PayScale Announces New Strategic Planning and Implementation Tools For HR Leaders
Seattle - June 15th, 2010
HR Executives, under continued job market volatility and an unpredictable economic environment, look to global leader in salary data and benchmarking for new compensation strategy and analytics applications
- PayScale, a market leader in online compensation and benefit information, today announced expanded rich new tools for its flagship HR compensation solution PayScale Insight. PayScale Insight is an online compensation solution that enables HR/Comp professionals, in small, medium and large companies to benchmark their workforce and align their compensation
strategies with their overall business goals.
The availability of a web-based suite of compensation tools like PayScale Insight is a crucial ingredient in helping business leaders manage and recruit talent and make strategic HR decisions amidst unprecedented and volatile business and economic circumstances. The turmoil in the labor markets over the last three years has created significant change in compensation strategies, and according to PayScale data, fluctuations in base salaries
that will likely continue.
"We invested heavily to get direct customer feedback on key challenges companies face today and for the next 3-5 years. Consistently we heard a desire for help to design and implement a compensation strategy that will meet business objectives for growth and profitability and allow flexibility in what will most likely continue to be an unpredictable economic environment ," said Geary Eppley, Director of Business Products of PayScale. "The new features in PayScale Insight, will help clients define their competitive positioning, establish market based pay ranges across multiple locations, departments and job titles, assess where they are against the strategy and share that information with key stakeholders."
News tools within the PayScale Insight application include:
Compensation Strategy Manager:
A new tool to define and manage your compensation strategy.
Compensation Strategy Manager allows clients to set their pay ranges based on where - relative to current market rates - their organization aims to pay, and further refine the target pay ranges for different categories of employee, such as function or level.
Executive level reports summarizing compensation across the entire organization.
With Insight Analytics clients can assess whether their compensation practice is aligned with their compensation strategy, identify potential "trouble spots" and determine the cost of making broad changes to employee pay.
"PayScale Insight services make my life easier," said Michael Meic, Director of Talent Management, Creative Channel Services. "Because we have such trust in PayScale's tools, recently we were able to quickly and confidently hire a national field-based retail-marketing team of more than 100 associates and easily optimize our compensation for each market."
Added Meic: "PayScale helped me set market-based pay ranges across multiple unique jobs in many locations and to understand the impact on our business. Because PayScale's value and how it can contribute to our strategic growth plans is apparent, my executive team was on board immediately," said Michael Meic, Director of Talent Management, Creative Channel Services.
PayScale is used by over 2,500 companies and organizations who can instantly access PayScale's compensation database. With daily updates from the world's largest real-time online salary survey (over 17 million unique user profiles), 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.).
In addition to expanding the PayScale toolset, PayScale continues to offer educational webinars to help HR professionals become more knowledgeable about compensation planning. See http://www.payscale.com/hr/resources/hr-webinars for the full HR webinar schedule.
PayScale.com (www.payscale.com) is the leading online provider of employee compensation data. With the world's largest database of individual compensation profiles, PayScale provides an immediate and precise snapshot of current market salaries to employees and employers. PayScale's patent-pending, real-time profiling technology collects and indexes employee pay attributes worldwide and makes this compensation data available through its online salary tools and salary benchmarking reports. PayScale was founded in 2002 and is headquartered in Seattle. For more information, visit: www.payscale.com/about.asp
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