NEW YORK, April 16, 2018 /PRNewswire/ -- CompIQ, an enterprise software platform that provides investment management firms with real-time compensation benchmarking and related compliance services, today announced the launch of the second version of its enterprise platform after extensive customer feedback.
CompIQ's initial focus has been on real estate, venture capital, private equity and hedge funds. The company will soon expand to cover traditional asset management and financial services more broadly. The company is led by CEO Adam Zoia, founder of Glocap Search, a premier search firm known for serving the specialized recruiting needs of clients in the investment management industry.
"CompIQ was formed to empower organizations with the data intelligence to value its people and the toolkit to ensure pay equity compliance," said Zoia. "The launch of the second version of our product with enhanced reporting and compliance tools is timely. Lawmakers across the country are aggressively moving to ensure pay equity and to enforce existing and new pay equity laws. As part of those efforts, salary history inquiries have been made illegal in several jurisdictions thereby making the need for real-time compensation benchmarking data such as that provided by CompIQ even more important. Our enhanced enterprise product will help companies navigate this new regulatory regime."
In addition to leading CompIQ, Zoia is also a Co-Founder and Executive Chairman of Stella.ai, a shared talent network for Fortune 500 companies that utilizes artificial intelligence to redirect job seekers to jobs where they are best suited. It was at Stella that Adam saw the possibility of applying machine learning to Glocap's twenty years of compensation data in the executive search industry. For years, compensation has been driven off job titles that rarely allow for accurate like-for-like comparisons. CompIQ utilizes an employee's roles and responsibilities, not just titles, along with a host of other data to benchmark employee compensation which results in more relevant comparables and ensures appropriate compliance documentation.
"In the high stakes world of financial services, compensation decisions need to be carefully documented and justified to avoid claims of inequity," continued Zoia. "Overall the level of documentation and type of justification that most funds maintain is far less sophisticated than the mathematical modeling and substantial investment in data that they deploy in making investment decisions. This disparity should be narrowed given the materially heightened legal risk relating to pay equity laws. CompIQ changes the equation for the benefit of the employer and employee alike."
With the launch of the second version of its flagship product and with the company's substantial traction, Zoia has stepped down as CEO of Glocap to run CompIQ full time but will remain Glocap's Executive Chairman.
Joining Zoia at CompIQ is a management team of seasoned Silicon Valley and Wall Street veterans and elite data scientists.
CompIQ provides employers an immediate and accurate analysis on how much employees should be paid based on multiple variables including AUM, performance, staffing intensity, peer group competitive dynamics and that employee's roles and responsibilities. The company combines machine learning with an extensive database of individual compensation numbers to create the investment management industry's most intelligent compensation platform. The platform also has an extensive reporting module and creates and records the documentation required for compliance with the new pay equity laws.