SEATTLE, WA--(Marketwired - Oct 31, 2013) - Today, PayScale, Inc. -- the leader in cloud compensation data and software for businesses and individuals -- announced data showing explosive business growth for the company over the past year. PayScale added 677 new subscription customers and increased revenue by an impressive 43 percent in last 12 months. With a base of more than 3,000 subscription customers impacting salary decisions for more than two million employees, PayScale has become one of Seattle's fastest growing software as a service (SaaS) companies.
"We saw an opportunity to transform the outdated model for assessing compensation and help companies approach compensation as a strategic business advantage," said Dave Smith, Chief Revenue Officer at PayScale. "It's incredibly fulfilling to see our vision realized by customers who use PayScale every day to attract and retain the best talent in their organizations."
PayScale is a disruptive force in the compensation market because it uses sophisticated technologies including Big Data, statistical analytics, and the cloud to deliver specific salary matches for the open positions companies are most eager to fill. Today, PayScale has become a compensation technology leader in the human capital management software category, estimated to reach $11 billion by 2016, according to IDC. Using an advanced crowd-sourcing model, PayScale has compiled the largest compensation database in the world with more than 40 million salary profiles. The business value of their innovative solution recently won PayScale the prestigious Tech Impact Award from Seattle Business Magazine in the SaaS category.
"There is an entire, inefficient consulting industry dedicated to capturing salary data, but these results are often outdated and hard to correlate," said Brian Sommer, CEO of technology research firm Vital Analysis. "PayScale takes a very different approach, providing a service that can determine up-to-the-minute salary comparisons across millions of workers, countless geographies, job positions, and time slices. This is the type of real-time Big Data insight businesses will find fascinating, useful, and -- ultimately -- a lot less expensive."
Customers of all sizes and across all industries are choosing PayScale's cloud compensation software to make more informed salary decisions. In 2013, PayScale added more global 2000 and publicly held companies to its customer list while continuing to serve the needs of midmarket organizations. PayScale's subscription services are used by recognized brands including Bosch, the United States Postal Service, Thyssen Krupp, GMFinancial, Tully's Coffee, Clemson University, and Covenant Healthcare.
"We compete for highly skilled talent across a number of markets, so it's critical that we get compensation right," said Rebecca Bottorf, Chief People Officer at Bandwidth.com. "The real-time market insights from PayScale guide our compensation strategies, allowing us to attract the right talent to grow our business."
For more information about PayScale, please visit www.payscale.com
Creator of the largest database of individual compensation profiles in the world containing 40 million salary profiles, PayScale, Inc. provides an immediate and precise snapshot of current market salaries to employees and employers through its online tools and software. PayScale's products are powered by innovative algorithms that dynamically acquire, analyze and aggregate compensation information for millions of individuals in real-time. Publisher of the quarterly PayScale Index™, PayScale's subscription software products for employers include PayScale MarketRate™, PayScaleInsight™, and PayScale Insight Expert™. For more information, please visit: www.payscale.com or follow PayScale on Twitter: http://twitter.com/payscale.