its platform in the last week of April. Its main goal is to help businesses around the world attract and retain top talent by providing fair compensation. By doing so, it hopes to increase transparency in setting and negotiating salaries for both recruiters and job hunters alike — and most particularly for companies that struggle to decide how to compensate workers across global operations. In the long run, it aims to help close the gender pay gap. This can be especially useful here in Canada, where it can work alongside planned legislation to eliminate the fact that Canadian women earn 89 cents for every dollar a man makes.
How it works
On Ravio, companies register to provide information on how much they compensate their workers. This data is then aggregated in real time to provide information on the average salary paid for roles in a specific industry. The platform also allows users to compare their salary data with similar companies based on characteristics like industry, location, funding, and staff growth.
The provision of real-time data is done via an application programming interface or API that allows Ravio to integrate with a company’s existing HR software. It currently supports 28 HR tools, including Namely, Workday, and BambooHR. Designed by data science experts from Cambridge and Oxford, this give-and-take benchmark system aims to give companies the signposts they need to lure top talent in with competitive compensation packages.
Looking at the future
On April 28, Ravio announced that it was able to raise USD 10 million in funding from a seed round initiated by Northzone. This London-based early-stage venture capital fund is known for helping tech unicorn startups like HR automation tool Personio and e-scooter rental platform Tier Mobility.
With the funds, Ravio hopes to kickstart the solution of their “cold start” issue: they need to get enough users to generate aggregate salary data in the first place. That’s why Ravio will fully launch its analytics features only once it reaches critical mass. However, Ravio’s co-founders aren’t worried. It takes as little as 15 minutes for companies to register and provide compensation data of their own. Meanwhile, Ravio is speeding up the process by using information from major HR consultancies to add depth to their database.
On the whole, it can be challenging for companies to provide competitive compensation packages in today’s candidate-led market. With its data-first approach, Ravio is looking to change the game.