Seattle, WA – January 16, 2014 – PayScale, Inc. – the leader in cloud compensation data and software for businesses and individuals – today announced its intent to utilize expertise in crowdsourcing salary and career data to tackle a new set of problems – connecting career outcomes to educational choices.
“Today, we crowdsource salary data from individual employees and aggregate the data in cloud-based software for employers, who use it to align compensation with company strategy.” said Barnaby Dorfman, General Manager and Senior Vice President of PayScale Consumer. “We’ve collected more than 40 million extensive surveys to create the largest dataset on what factors determine pay. We are now creating services in the education space to help students and alumni maximize their return on investment in education; and help schools understand the impact they are having on career outcomes.”
To kick off its focus on education data, PayScale attended the second annual Education Datapalooza, hosted by the White House Office of Science & Technology Policy and the U.S. Department of Education in Washington, D.C. on Jan. 15, 2014. The Education Datapalooza brought together innovators from the private, nonprofit, and academic sectors who have combined freely available government data to build products, services, and apps that advance postsecondary education in creative and powerful ways.
PayScale attended the Education Datapalooza to:
1. Showcase its existing higher education reports and connect with other innovators who may be able to utilize this data for additional applications. Original research reports include: http://www.payscale.com/college-education-value-2013 and http://www.payscale.com/college-salary-report-2014.
2. Announce two new projects PayScale is collaborating on with other companies and non-profit organizations, which came to life at the Stanford Data Jam on Dec. 15, 2013. Both have working prototypes:
How’s My Offer? – How’s My Offer will enable students to compare college offer letters and empower them to negotiate a stronger aid package by addressing the knowledge imbalance that exists today. With this tool, students will make more informed college choices and be confident they are getting the best deal.
FindTomorrow.org – FindTomorrow will help students understand how their choices about education today (school, major, student loans, etc.) will impact their post-college life by giving them a glimpse into a possible future 5 years, 10 years, even 20 years after graduation (earnings, job satisfaction, monthly student loan payments, monthly budget, etc.)
“We’re thrilled that both the President and First Lady are so passionate about improving the access to and affordability of higher education,” said Lydia Frank, Editorial & Marketing Director for PayScale Consumer. “And, after all the amazing conversations we had during the Education Datapalooza, we’re seeing that the PayScale alumni earnings data has far more applications than we’ve realized to date.”
In addition to attendance from a diverse set of companies and organizations, special guests at the Education Datapalooza included: The Honorable Arne Duncan, U.S. Secretary of Education; Cecilia Muñoz, Assistant to the President, Director of the Domestic Policy Council; Todd Park, Assistant to the President, U.S. Chief Technology Officer; and The Honorable Daniel Tangherlini, Administrator, U.S. General Services Administration.
Creator of the largest database of individual compensation profiles in the world, containing more than 40 million salary profiles, PayScale, Inc. provides an immediate and precise snapshot of current market salaries to employees and employers through its online tools and software. PayScale’s products are powered by innovative algorithms that dynamically acquire, analyze and aggregate compensation information for millions of individuals in real time. Publisher of the quarterly PayScale Index™, PayScale’s subscription software products for employers include PayScale MarketRate™, PayScale Insight™, and PayScale Insight Expert™. PayScale’s cloud compensation software is used by more than 3,000 customers including Mozilla, Tully’s Coffee, Clemson University, and the United States Postal Service. For more information, please visit: www.payscale.com or follow PayScale on Twitter: http://twitter.com/payscale.