PayScale and MarketPay Team Up to Ensure Companies Attract and Retain the Right Talent
Modern compensation software company adds survey management solution from respected compensation and data management firm to address the talent management needs of enterprise customers
Seattle, WA – April 21, 2016 – Today, PayScale, Inc., the leader in modern compensation software, announced it will merge with MarketPay, a company offering technology-enabled services for managing multiple sources of compensation survey data. PayScale, a Warburg Pincus portfolio company, will incorporate MarketPay’s advanced data management and market pricing applications for large organizations into its line of innovative compensation management solutions designed to help businesses get pay right for their employees. PayScale will continue to provide support for MarketPay’s On-Line Market Pricing System, utilized by 650 enterprise customers including 200 of the Fortune 1000. Following the merger, PayScale will have more than 5,000 customers, managing pay decisions for ten million employees at small, medium and large organizations in almost every industry.
“Organizations are challenged to manage more data sources than ever to inform their decision making around compensation. These customers are turning to MarketPay to glean deeper insights from multiple sources so they can compete effectively in hot talent markets and get a better return on their compensation investments,” said Mike Metzger, President and CEO of PayScale. “MarketPay has a proven track record of providing state-of-the-art analytical tools and excellent customer service that allows enterprise customers make difficult decisions around pay. As a result, they’re the perfect partner as we bring PayScale’s modern compensation solutions to global companies that are looking for data driven insights on talent markets.”
“Our team has decades of experience working with organizations to develop compensation programs that attract and retain the right employees and—ultimately–drive better business results,” said Mark Avery, CEO of MarketPay. “We’ve built our technology and services to be compatible with traditional compensation survey data and we’re excited to work together with PayScale to accelerate the development and delivery of leading-edge solutions for our mutual customers.”
Founded in 2000 by Mark Avery, MarketPay has created a unique and powerful suite of applications and services for pricing talent markets. These solutions are designed to manage the process of participating in traditional compensation surveys and offer visualizations of increasingly nuanced insights from data related to compensation across industries, geographies and job types. The company supports its services with deep expertise in both compensation management and data analysis, helping enterprises achieve a better return on their talent investments.
“In our knowledge-based economy and competitive talent market, it’s more important than ever for businesses of all sizes to get pay right,” said Holger Mueller, VP and Principal Analyst, Constellation Research. “Machine learning, sophisticated algorithms and big data analytics are now used to provide insights into many aspects of business, so it makes sense that companies will also want the benefits of integrating many data sources to more effectively manage the biggest asset in the knowledge economy–their people.”
In a year that has seen unprecedented media coverage of pay issues from women’s pay equality to the emergence of a $15 per hour minimum wage, as well as heightened public policy interest in the value of work and its effect on the future economy, PayScale has emerged as an important, data-informed voice frequently providing data and commentary to media outlets from the Huffington Post and CNN to the New York Times and Harvard Business Review.
MarketPay’s employees will join the PayScale team and will continue working in Denver and other North American locations. Financial details were not disclosed.
PayScale offers modern compensation software and real-time, data driven insights for employees and employers alike. More than 6,000 customers, from small businesses to Fortune 500 companies, use PayScale to power pay decisions for more than 13 million employees. These companies include Dish Network, Getty Images, Skullcandy, Bloomberg BNA and Time Warner. For more information, please visit: http://www.payscale.com or follow PayScale on Twitter: http://twitter.com/payscale.