In Figures, you now have the option to enrich your salary band structure by importing External Market Data. This feature, complements Figures' default market data, filling gaps and providing a balance with other data sources.
How to import external market data
There are three ways to start the import process:
During set up, click on Import External Market Data.
While viewing salary bands, you'll find the External Market Data section in the right sidebar. Click on it, and if you haven't added any external market data yet, you'll be prompted to import.
At the top of the salary grid, there's a combobox for selecting Market data. Click on Import External Market Data.
All three methods will redirect you to the External Market Data Setup page.
Preparing your external market data
Once you're on the setup page, there are three initial steps to prepare your data:
Generate a template: Figures provides a template outlining the required format for the external market data import. This template includes a few mandatory fields that the system expects to find in your import file.
Importing a file: After you've formatted your external data according to the template, you can import it.
Naming and coloring: Assign a name and color to your external market data. This will affect how the data is displayed within the salary bands.
💡 We will provide a detailed list of the mandatory fields in the template in a separate section.
Mapping your data
After your external data is imported, the next step is to map it to your existing structure.
Level mapping: The first step is to map your levels, as defined in the Structure step, to the corresponding levels in your imported market data.
Job/location mapping: Similarly, you will need to map your job and location combinations to those in the imported data.
Once you have completed the mapping, your external market data is ready for use. You can now view and compare it alongside Figures' market data within the salary bands.
Next step
Salary bands are maint to pave the way to transparency at your own pace. Now that you've set up your compensation structure, discover the Benefits of sharing your salary bands across your organization.