Your Life Is Now Officially Easier
The product team here at PayScale just released its latest version of our compensation planning software, PayScale Insight. We want you to know about the improvements we’ve made because they were inspired by people like you, the hard working HR professionals and business owners out there who face the task of determining base salaries, raises, bonuses and countless other major compensation-related decisions every day.We hope you’ll find that the newest Insight features make sense to you and provide the elusive “helping hand” you’ve been waiting for.
Insight is our most comprehensive compensation planning software product. It is built on the same data platform as the rest of PayScale so you can use it to price jobs, analyze your workforce, build out and manage compensation structures for your organization, and, more importantly, decision makers can figure out early who’s getting paid too much and who’s not getting paid enough based on our up-to-date market data.
The Winter ’12 update of Insight includes some exciting new features that are a direct result of research we’ve done with our customers over the past year. If you’re already a subscriber, you can log in and check it out.
Compensation Software That’s Simple to Use
First, Insight’s look and feel has been modernized and streamlined. The goal of our redesign was to make the it simpler for users to navigate the system and more efficiently complete their compensation planning.
Spotlight – Compensation Hotspots and Pay Inequities
Second, we’ve introduced Spotlight, a new pane on the dashboard that highlights specific compensation hotspots, or other news or data insights, that we think you should know about. It is designed to help you avoid pay inequity, over or under-paying employees, and maximize your labor dollar spend. Using Spotlight is almost like having a compensation consultant by your side.
Raise Recommender – Automatically Generate Merit Matrices
Lastly, many of our customers want to build a stronger pay-for-performance culture so we created a whole new set of capabilities to make that easier. We call this addition “Raise Recommender.” We know that paying for performance can be tricky because you need to maintain internal pay equity and inspire the exact type of performance results that you want.
Raise Recommender walks you through a simple process. First, you select your compensation philosophy. For example, you may want to “strongly reward” performance or you may want to “use salary ranges only.” Then, you enter the pool of money allocated to increases for the year, as well as information about performance ratings, and Raise Recommender automatically generates a merit matrix based on both employee performance and the available dollars for compensation increases.
Also, if you’re an HR manager, you can download pre-created spreadsheets for your managers to use as they determine where they think merit dollars should be allocated. You don’t have to enter employee information numerous times and all of the spreadsheets are uniform, making gathering managers’ feedback easier. That’s a true time savings.
Evaluating Compensation Software Solutions? Take a Test Drive
If you’d like a personal demo of these new features – our redesign, Spotlight and Raise Recommender – or a tour of the entire Insight experience, let us know.
More from PayScale