NYON, SWITZERLAND—beqom, a provider of total compensation management solutions, has released beqom BYOM, a “bring your own model” (BYOM) solution that allows companies to use their own regression-based machine learning (ML) pay prediction models to automate and facilitate more efficient, intelligent, and fair compensation recommendations.
Integrated directly into the compensation planning environment, beqom’s BYOM enables HR and managers to make more data-driven decisions about pay, such as determining the right salary for a new job offer or the right amount for a merit increase or promotion for an existing employee. The model uses multiple employee, business, and market attributes to determine a fair, consistent, and competitive pay range for each employee.
Why large organizations need BYOM for pay prediction
With beqom BYOM, data scientists and IT professionals can import or design their own proprietary models more efficiently to handle any business case with a flexible and powerful ML engine. They can assign their ML models to the appropriate eligible populations, plug them into their data set, and train the models on existing cleaned data integrated from various sources.
Being able to run pay prediction within the compensation system provides a seamless user experience with direct access to data-driven pay recommendations for more accurate decisions. It also eliminates the need to manage a costly and time-consuming additional data integration project. The solution enables a company to run an unlimited number of models against their data, to accommodate the realities of a large organization with multiple countries and currencies, varying data models across business units, or differences in data quality.
Compensation plan management is about complex rules with multiple variables, including custom and sophisticated calculations and exception handling. All need to be processed at the employee level. This is even truer within large international enterprises.
“beqom was well positioned to incorporate AI into the compensation process, because it was already built on a sophisticated rules engine and designed to house a robust data set,” says Tanya Jansen, beqom co-founder and CMO. “From the beginning, beqom had the computational abilities to provide automated individual recommendations to support HR and line managers in making data-driven decisions regarding compensation. This put beqom in a natural position to move to a full ML platform able to address any complex modeling scenario, allowing customers to drastically increase productivity and make optimized, bias-free pay decisions.”
beqom is a unified total compensation platform — managing compensation, employee performance, sales performance, pay equity, and recognition all in one place. beqom makes it easy for HR teams to handle every aspect of total compensation management at scale by empowering HR leaders to personalize compensation strategies with their organizations' needs. With beqom, employees understand their value, perform at their peak, and are rewarded fairly for their contributions.