Free salary data appeals to many businesses, but in these times of social distancing when many businesses are facing uncertain economic conditions, it is even more critical to be data-driven. Government-mandated closures of businesses and schools as well as disruptions in trade and supply chains have significantly reduced revenues for certain industries and threatened the stability of others.
Many businesses are having to make hard choices. Hiring freezes, pay freezes, pay cuts, furloughs and layoffs are all being witnessed as organizations under duress evaluate their financial health and brace for impact. Particularly affected industries include travel, food and accommodation, and retail.
At the other end of the spectrum are businesses that are unable to hire fast enough to meet heightened demand but who also need to make sure they are compensating essential workers appropriately for putting themselves at risk in order to serve customers during a pandemic. These include businesses in the grocers, utility companies, home delivery services, some IT services, and the healthcare industries.
Given the economic volatility caused by the COVID-19 crisis, workforce management is more important than ever, and compensation is an indispensable component of managing the workforce. Business leaders and employees are increasingly turning to HR for guidance about whether they should pay employees more or less and how to communicate business decisions related to the health of the business while minimizing impact to employee morale.
In order to provide recommendations and communicate with confidence, HR and compensation professionals need to know what other employers are doing, especially in their industry, and particularly around compensation and benefits. Access to current and accurate compensation data can help HR leaders and compensation professionals make informed decisions about pay.
PayScale wants to help.
Effective today, we are pleased to announce that PayScale is providing the freshest salary data on the market to new and existing customers free of charge. This is a special promotion extended to new and existing PayScale MarketPay customers that includes a free one-year subscription to our Crowdsourced and Company Sourced compensation data. By donating free salary data through these two rich datasets, we hope to alleviate stress and reduce the time our customers are expending researching compensation trends in order to address workforce challenges.
Why two data sets? Our thinking is that right now, more data is better.
PayScale’s free salary data offering is unique in that our compensation platform is agnostic and designed to give businesses flexibility. Providing access to two fresh, validated data sets gives our customers choices. This offering provides compensation professionals who tend to rely more on employer survey data the opportunity to evaluate the power of Crowdsourced data, which is the most current compensation data on the market and of particular relevance in an economic climate that is changing weekly.
However, employers who feel more confident in salary data provided by other employers can still choose to base their decisions first and foremost on PayScale’s Company Sourced Data, which is still fresher than most. Both are validated data sets. With this special offer of free salary data from PayScale, you can get visibility into both and choose which to use to price your jobs.
About PayScale Company Sourced Data
PayScale Company Sourced Data is one of the most up-to-date employer-sourced datasets available. This dataset includes:
- Data from 1,900 participating companies including Fortune 1000 companies and medium-sized organizations, across a broad range of metro regions and industries in the U.S.
- Aggregate compensation information reflecting pay from 2.5 million employees and 5,500 jobs; data is anonymized and updated quarterly.
- The combination of artificial intelligence and machine learning to save compensation professionals time by automatically matching jobs with the appropriate pay — a normally painstaking and time-consuming task.
- Exceptionally strong data in the healthcare, manufacturing, finance, insurance, education, technology and energy industries — sectors currently on the front lines of the COVID crisis.
About PayScale Crowdsourced Data
PayScale’s Crowdsourced Data provides businesses with the ability to keep a pulse on the ongoing changes in our shifting talent market. More specifically, this dataset offers customers:
- The freshest compensation dataset available with data updated weekly
- Data insights from the world’s largest compensation database containing 65 million salary profiles collected from employees across the U.S. and Canada
- Data collected from payscale.com which attracts 10 million visitors and adds 300,000 new profiles each month to ensure businesses have the most timely, accurate and comprehensive data on the talent market
- Compensation insights beyond just title to include a wide array of compensable factors such as specific skills, certifications, geographic location, education and industry.
- A data set built on more than 15 years of expert analysis and curation to ensure accurate compensation insights
The market is moving rapidly and the current state of the economy is precarious. With PayScale MarketPay, customers are able to create competitive sets and configure job details and compensable factors using the most recent market-based pricing, including for hybrid and non-traditional jobs.
Now more than ever it is critical to take care of talent, accurately price jobs and ensure that payroll dollars are spent wisely. We believe that access to fresh, validated, free salary data will help our customers navigate the ongoing and dramatic changes in the U.S workforce. We believe our compensation management software will help HR leaders and compensation professionals save time, make pay decisions with confidence, maximize payroll dollars, and ultimately retain top performers.
We know you like free salary data, but nothing can beat the integrity and competitive intelligence that comes from validated data from multiple sources. Take advantage of this promo and see what you’ve been missing!
For more information about PayScale’s compensation data available at no cost to MarketPay customers, please visit: https://discover.payscale.com/free-data/.
To request a demo, contact us today.