LAS VEGAS, NV–(Marketwired – Oct 20, 2015) – Today at the HR Technology Conference, PayScale, Inc., the leader in cloud compensation data and software for businesses and individuals, announced a set of new features designed to simplify the process of managing talent across an organization. The new features automate time-consuming manual tasks associated with determining benchmarks and individual salaries for every position at a company. In keeping with PayScale’s “Back to the Future” theme at the conference, the company also announced new enhancements which allow HR professionals and business leaders to easily review the effectiveness of past compensation programs and also quickly build and evaluate various models for the future.
“It’s astonishing that many functions associated with getting pay right are still tackled using pen and paper, rudimentary spreadsheets, or they are outsourced to expensive salary consulting firms because the process is so time intensive. Our customers want automated analytics solutions that are cost-effective to bring compensation management into the modern era,” said Dave Smith, Chief Product Officer at PayScale. “In response, we are offering a robust platform that requires less effort to get real time insights about compensation so, ultimately, managers can make better decisions to attract and retain the right talent at their company.”
New Technologies Offer a Simpler Process and Provide More Confidence
PayScale’s new features which are designed to ease processes associated with compensation management and help HR managers make better decisions include:
- Easy job matching – New job matching features use PayScale’s real-time data to transparently show managers which factors are driving pay for each job. Because many providers of traditional salary information don’t reveal how compensation data is generated, managers using PayScale can be more confident they are making the right compensation decisions.
- Fast onboarding – In contrast to the long and arduous implementation process for some HR solutions, PayScale’s onboarding features allow managers to add jobs and get initial salary matches quickly and easily. This allows HR managers to begin pricing jobs and better understand market trends right away.
- Advanced modeling, testing, and experimentation tools – A new, live test environment allows users to easily build compensation models for specific departments, physical locations or job families across the organization without impacting their real world compensation or budgets. PayScale presents the models in a highly visual format so businesses can experiment with various scenarios side-by-side to make better compensation decisions both today and into the future.
- New compensation snapshots – The new ‘snapshot’ feature provides immediate insights into performance of previous compensation programs and decisions, so businesses can more easily determine which aspects were effective and which require further refinement. This historical view (i.e. six or 12 months ago) of compensation provides HR professionals with more context when developing new compensation programs.
These features from PayScale allow new customers to benefit from compensation insights almost immediately, while existing customers are better equipped to plan for the future. To learn more about PayScale’s modern approach for simplifying compensation management, please visit: www.payscale.com.