Paysa launches world’s first platform making employees smarter about their salary
Paysa, the world’s first platform to empower individuals to maximize their salary across the span of their career, launched today with $4 million in seed funding from NEA, Milliway Ventures and others. Powered by machine learning and big data, Paysa arms employees with the data they need to understand what they should be getting paid at their current job and explore how that could change based on a range of factors, like a new job, broader skills, or location move, enabling them to make informed decisions across the tenure of their careers.
Individuals have long endured the frustration of trying to understand if their salary at their current or prospective job is market competitive due to limited sources of information. Now with Paysa, a new father in San Francisco working at a startup with a compensation based mainly on stock equity can see in a matter of seconds what he would earn across his base, bonus and equity at a larger, more established company, or in a move to another city. An engineering manager with four years experience, and with ambitions to become a director, can use Paysa to quantify what she should earn at her company, and if unsatisfied, can explore other opportunities outside of her current job.
“Paysa was born out of the frustration with how little data employees have when it comes to salary negotiation or where to invest their time to add value to themselves, professionally,” said Chris Bolte, Paysa’s co-founder and CEO. “With Paysa, we aim to empower individuals with all of the data they need to make an informed salary decision and help move conversations with employers from an opaque one, to one of transparency and clarity.”
Unlike other tools on the market today, which rely on averages that factor in only education, location, and title , Paysa processes more than 10,000 variables and 30 million salary points to give individuals a personalized salary projection, which includes base salary, bonuses, and equity, to negotiate their next job, raise, or promotion.
Individuals can use Paysa to navigate their entire career path by discovering options like:
● Entry-level salaries they could land right out of school
● Salaries within their companies or at similar companies if they moved
● Compensation packages for private companies that are mainly equity based over public companies
● Skills to add to their career to increase their total market salary
● Models for moving to another city, the jobs available and estimated salaries for those jobs.
“We’re just beginning to see the power of machine learning, but never before has it been used to help employees measure what they can earn, nor has it let employers find the right candidate without having to rely on stale compensation data or insufficient employee comparisons,” said NEA general partner Kittu Kolluri. “What most excites us about our investment is the combination of the Paysa team’s deep technology background and their vision for empowering employees during the hardest part of any job negotiation: the discussion around salary.”
Paysa currently targets US-based software engineers building products across multiple industries and verticals. The company plans to expand into other professional categories and launch into international markets.