As a leading-edge tech company that embraces being Empirical as one of its core values, Even Financial has always taken a disciplined approach to using data to inform and shape critical business decisions. Recently, they decided to bring the same approach to their workforce decisions.
Even Financial wanted to provide leaders with the information they needed to run their business units, manage and grow their teams, and make the best decisions for the company. In pursuit of this goal, they tried many options, including more spreadsheets and analytics dashboards in their HRIS.
But every time they pulled a report, they had to double and triple check the data because they didn’t have a comprehensive system that could reliably provide accurate reports to make data-informed decisions. Until their new Head of People found ChartHop.
Previously, Even Financial’s people data lived in various places, including the PEO through which they administered payroll and benefits and ad hoc spreadsheets – the latter of which was difficult to keep up to date and subject to human error.
This situation meant that department heads had no visibility into dynamic payroll implications as their teams grew. Instead, providing leaders with details about historical compensation adjustments as a way to support recognition and reward decisions for their teams was a manual, cumbersome exercise for Even Financial’s small People team.
In fact, the People team spent over 25% of their week answering requests from business leaders, such as “I’m opening a new engineering role. Do you know how much we’re paying the mid-level engineers on my team?” or “Can you share X’s last performance review and remind me how much of an increase we gave him as a result?” or even “X is asking for more equity, can you tell me how much she has already and where she is in her vesting schedule?”. These gaps in inefficiency were easily valued at over $500k per year across the organization.
These challenges only compounded as Even Financial began hiring at a more rapid pace and needed to keep track of an ever-changing organizational structure. Open positions often shifted in scope and priority, resulting in wasted hours of recruiting work, pipeline, and budgeting challenges. And when new team members did join, static, manually updated org charts in PowerPoint slides were laborious to keep up to date.
ChartHop is a comprehensive workforce management system that empowers business leaders to collaborate around workforce planning efforts, arming them with the data necessary to examine how various changes impact the business.
ChartHop enabled Even Financial to overcome these challenges by making data centrally available for leaders across the organization, and doing so in a way that the team could rely on.
Specifically, Even Financial was able to easily integrate all of their people data into ChartHop to provide a centralized source of truth. And the fact that ChartHop would bring in this data automatically meant that the team could always trust it was up to date. Finally, granular access controls allow the People team to easily control who can see what to keep sensitive information private.
First, Even Financial’s People team built a dashboard for each business leader to arm them with reliable data to answer the questions they ask most often. These dashboards meant that leaders could easily get the answers they needed without having to go through the People team.
According to Chris Schellens, Director of Strategy at Even Financial, this reliable and accessible data has made all the difference. He shares: “ChartHop is a great, intuitive, and helpful resource. I always know where to look for quick, up-to-date org charts and the self-serve access to data makes understanding complicated benefits (like equity vesting and valuation) easy.”
Importantly, this access to data has benefited more than just Even Financial’s team leaders. It’s also allowed the company’s Finance team to get the answers they need to better support the entire business.
“ChartHop enables me to obtain company-wide information faster and more efficiently. Having the ability to pull historical information myself has been very helpful in performing financial analysis,” explains Madi Dinaso, Financial Analyst at Even Financial.
Next, ChartHop helped Even Financial bring data to their workforce planning efforts to drive more informed decisions.
ChartHop’s scenario building functionality allows for a thorough examination of how various workforce changes across the organization might impact the business from a cost, skillset, resource allocation, and collaboration perspective. Leaders can easily build their own scenarios and then complete a thorough review and budgeting process to make sure that open positions are appropriately scoped, prioritized, and budgeted.
This strategic planning powered by ChartHop helped Even Financial cut external recruiter fees by over 50%, significantly reduce their average time to fill for new roles, and ensure that actual payroll increases don’t exceed annual budgets. If Even Financial had ChartHop when they scaled the team by 3x in 2019, they could have saved at least $400k.
Weifang Zhu, SVP Growth and Operations at Even Financial, says: “ChartHop allows for a time series view of our workforce and easily allows leaders to see how company resourcing needs change over time. This allows me to forecast future headcount and spend changes. Additionally, its many integrations provide a holistic understanding of our workforce’s compensation and benefits in one centralized repository.”
For a company like Even Financial that focuses on data-driven decisions at every turn, bringing this level of information and insight to its People function means everything.
Now, everyone from the People and Finance teams to business leaders has easy access to the information they need to answer common questions and power more informed decisions. And they can trust that the data at hand is complete, accurate, and up to date.
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