To the rest of the market whereas your let’s say your sales team have got a very high attrition compared to the other salespeople in the market right then you’re.
Doing a much more nuanced dive into the data and then you can target decision.
Making much more effectively so yes sir for an organization of you know 10 people who wants to become 50 people yeah how useful is that I think the having the compensation data that’s driven from other live current.
Startups helps it helps a to make a decision around am I going to pay market am I going to pay over the others because I need to hire quickly in any tight certain talent am I going to pay under the odds because I think we’re great.
At developing people and I don’t need to pay over.
The odds at the moment they’re making that decision in a vacuum or they’re using very inaccurate data that’s available publicly that’s again publicly reported data um so we’re giving them much more nuanced data where they can really look at see okay two year experience data scientist in Singapore this is what the rest of.
The market is paying therefore I can make that decision so if.
Compensation is an easy one to talk about yeah sure.
There’s a lot more there’s a longitudinal journey as well are you employing this on yourself as well and your.
Organization practice exam but I mean just curious like your insights because what I want to ask you is and how do you sort of like challenged your own assumptions by looking at their data because even though you consider yourself.
An analytics person you’re gonna make human decisions well you know actually I know this and I do this all the.
Time look back on something no I was wrong is the data told me I was wrong even though twenty years down the line I should know better yeah and finally I don’t think of myself as an analytics person yeah I don’t think of myself as you know HR manager or entrepreneur yeah BD guy and I and I just happen to really.
Trust the analytics and I know that you need to have that to back up your decisions but I think that’s what I’m still also very careful to I try to sort of always give the founders.
Business leaders the benefit of the doubt that they are making the right decision for their business but it’s just they’re not understanding the impact that’s going to have.
On their people and then if I give and give them better data they understand the impact of those probably correct business decisions then they can then account for them you know do the follow-up to mitigate the.
Negative impact on their people so I suppose I’m I’m not saying that you know and you have to make all your decisions based on the the people numbers but yeah I mean in terms of challenging.
Own my own assumptions I I suppose.
Because I’ve had such a a journey of using the.
Data I tend to look at the data and then go what is it telling.
Me and then I’ll kind of train myself let me make it easier for you like I mean in an organization of our size that’s 7 mm-hmm without knowing anything.
About me and my business and how I run it and how we as a team on it I’m just assume I’m I’m the average startup entrepreneur with all my fireballs and you know like weird idiosyncrasies of being a founder I want to be Steve Jobs etc just assume that I’m like that organization of seven people if I was to use a platform like.
This wall what do where are the sort of like the quick wins what you think would happen in compensation is definitely win I mean it for an organization that’s very small very young the the the easy use of panel it for startups is.
To look at that compensation number and to be able to get to a very granular level of detail around I need to hire again I need to hire a data scientist no reason I choose that role because that’s the great example of a role where the salary is changing incredibly ugly in the market it’s.
A very small talent pool you need to make the right decision.
And so absolutely for early-stage startups.
I would I would say you’re the reason you’ll go to panel.
It initially is to start looking at am I paying people right.
For where we are for who we where we are as stage of the company where we are location wise and when what that person’s roles and skills are but what I’d.
Hope is that over time as you sort of run the business through for the next you know year two years three years you’re gonna be plugging the data is going to be plugging in will built an API to your payroll provider or whoever wherever we get the data from and.
Then in two or three years you’ll look back and you’ll have that history and maybe at that time you’re 50 people but you’ll have a track record of what your decisions as.
A as a leader you make let’s say performance decisions about your staff what what impact those performance decisions had on people’s likelihood of staying or you may you gave people salary increases and did that make.
People hire perform hire or not actually most data shows that bonuses don’t result in hire a treasure in in in high retention yeah and salary increases don’t lead to higher performance yeah so what does you know generally its engagement generally it’s how much time you spend with your with your people but can you quantify that can I you know.
Do I have to tap in like how many hours I spent with my team this month if you I mean it would be great at some point I would.
Advise any any founder to run an engagement survey on a really regular basis not because when you’re five people not because you don’t know how those five people are.
Feeling it gives you a baseline so that when you’re 50 people yeah you know what good looks like or you know what a.
Sense you have a sense of what five people are feeling and you lose that sense when it’s.
50 people but when you can look back and say well.
Five people our engagement scores look like this people responded.
To these 10 questions in this way across the team and as it grew some things we’ve gotten better at and something’s gotten worse at those scores have have improved or declined over time and with the important thing about engagement scores is the score itself means nothing it’s the change in the time examining something yeah and then again when you as a founder you have the organizational history you’ll look back and you’ll see when.