Improving Cross-Functional Collaboration and Comp Cycle Self-Service
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Summary
Assemble enhances TaxBit’s employee compensation practices
TaxBit experienced a rapid headcount increase complicated by multiple office locations, and an overall lack of visibility caused confusion regarding compensation. TaxBit leveraged Assemble to provide a single source of truth so multiple departments and managers could easily collaborate and make strategic decisions around employee compensation.
“As a startup, we were looking for a tool that would help us be data-driven as well as responsible in how we approach compensation and build our comp philosophy. Assemble checked all the boxes for us.”
Richelle Medellin
-
Head of People and Culture
“We’re not guessing where all the information lives and what’s right. We’re able to make smarter hiring decisions and smarter merit increases since we have a central place to warehouse our data. It’s updated in real time, and it really helps bring the data to life.”
Lydia Coffey
-
People Business Partner
background
TaxBit’s rapid growth resulted in inconsistent compensation practices
Painpoints
- No single source of truth for compensation data
- Insecure system for sensitive data
- Inability to collaborate across departments
As TaxBit’s headcount grew, it struggled to maintain clarity across its internal hiring and compensation practices. But TaxBit’s growth wasn’t limited to its headcount. They also added five locations, complicating compensation decisions even more.
At first, TaxBit kept compensation data in spreadsheets. “The problem was that people ended up making their own copies,” said Lydia Coffey, People Business Partner at TaxBit. “There were multiple copies surfacing, and we didn’t know which ones were the source of truth or how to keep the data protected.”
Hiring managers and stakeholders from departments like Finance and People needed to be able to collaborate on compensation data, but this was impossible when each department was using different information.
Challenge
Multiple sources of truth lead to lack of clarity
Painpoints
- Poor decision-making
- Lack of data-driven insights
- Lack of visibility
Without a single source of truth for its compensation practices, decisions were made on the fly. “We were just throwing spaghetti at a wall to get pay ranges. I know we lost some people due to lower compensation, because we were making offer decisions based on nothing but feelings,” said Coffey.
Department leaders would sit down with the CEO and his copy of the compensation spreadsheet, making adjustments when needed. But increasingly, visibility became important to ensure collaboration and budget compliance across the organization.
The spreadsheet method of tracking compensation was unreliable and unsustainable. TaxBit needed to bring clarity to its compensation to ensure it could hire and retain the quality employees it needed to sustain its growth.
TaxBit started looking for a compensation management platform and Assemble immediately rose to the top of the options, especially since it integrates with their HRIS Paylociy. “We looked at other solutions, but they just weren’t comparable at all to what Assemble brings to the table,” explained Coffey.
Assemble makes compensation strategic and simplifies every step of the process. Salary bands for roles establish parameters to guide hiring and merit increase decisions. Taxbit configured Assemble to implement a geographic-based compensation strategy, that ensures candidates receive fair and equitable compensation for the location where they work, while helping the company control costs by hiring strategically.
A single source of truth for compensation data guarantees the Finance, Recruitment, and People departments can make decisions based on the same set of information. Managers can make compensation change requests directly in Assemble, and the platform holds all of the information the Finance Department needs for the approval process.
Assemble empowers managers to have thoughtful conversations with their employees and provides the data to ensure employees receive equitable pay raises. “We can make sure that if people aren’t advocating for themselves, we at least have a view on where they should be so their managers can advocate for them too,” says Coffey.
TaxBit started looking for a compensation management platform and Assemble immediately rose to the top of the options, especially since it integrates with their HRIS Paylociy. “We looked at other solutions, but they just weren’t comparable at all to what Assemble brings to the table,” explained Coffey.
Assemble makes compensation strategic and simplifies every step of the process. Salary bands for roles establish parameters to guide hiring and merit increase decisions. Taxbit configured Assemble to implement a geographic-based compensation strategy, that ensures candidates receive fair and equitable compensation for the location where they work, while helping the company control costs by hiring strategically.
A single source of truth for compensation data guarantees the Finance, Recruitment, and People departments can make decisions based on the same set of information. Managers can make compensation change requests directly in Assemble, and the platform holds all of the information the Finance Department needs for the approval process.
