Compensation_Today_2014_hero

WHAT'S HOT?

Why Millennials make Great Interns and Future Employees Autocrat, Democrat, or Servant: What's your leadership style? The retirement savings crisis Snackable Content
IPO Get Your Ducks in a Row by Tim Low

Introducing the Spring 2013 Software Release

Header_updates_spring

Laleh Hassibi, PayScale

PayScale’s Spring 2013 software release includes several updates that improve user experience and provide advanced analytics unavailable anywhere else. To follow are the highlights from PayScale’s Spring 2013 release. 

Interactive Job Survey
Available in Insight Expert, Insight, MarketRate and eCommerce Reports

Screen Shot 2013-03-21 at 3.01.01 PM 

PayScale is making real-time salary information even more accessible with new features that dynamically adjust salary estimates as users enter information. PayScale users can now see a real-time salary estimate at the top of each job-survey page. Several new features give users instant feedback:

  • Real-Time Salary information gets updated automatically as the user answers compensable factor questions on the Job Survey.
  • Dynamic Job Summary updates as the user types.
  • New Survey Progress Header clearly identifies the step the user is on.
  • Interactive Years of Experience chart showing how pay is affected by various years of experience. Rich interaction allowing users to click on ranges and update their answers instantly.

Screen Shot 2013-03-21 at 3.02.28 PM
 

Market Differential Analysis
Available in Insight ExpertInsight

The Market Differentials Analysis (MDA) feature shows how pay varies for a set of jobs across labor markets. PayScale’s new MDA feature accounts for market, industrial and geographical variances with pinpoint accuracy unavailable anywhere else. It uses actual, real-time market data for specific jobs and markets instead of generalized cost-of-living geographic differentials. PayScale's data collection methodology avoids the need to reconcile cost-of-living and cost-of-labor adjustments. According to Melissa Quade, Manager of Professional Services at PayScale,  “The advanced level of expertise and extensive amount of time typically necessary to assemble and analyze data differentials has now become a thing of the past.”

The MDA feature accesses PayScale’s robust data, across geographies and industries, to match specific jobs precisely to the varied markets. Not only does it eliminate the need for weeks’ worth of time spent assembling and analyzing geographical differential data in excel spreadsheets, it also automates processing it all into grade schedules for those jobs, cutting the overall time from weeks to minutes.

According to Quade, “We were able to produce grade schedules for a retailer’s positions in 192 different locations in about 1-1/2 hours. That normally would have taken weeks of Excel spreadsheet analysis.”

Using MDA, PayScale consultants have also been able to help a financial services firm remain competitive with salaries by analyzing the same job descriptions across two different industries from which they drew talent, wealth management and financial planning. This analysis helped them determine they would be more competitive by pricing jobs based on the wealth management market since it paid five percent higher.  

Market variability of pay is not simply a factor of cost-of-living and it does not vary the same for all jobs. Local supply and demand can have a significant effect on wages for specific jobs or industries. For example, if you were comparing software developers in Seattle with Houston and only accounted for the overall geographic differential, i.e. cost-of-living adjustment, you would not price the job accurately because the Seattle market pays a premium for tech jobs. PayScale’s MDA accounts for market, industrial and geographical variances inherently since it uses actual, real-time market data for the specific jobs and markets you care about, not just overall, cost-of-living differentials.

PayScale’s software enables companies to design salary structures that are fair, cost effective and competitive. Based on customers’ specific workforce and market settings, the MDA feature enables in-depth analysis of markets being considered for expansion and helps organization make better decisions about staffing different locations. 

Screen Shot 2013-03-25 at 10.31.14 AM

More than 2,500 organizations use PayScale's subscription software to:

  • Allocate raises. PayScale Insight allows you to allocate raises based on employee performance and labor budget.
  • Attract talent. Price jobs based on your local market and competition.
  • Retain employees. Get pay right and show them how you did it. Your employees will be more satisfied to stay.
  • Drive performance. Get their salary right so they can focus on doing a good job.
  • Be confident. With know-how to talk about comp with anyone.

What are you waiting for?
Get Demo Now!

Comment




  1. Please prove to us that you're not a robot:
SEARCH
GET PAYSCALE NEWS
Sign up for the latest tips and tricks in compensation from PayScale.
Sign up for PayScale News


BRIGHT POSTS

Career News
SOCIALIZE WITH US
CATEGORIES