PayScale Announces Real-Time Compensation Data Solution for HR Professionals, Hiring Managers and HR Consultants
Payscale Professional provides compensation data for IT sector; Momentum building in other leading business sectors
SEATTLE, June 26, 2006 – PayScale, a market leader in online compensation and benefit information, today announced the availability of PayScale Professional. PayScale hosts the largest ongoing real-time compensation survey in the world. PayScale Professional offers a unique search platform to enable salary comparisons with actual profile matches based on factors such as, education, workplace skills, and length of service.
The product serves to more accurately support an organization’s salary structure, hiring plans, and business forecasting. HR managers, armed with real-time, specific and local, compensation data will now be able to better work with colleagues and prospects to highlight peer group compensation, provide defensible benchmarks, and allow for fair negotiations between employer and employee.
“PayScale has gained a reputation as a company that understands both the power of search technology and that accurate and reliable compensation data can be a strategic competitive advantage,” Marc Rodriguez said of Irvine Technology Corporation. “PayScale Professional has helped our firm make informed hiring decisions while gaining real-time local knowledge, in all the metropolitan areas we support, that previously did not exist.”
“Today’s employer pay challenges are far different than in the past. Workforce mobility, specialization and pervasive salary information require HR professionals to take a complete and comprehensive view to the setting of pay,” said Mike Metzger, President and CEO of PayScale. “Jobs are now about the position and the person. We recognize this reality and provide the tools to help organizations see the unique skills and attributes of the person behind the job title.”
“The continued adoption of technology and web-based services for HR professionals will only advance the strategic role that human resources plays within an organization. PayScale Professional is the kind of trustworthy and innovative product that can help firms make fact-based decisions,” said Debbie McGrath, President and CEO of HR.com.
Every day individuals submit detailed job profiles, compensation, and workplace information to PayScale, to compare their pay with their peers and obtain market rates for their job, skills, and location. PayScale’s ability to present highly targeted compensation stems from its unique data collection methodology. This methodology then helps create reports that are specific and accurate. Once submitted to PayScale, every profile undergoes rigorous tests to check for validity, and outliers are eliminated from the database. An advanced patent-pending search algorithm is used to analyze data on every variable and determine the best match. Calculations are then performed on matching profiles to determine average salaries, bonuses, and other statistical information about the sample. Every report is unique, and generated in real-time.
PayScale (www.payscale.com) is a market leader in online compensation and benefit information, providing access to accurate compensation data for both employees and employers. With the ability never before available for uniquely matching job and company specific attributes, PayScale allows users to obtain an unparalleled level of compensation information, providing a precise snapshot of current market pay. Launched in 2002 and headquartered in Seattle, Washington, PayScale owns the largest online database of employee salary information in the world and has a patent pending methodology for compiling and aggregating compensation data
Zeno Group (for PayScale)