In an exclusive interview with Africa Talks Business, Telma tells us how they created The Workrate to fill a gap in the employee compensation market.
Tell us more about you and how your Journey Started, the company, and how its journey
started.
“TheWorkrate’s journey began to address a significant gap in the market.
With over a decade of experience in global compensation under my belt, I’ve witnessed
firsthand how companies operating in Africa struggle to access reliable, up-to-date market
salary data to attract and retain talent. Setting compensation is one of the hardest parts of running a business due to the complex and ever-changing external factors involved, such as industry standards, competition and regulatory frameworks – not to mention the emotions involved with pay. Without accurate data companies fall behind in offering competitive pay, facing higher turnover rates, lost productivity and stunted growth.
Thus, TheWorkrate was born and launched at the Founder Institute this year.”
Tell us more about the company vision and how it is making a positive impact
“TheWorkrate was created for African enterprises to efficiently compensate their workforce.
Our mission is straightforward: to simplify compensation across the continent.
Small and medium-sized enterprises (SMEs) form the backbone of African economies, but
access to pay related market intelligence is scarce (unreliable) or expensive. We want to assist
organisations by helping them manage their largest operating expense – people costs.
TheWorkrate’s self-service functionality allows for job matching and total rewards
benchmarking, so organisations see how they stack up and how to remain competitive. This
allows us to reach deeper and serve the needs of mid-size enterprises and organisations
across all sectors. Access to data in 2023 should be easy, but also adaptable to keep up with our fast changing economies and talent needs.
We’re excited to be part of a movement that supports economic growth in our region.”
How is TheWorkrate unique (from competition) and what impact does TheWorkrate hope
to make in Africa?
“TheWorkrate allows users to benchmark data and save time by doing complex analytics
without relying on offline manual analysis. The user-friendly design is suitable for users
without compensation expertise.
Additionally, the founding team are African compensation specialists with a combined 25 years
of experience. We understand the nuances of the region within our field and through our daily
lived experience. Gone are the days when solutions are developed without market knowledge
or market input/relevance.
TheWorkrate’s mission is aligned to UN Sustainable Development Goal 8 of promoting
sustained and inclusive economic growth, productive employment and decent work for all.
Equitable pay is at the heart of creating working environments that enable organisations and
employees to thrive.
We aim to empower emerging organisations across the continent to reward their people fairly
and equitably. In turn, this enables the engagement, motivation and retention of talent.”
How can we collaborate with the company?
“We aim to collaborate with organisations and HR professionals across Africa that want to be a
part of a compensation movement.
If you would like to experience our platform, visit www.theworkrate.com to sign up for early
access.”
Where can we follow TheWorkrate and get in touch?
“We would love to connect with pioneering organisations ready to help shape solutions across
Africa.
Please visit our website www.theworkrate.com to learn more about the platform.
You can also find me on LinkedIn.
Read about TheWorkrate’s Founder Institute announcement here.https://fi.co/insight/founder-institute-south-africa-produces11-new-technology-companies“
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