Here are the highlights of our software enhancements being released on March 27, 2014:
MarketRate and Insight Updates
Enhanced Market Reports for your Individual Positions
Now, when you get a detailed Market Data Report for a specific position from either PayScale Insight or MarketRate, the report is much easier to interpret at a glance. With colorful graphs and easier to understand data labels, it’s now simpler than ever to quickly analyze the data details. Here’s an example of what the new report looks like:
Better Workforce Metrics
Want to quickly see how closely your employee salaries match the market? Or maybe you want to see how far off your actual employee pay is to your pay structure, or your pay structure is to the market? No matter what workforce metrics you want to analyze, there is a new and greatly improved Analytic Report available in PayScale Insight.
All three reports now include a quick, at-a-glance summary of key indicators, for example the total underpayment or total overpayment of your workforce. Also, new visualizations help you to review and share the information you need at a high level, without having to dive into all the data. Here's what they look like: Employee Pay to Market - This report shows whether the organization is paying their employees close or near target market averages.
Ranges to Market Pay - This report shows whether the organization's pay structure is aligned with target market averages. Typically this involves comparing the midpoint of each range to the target market average.
Ranges to Employee Pay - This report shows whether your organization's pay practices align with your current ranges or pay structure. For example, if you have several employees paid outside their ranges, this report would help identify those outliers.
MarketMatch™ Data Model Updates
As part of our continual efforts to keep pace with the market with timely and fresh data, we have made several updates to our MarketMatch data algorithm. Given that we collect data 24/7/365 from visitors to our website, www.payscale.com, our data is always timely and fresh. But what makes that data usable to PayScale’s business subscribers who want to match it to their workforce is our rich data model that groups the details of that data into usable job families, titles, skills, certifications and many more compensable factors.
Here are some of the updates to our MarketMatch data model in March:
Updates to Job Groupings
Using advanced analytic techniques we evaluated our current job groupings to determine if jobs needed to be removed or added. We examined things like pay impacts, core task differences and user behavior to make these changes:
- Re-categorized 300 jobs into different job families. These jobs were either moved to more closely matched job groupings, put into brand new job groupings or became standalone titles
- Created 150 new job groupings
- Moved 300 standalone job titles into either existing or new job groupings
New Titles, Skills and Certifications
As the world of work changes, new job titles, skills and certifications emerge. And as we get enough data from employees with these new attributes, we add them into our model to make those new factors available to our business subscribers. In our March release, we built models for 88 additional job titles and added hundreds of skills and certifications.
Here are just a few of the many new titles we can now match salaries to:
- Analytical Data Scientist
- Animal Behaviorist
- Asbestos Removal Worker
- Channel Marketing Manager
- Chief of Security
- Compounding Pharmacy Technician
- Criminal Profiler
- DEA Agent
- Drug Addiction Counselor
- Executive Director, Sustainability
- Green Project Engineer
- Manager of Foreclosure and Bankruptcy
- Nuclear Medicine Director
- Pipeline Integrity Specialist
- Social Media Campaign Manager
- Workforce Development Manager
Our representatives are always thrilled to show you a demonstration of these and all the great features of our products. If you want to see more, sign up for one of our bi-monthly Insight Expert product webinars here. Or, even better, sign up for a personalized demonstration and get a free report for a specific job in the process here.