Seattle, WA – March 26, 2018 – Today PayScale, Inc., the world’s leading provider of precise, on-demand compensation data and software, announced Insight Lab, a new product designed to quickly and easily provide rich, data-driven compensation insights that allow HR professionals and managers to make better decisions about pay in less time. In addition, PayScale also announced other advanced technologies to support Insight Lab which streamline compensation management, enhance collaboration between HR and managers and automate many tedious compensation tasks through machine learning. Together, PayScale’s new suite of compensation technologies allows HR managers to focus more time on making strategic pay decisions and feel more confident that they are getting pay right for all positions across the organization, every time.
“CEOs and other executives are facing incredible scrutiny to get compensation right. Issues such as gender pay equity and talent acquisition in today’s tightening labor economy make it essential to ensure pay is both fair and competitive,” said PayScale Chief Product and Strategy Officer, David Smith. “Meanwhile, compensation management is becoming incredibly complex. Companies are required to interpret massive compensation data sets from multiple sources, while HR managers are spending countless hours inputting employee salary details and communicating pay information to managers. We designed Insight Lab to liberate HR managers from many of these painstaking tasks, so they can easily determine accurate pay and, ultimately, feel much more confident about those crucial decisions.”
With Insight Lab, PayScale reinvented its flagship product, Insight, to meet the challenges of today’s complex and volatile talent market. Insight offers companies a powerful, real-time compensation solution based on millions of crowd-sourced salary profiles, so businesses are no longer dependent on cumbersome spreadsheets or stale data in annual salary reviews. Insight Lab delivers the same proven functionality to companies, now built on a smart, modern and powerful platform. In addition, Insight Lab dramatically enhances usability and provides rich, new functionality to better manage compensation both today and into the future.
The new technologies from PayScale that extend capabilities of Insight Lab include:
- Job Collaboration – This new feature fosters better collaboration and more informed conversations around pay; bridging the disconnect between HR and business managers when pricing positions across the company. Now, managers can provide feedback on core elements that impact pay, giving more context to HR and reducing the time required to align both parties on compensation. As a result, businesses will benefit from better job definitions and more accurate market pricing.
- Company Sourced Data – PayScale now automatically creates an employer sourced data set to complement its current employee sourced salary data offering. This approach is consistent with guidance from WorldatWork, an association focused exclusively on compensation and total rewards, which recommends employers use at least two sources when making pay decisions. Updated quarterly, PayScale’s employer data set applies data science to automate survey participation and job matching. In addition, PayScale supports a customer’s preferred compensation data set and makes the process of integrating multiple data sets seamless.
- PayScale HelixTM – PayScale’s proprietary data engine, Helix, applies modern data science to the increasingly large sets of data used for benchmarking compensation, interpreting job skills and requirements and predicting pay for positions across geographies and other segments[PM1] . Helix blends advanced data modeling, machine learning and innovative matching and prediction algorithms to power faster, more accurate decisions on pay. Helix enables Insight Lab to generate more detailed reports on more jobs, surface more precise matches and ingest more data than any other compensation solution in the industry. In addition, the machine learning and AI foundation allows Helix to learn company preferences over time, automatically offering relevant matches and new compensation insights for HR professionals without unique queries.
“PayScale allowed me to eliminate time consuming meetings with managers to set pay ranges and, instead, rely on software to streamline the process and give us all more time to discuss what really matters: paying employees fairly and competitively,” said Jasin Nazim, Senior Compensation Analyst at Patagonia. “Job Collaboration readily surfaces all the information I need to share with managers, allows me to easily send the job for review and automatically stores the manager’s feedback directly in Insight Lab.”
More than 100 organizations across various industries have used an early version of PayScale’s Insight Lab. For more information about PayScale Insight Lab, please visit: https://www.payscale.com/hr/insight-lab
PayScale offers modern compensation software and the most precise, real-time, data-driven insights for employees and employers alike. More than 8,000 customers, from small businesses to Fortune 500 companies, use PayScale to power pay decisions for more than 23 million employees. These companies include Encana, The New York Times, Sunsweet, T-Mobile, United Health Group, Wendy's and Perry Ellis. For more information, please visit: https://www.payscale.com/ or follow PayScale on Twitter: https://twitter.com/payscale.