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In Comp Data, Fresh is Good, Stale is Bad

5/21/2012 10:44:10 PM

MarketMatch Goes Farther

By Tim Low, VP of Marketing, PayScale.com

Today, PayScale releases an update to our MarketMatch algorithm. We do these regularly to provide our customers access to the latest and greatest information on the market and the state of compensation at any given moment. We don't believe in 15 month old surveys 'aged' and massaged into categories and slices that might not be relevant to your business today. We believe in real data from the recent past, like the past few days. So, while we don't always talk about changes to MarketMatch in great detail, today I thought it would be good to share with you some of the things that are new and fresh.

Because MarketMatch is the math and logic plumbing behind how we give you an always accurate and up-to-date match for a specific job, whether you're a job seeker trying to find out what you're worth today or you're a subscription software customer using Market Rate or Insight, you will experience the benefits of these enhancements to our matching algorithm.

Here's What's New

Curious about what's been added? Take a look at these highlights.

16 New Certifications

More and more, not only educational factors like a bachelor's degree, but also professional certifications, an indication some sort of expertise, are important factors that influence compensation. Our latest version of MarketMatchTM adds in fresh data for these certifications:

Global Remuneration Professional (GRP)

American Board of Internal Medicine (ABIM)

Securities and Exchange Commission (SEC) Experience

Certified Personal Support Worker (PSW)

Certified Herbalist

Certificate in Human Resource Management

Petroleum Mechanic Helper (PMH)

Petroleum Mechanic 1 (PM1) - Service and Maintenance

Petroleum Mechanic 2 (PM2) - Underground Installation

Petroleum Mechanic 3 (PM3) - Aboveground Installation

Site Operator (SO)

Class 1 Driver's License (Canada)

Class 2 Driver's License (Canada)

Class 3 Driver's License (Canada)

Class 4 Driver's License (Canada)

Certified Ambulance Coder (CAC)

More Banking Industry Factors

We call things that affect compensation 'compensable factors'. We've added compensable factors for some very specific banking industry professions like how many dollars of assets a person's employer has under management, the size of portfolio an individual has managed, and other factors relating to loan portfolios under a person's control. These can influence compensation values significantly in banking.

As Always, More Data

We collect updated market data 24/7/365, so our data set of salary profiles is significantly bigger than just a couple of months ago. This matters in a dynamic job economy.

More Canada!

We've also updated population data for both American and Canadian metropolitan and micropolitan areas in this release. This matters because we all know that Toronto is not the same as Hamilton.

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