Assemble empowers managers to have thoughtful conversations with their employees and provides the data to ensure employees receive equitable pay raises. “We can make sure that if people aren’t advocating for themselves, we at least have a view on where they should be so their managers can advocate for them too,” says Coffey.
Results
A single source of truth enables transparency and trust in compensation decisions
50%
of managers logged into Assemble on a monthly basis
With Assemble, TaxBit’s Finance and HR teams can now easily collaborate, along with Managers across all 12+ departments. “There’s more trust in decisions made regarding raises and initial offers. People can trust the fairness of our compensation practices,” said Coffey. Recruiters can access Assemble to see realistic budgets for every role, and the Finance team can approve requests directly within Assemble, streamlining every step of the compensation process.
Since implementing Assemble, 50% of managers have logged into Assemble on a monthly basis. During the most recent compensation cycle, hundreds of compensation changes were requested - all while using 0 spreadsheets.
Given Assemble allows customized access to data, managers can transparently access the information they need. “This compensation cycle is the first time we’ve given access to all managers to see the compensation for their whole department,” said Coffey. “The feedback we’ve gotten has been positive. It better equips them and prepares them to have conversations with their people around merit, promotion, and retention.”
Finally, TaxBit was also able to leverage Assemble's advanced budgeting functionality, enabling Finance to control requests and keep the approved compensation changes within the appropriate budget guidelines.
With Assemble, TaxBit’s Finance and HR teams can now easily collaborate, along with Managers across all 12+ departments. “There’s more trust in decisions made regarding raises and initial offers. People can trust the fairness of our compensation practices,” said Coffey. Recruiters can access Assemble to see realistic budgets for every role, and the Finance team can approve requests directly within Assemble, streamlining every step of the compensation process.
Since implementing Assemble, 50% of managers have logged into Assemble on a monthly basis. During the most recent compensation cycle, hundreds of compensation changes were requested - all while using 0 spreadsheets.
Given Assemble allows customized access to data, managers can transparently access the information they need. “This compensation cycle is the first time we’ve given access to all managers to see the compensation for their whole department,” said Coffey. “The feedback we’ve gotten has been positive. It better equips them and prepares them to have conversations with their people around merit, promotion, and retention.”
Finally, TaxBit was also able to leverage Assemble's advanced budgeting functionality, enabling Finance to control requests and keep the approved compensation changes within the appropriate budget guidelines.
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“We’re not guessing where all the information lives and what’s right. We’re able to make smarter hiring decisions and smarter merit increases since we have a central place to warehouse our data. It’s updated in real time, and it really helps bring the data to life.”
Lydia Coffey
-
People Business Partner
About TaxBit
TaxBit is the leading tax and accounting solution for the digital asset class, designed by CPAs and tax attorneys. Its platform caters to top exchanges, businesses, governments, and individuals in the industry. TaxBit automates regulatory tax and accounting compliance hurdles, paving the way for the widespread adoption of digital assets at scale.
“As a startup, we were looking for a tool that would help us be data-driven as well as responsible in how we approach compensation and build our comp philosophy. Assemble checked all the boxes for us.”
Richelle Medellin
-
Head of People and Culture
About TaxBit
TaxBit is the leading tax and accounting solution for the digital asset class, designed by CPAs and tax attorneys. Its platform caters to top exchanges, businesses, governments, and individuals in the industry. TaxBit automates regulatory tax and accounting compliance hurdles, paving the way for the widespread adoption of digital assets at scale.
Highlights
Painpoints
Key Results
The Challenge
Requirements
The solution
50%
of managers logged into Assemble on a monthly basis
+
Partnership Impact
“We’re not guessing where all the information lives and what’s right. We’re able to make smarter hiring decisions and smarter merit increases since we have a central place to warehouse our data. It’s updated in real time, and it really helps bring the data to life.”
Lydia Coffey
-
People Business Partner
Discover why thousands of others have chosen Assemble.
Assemble is a compensation management platform for forward-thinking organizations. We help companies make systematic compensation decisions to attract, motivate, and retain employees while eliminating inequitable pay.
