PayScale Announces 21st Century Benchmarking and Talent Valuation Application
PayScale Insight displays organization's internal pay structure alongside current market rate data feeds from PayScale's global compensation database
Seattle, WA, - June 23, 2008 - PayScale, a market leader in online compensation and benefit information, today announced the availability of PayScale Insight. PayScale Insight is an online compensation data analysis and reporting application that enables HR/Comp professionals, in small, medium and large companies looking to bench mark hot segments of their workforce on a more frequent basis, to easily analyze and work with PayScale compensation data from within a single online application.
The availability of a web-based suite of compensation tools like PayScale Insight is a crucial ingredient in helping business leaders manage talent and make strategic HR decisions. For example, a marketing driven enterprise will want to identify, recruit and retain - with compelling and market appropriate compensation packages - the finest marketing talent in the world. Similarly, a company where technology is the differentiator will want to provide engineers and developers with the most fresh, current, and accurate compensation package. Because of its unique web collection approach, sound data analysis methodology, and easy user interface, PayScale has become a valuable link between the technology driven economy and the global war for talent.
"PayScale Insight differs from current market offerings because it seamlessly integrates a real-time data feed into a compensation application," said Debbie McGrath, President and CEO of HR.com. "PayScale Insight answers the call from business executives across the globe for a technologically innovative and strategic job benchmarking and talent valuation system that puts to rest the time consuming effort of traditional market survey's and studies," said McGrath.
What makes PayScale Insight unique is allowing users to define their positions and employees in detail and market price those definitions rather than matching to a generic job description. Users will gain increased accuracy/relevance of compensation data compared to traditional market surveys by using dynamic profile builders that enable tailored market data matched to an organization's unique position and employee profiles. PayScale Insight benefits include:
- Highly detailed compensation data that includes the compensable factors that define pay for each position: experience level, skills, certifications/education, demographic data, etc.
- Ability to adjust/match criteria to reflect specific organization type, location, industry, and size. (The ability to adjust/match the criteria is about the application, not the data)
- Ability to match an employee's unique profile to like individuals, independent of specific job title. (The ability to match a profile is about the application, not the data)
- Instant online access to current market rates, no more than 365 days old
- Hard to find data not captured by traditional salary surveys (attorney pay, odd-job pay, small company pay, private company CEO/Exec pay, IT-centric position certifications, how many bed a nurse covers in a shift, how many hours a pilot flies per month, etc)
- Individual-specific data not captured by traditional salary surveys (other jobs, school attended, demographic data).
- Easily spot pay issues before they become crises; grade structures that are out of line with market, positions in industries with fluctuating pay, employees that are flight risks or have out-of-band salaries.
"PayScale Insight addresses the needs of companies needing to reduce the workload and inaccuracies related to conducting compensation benchmarking studies," said Mike Hayes, Vice President, PayScale Professional. "The 21st Century business climate has organizations of all sizes competing globally for talent. PayScale Insight helps level the playing field by, efficiently and simply, providing easy-to-use tools for mapping an organization's unique positions and/or employee profiles to the organizations pay strategies."
In October 2005 PayScale introduced a limited edition of PayScale Professional to HR professionals. Today, PayScale Professional is used by over 3,500 organizations to instantly access PayScale's compensation database.
PayScale's Employer Compensation Reports include all the data typically found in a standard salary survey plus unique data, unavailable elsewhere: Data on how job-specific skills, certifications, education, and years-in-field directly affect a position's pay. With daily updates from the world's largest real-time online salary survey (7,000 - 10,000 new profiles everyday), HR and compensation professionals can instantly access pay data that truly matches their organization (their organization's size, type, industry, location, etc.) and their employees (their employees' length of service, skill sets, certifications, etc.).
PayScale, Inc. runs the industry's largest online compensation survey with over 10 million unique user profiles. PayScale provides organizations with instant access to accurate salary data that includes never before available information on pay influencers such as years in field. This data is specific to your company's location and industry. For more information, visit www.payscale.com.