PayScale Launches Application to Provide Real-Time Salary Market Metrics
PayScale Analytics provides web service for job matching and salary verification
SEATTLE, June 26, 2006 – PayScale, a market leader in online compensation and benefits information and host to the largest ongoing real-time compensation database in the world, today announced the availability of PayScale Analytics. This web-based offering enables service providers industry-wide to instantly incorporate the most recent market-based salary information when processing loan applications, conducting performance reviews and benchmarking their compensation levels.
Possible applications for PayScale Analytics are broad and range from the lending industry to HR solutions. For example, PayScale Analytics addresses the problem of income overstatement within the residential mortgage market by providing a real-time salary validation for any mortgage application. The lender receives immediate feedback if a borrower's self-reported income falls outside the normal range for his/her job position, location, type of company, experience level and education. PayScale Analytics is also appropriate for a variety of popular HR technologies, including compensation, payroll, performance review and recruiting applications.
“What makes PayScale Analytics unique is that it is designed to be integrated directly with existing third-party technologies, providing the end user with seamless access to real-time market-based salary data within current processes,” said Mike Metzger, President and CEO of PayScale. “By providing more accurate information in an automated fashion, PayScale Analytics will help organizations improve their decision-making process.”
PayScale’s ability to present highly-targeted salary and compensation information stems from its unique data collection methodology. Every day many thousands of employees 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, type of company, location and more. This unprecedented depth of information allows PayScale to create reports that are specific and accurate. Once submitted to PayScale, every profile undergoes a series of tests designed to ensure data quality, and outliers are removed from reports. When a request is made for data, advanced patent-pending search algorithms are used to analyze 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)