PayScale Adds Real Time Market Differential Analytics to Help Companies Compete for the Best Talent
Philadelphia, PA - April 30, 2013
New application quickly and easily prices the same job in any market, not just major metros
- Today at the World at Work Total Rewards Conference, PayScale, Inc. - the leader in cloud compensation data and software - announced the availability of Market Differential Analytics, a new application designed to help companies more accurately determine compensation for their employees located in various cities and geographies. PayScale's innovative approach goes beyond the common methods of consulting firms which are often limited by geo differential data in only large metropolitan markets. By applying sophisticated analytics to its massive database of 36 million compensation profiles, PayScale allows users to quickly determine competitive salary matches in any employment market: small, medium, or large. In addition, Market Differential Analytics allows companies to compare salaries by many other criteria - not just geography - to provide the most accurate results for a specific industry or size of company, for example.
"In today's competitive business environment, companies need more accurate compensation information to help them determine salaries across geographies and in vastly different markets," said Mike Metzger, CEO of PayScale. "By using new analytics technologies, we can provide our customers with better insights in minutes, not days or weeks, to help them make the most informed compensation decisions and compete effectively in their markets."
PayScale's Market Differential Analytics takes a new approach, determining compensation based on the actual position, in the exact location, and in the same industry. This contrasts to the approximation methods used by conventional salary consulting firms that rely on generalized cost of living data. Market Differential Analytics provides highly customizable reports that can be easily tailored for the specific employee positions and locations of each organization. By analyzing the data in its compensation database, PayScale offers this information in a fraction of the time it would take consultants using spreadsheets, saving organizations time and money.
"We hire registered nurses and healthcare aides in more than 30 locations, many of them outside major metropolitan areas," said Jamie Naughton, Director of Compensation for CovenantDove, a leading provider of assisted living, long-term care, and rehabilitation services with facilities in 12 states. 'In the past, we relied on geo differential calculations from a consulting firm that could only give us information on the big cities, and then estimate the impact of being outside of a major metro. With PayScale, we can pinpoint salaries in Vicksburg, Mississippi and Wadesboro, North Carolina - exactly where we are hiring."
Creator of the largest database of individual compensation profiles in the world, PayScale provides an immediate snapshot of market salaries to employees and employers through its online tools and software. PayScale’s products are powered by innovative search and query algorithms that acquire, analyze, and aggregate compensation information for millions of individuals in real time. Publisher of the quarterly PayScale Index and the PayScale Compensation Best Practices Report, PayScale's cloud compensation software is used by more than 2,500 customers including Mozilla, Tully’s Coffee, Clemson University, and the United States Postal Service. For more information, please visit: http://www.PayScale.com or follow PayScale on Twitter: http://twitter.com/payscale and Facebook: http://www.facebook.com/PayScale.