Workday, Inc. (NASDAQ: WDAY), a prominent provider of solutions that help organizations manage their workforce and financial operations, has announced a strategic partnership with Compa, the leading provider of software-delivered market data. This partnership will integrate Compa’s real-time market intelligence directly into the Workday platform, allowing companies to make more informed and competitive pay decisions that will attract and retain top talent. By replacing traditional, annual compensation surveys that can quickly become outdated, this move aims to address the pressing need for more dynamic and accurate compensation strategies.

The shift from yearly surveys to real-time data is essential in today’s fast-paced market. Joint customers will have seamless access to Compa’s live compensation data within the Workday platform, enabling HR teams and hiring managers to create competitive job offers with efficiency. Cristina Goldt, general manager of workforce and pay at Workday, noted that attracting and retaining top talent has become a critical challenge for companies. She highlighted that with this partnership, Workday customers would have the strategic advantage of making data-driven pay decisions that support their goals of securing and retaining valuable employees.

This collaboration promises to streamline various aspects of the hiring process. By having relevant market data readily available as hiring managers draft job offers and review job changes, companies can ensure their compensation packages align with market trends, reducing time spent on research and increasing their ability to secure the candidates they desire. Furthermore, organizations will be better equipped to align internal promotion pay with what they would offer new hires, enhancing employee engagement and motivation. The integration also supports pay equity initiatives by allowing companies to use current market data to implement fair compensation practices from the start, fostering a more equitable workplace.

Charlie Franklin, co-founder and CEO of Compa, emphasized the need for fresh approaches to remain competitive in the current labor market. He expressed that access to real-time compensation data is a vital tool that helps organizations make quicker, more informed pay decisions and improves their strategic edge.

Compa’s real-time market intelligence integration is expected to be accessible to Workday Human Capital Management (HCM) customers by 2025. This feature will be provided at no additional cost to joint customers, reflecting both companies’ commitment to providing advanced and value-driven solutions that support modern HR practices.

  Charlie Franklin, Compa, Cristina Goldt, HR solutions, human capital management, Workday