If you’re not familiar with FairSetup, there’s good reason: they’re fairly new to the HR Tech market. If you are familiar with them you might be wondering what they have to do with the interview process.
FairSetup is an innovative tool that applies predictive data and analytics to the performance review process while encouraging more internal communication. It determines an employee’s impact to an organization through short-term review cycles and helps to align that with a more transparent compensation structure.
What is impact as determined by FairSetup? Impact is generally a function of time, level of expertise/seniority, and performance. Impact grows over time until it reaches the maximum for the current level of expertise and, once employees leave, their impact diminishes over time until it reaches zero.
Used as a standalone product or as a compliment to your current HRIS system, the platform enables companies to see what an employee’s current contribution or impact is as well as their potential contribution over time. You can compare employees, use it to help determine and track bonus and incentive payouts, or even to determine equity shares. Since the platform is still developing, we’re sure many more applications for its use will grow over time.
We think it’s an interesting tool to also aid in the internal interview and promotion process as well as to help put data behind your teams performance to see when you may need to add or subtract to your head count and to evaluate the levels your current team is performing at.
Great evaluation is always necessary to forecasting your talent needs and FairSetup applies a unique approach to the employee evaluation process that is simple, smart, and encourages open communication among teams.
- FairImpact: Performance Management System that calculates the Impact of each employee.
- FairPay: Bonus Distribution Calculation Module that integrates with FairImpact to calculate payouts
- FairShare: Profit-Share Calculation Module that integrates with FairPay to connect payouts to company performance.
- Reinforcement of Collaborative Team Calibration: an open and transparent process that is integrated into regular team meetings to structure communication, align and engage the team, collect data, and calculate impact
- Self-throttling is a consequence of FairSetup deployment and stands for the idea that team members can throttle expectations to match personal circumstances
- Easy to read Charts and Graphs to review data
- Cloud-based Platform (No software downloads required)
- Bell Curve Life-Cycle: Indicates employees impact to an organization from day 1 to after they’ve left the company, showing how impact grows and declines over a given time period.
- Employment Branding and Customization (optional)
Getting started with FairSetup is quick and painless if you don’t have a lot of customization needs that deviate from the current model. An account representative can create your log-in account and have you up and running within a few hours to a few days from the time you come onboard.
Once logged in you are taken to a dashboard where you can see your companies, companies you are a part of, and companies that you can observe (we’ll get to more on observing shortly.) This can be especially useful if you happen to run a handful of small companies or departments. And, again, it can also be customized to your needs.
When you select the company you wish to view, you are taken into another user dashboard which showcases the employees within that company in whichever chart or graph of your choosing. Once you scroll past the chart, you can see a list of users/employees that provides their current impact score to the organization, title, level within their position, their self-throttle percentage, and their evaluation level.
You also have the option to toggle on/off only active users in case you have turnover within your organization and would like to only see those who are currently employed with you. (Remember, FairSetup also shows the impact of an employee after they depart an organization so their profile remains active on your dashboard.)
From the user area you can go directly into the group evaluations to log the evaluations for your given time period (weekly is recommended, but you can determine your own evaluation cycles) or add new users.
Where does this data you input come from you might ask? Each review cycle data point is gathered from team or individual meeting and then is entered into the formulas running in the background of the platform to generate cumulative impact value.
Below the user area is also a payment area where you can input payments (which the tool will calculate target payments for you based on impact) or view payments that had already been made to employees.
Right now users must be input one at a time as there is no import feature within the tool. This could be a little cumbersome upfront to take the time to do this if you have a lot of employees, however, the company will work with you to import them via various file types if you see this as an issue.
We enjoyed the option to see click through the various chart options: Dynamic Pie, Line, Stacked, and Cumulative to see how users compare. FairSetup even put in a fun touch of friendly cat that pops up, in case you’re waiting on a page to load; we almost didn’t spot it the first few times until our internet connection slowed and it smiled at us between shifting charts. Sometimes it’s the little touches that brighten your day.
We also like that you have the option to print or export the charts which is a great feature for incorporating the data into company or investor presentations.
There are not currently a lot of different places to go from the dashboard which makes the tool very straight forward. Had we not had the demo/training from FairSetup, we feel we could have easily walked ourselves through using the tool and figuring out where to go—although the training does help you to see the additional implications for the tool.
First, there is a quick Rebuild tool which is utilized if you’ve made adjustments to the User Levels within the settings. FairSetup already has the platform loaded with pre-determined settings such as Intern, Associate, Partner, etc., but can adjust them to fit your needs or you can customize the levels yourself within the settings.
This provides for flexibility to your employment hierarchy and helps establish each user levels expected contribution to the organization.
You can also adjust the performance evaluation scores within the settings. Their pre-loaded evaluation levels are standard and easy to understand and apply.
The self throttle adjustments may be what will throw most new users off as this is a term that you may not be familiar with, but becomes very useful over time as you lean the applications of the tool. (see the features section for explanation of self-throttling).
Then there are basic functions such as assigning user access as well as observation rights within the settings.
Overall, the tool focuses on the data without a lot of bells and whistles. Anyone familiar with agile methodology should find it comfortable to adapt to.
Part of the focus of the company is to help organizations move away from lengthy review processes in an effort to focus on the human conversation creating a positive impact for company culture and moral. The tool definitely marries the industry’s desire for data and metrics well with the social initiative of creating more transparent work environments.
The trickiest part of the tool will be in the actual utilization of it; creating the internal culture to have more open conversations between employees and managers and teams on a regular basis. If this can be accomplished the tool will help evaluate the rest and no one has to wait six months to a year to see how they’re performing.
It also helps avoid any biases towards short-term successes or failures that may feel weighted when they occur near an annual evaluation period, if the tool is used consistently.
The tool does the background work for you, but it’s still up to you to transform your company culture. But with something so adaptable and ready to use at your finger tips, modifying behaviors of performance evaluations seems like it could be a no-brainer if you looking at the data FairSetup provides (and like what you see.)
FairSetup has an east (Cambridge/Boston) and west coast (San Francisco) company presence and will try to respond to any help request within 24 hours or less to resolve issues with the platform.
Initial client implementations will include a set number of training and support hours to make sure you’re effectively using the platform to its full potential.
If you happen to be local to one of their offices, you can expect these to be complementary on-site training, but don’t worry if you’re not: They also offer remote support via online meeting tools to get your up and running or will be onsite if clients are able to arrange to cover reasonable travel costs.
There are no 24-hour support lines here, but what you do have is a young, nimble company that is willing to go out of their way to makes sure your needs are met. The company will also work to customize the platform for its clients if necessary from branding to additional features.
Many of their current and future updates are from client requests and platform and feature improvements are on-going. Expect it to continue to shape and evolve over the next year to provide an even better user experience as new and improved features are being released as soon as they are tested and ready.
The cost to utilize the platform runs around $50/user per month plus a one-time implementation fee based on the level of customization required by the client. The company is so confident in their product that there are no annual contracts to sign–you can cancel service at any time.
For larger organizations, customization of the platform, or unique usage requirements, the company is willing to work with potential clients towards a pricing model that fits your needs.
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