Why customers need diverse sources of compensation data
There’s a lot for HR and compensation teams to consider these days around pay. The economy is changing rapidly and competition for labor is tight. As a result, there’s a heightened demand for data that is reflective of the market. Headlines are packed with unfavorable market and labor conditions, employee demands are shifting the culture of how we work, and pay transparency legislation continues to roll out across the nation and globe. To keep pace with a rapidly evolving talent market, organizations need a variety of compensation data to triangulate the true market. Payscale delivers differentiated sources of data that offer diverse perspectives of the market to help organizations make more holistic decisions.
The foundation of a solid compensation strategy requires diverse and dynamic data sources. Employers can’t only rely on annual surveys; they also need access to data that is reflective of the current market. Timely and relevant data that reflects the current economy now helps organizations to keep a pulse on the market, price jobs, including hot and quick moving jobs, and improve retention while reducing costly turnover.
Peer Trends Report: Where the economy stands and where it’s going
Peer is a living and dynamic HR-reported data network. Peer is one of the few sources of HR-reported data that keeps pace with the market and captures trends across sectors. The 2023 Peer Trends Report examines market data from the first half of 2023 to demonstrate trends in fast-moving industries and provide helpful insights into fast-moving jobs.
In the first half of 2023, 280 new organizations joined Peer, bringing the total number of participating organizations to 3,470. This influx of rich data enhances an already 7.23 million incumbent-strong data set.
Peer data can be extremely valuable for checking market rates for recruiting purposes to ensure you are offering a competitive range. Timely data is equally valuable for retaining talent. As employees demand and expect more transparency, organizations need to be prepared to explain their pay strategy and the type of data used to determine pay. Leveraging a modern dataset like Peer can bring confidence and trust to your workers by showing your organization is using fresh data to keep up with the market and pay competitively.
We know your organization is focused on the retention and development of your top talent while meeting financial objectives. We know recruitment is top of mind as you simultaneously prepare for pay transparency legislation. We know you want to understand what drivers are influencing the labor market and how your peers are responding.
Payscale offers validated, continually refreshed data directly from employees, employers, and trusted publishers. Payscale’s unique datasets serve as a foundation for how organizations can understand the market perspective as it evolves.
Peer by the numbers
- Your organization deserves to make solid salary decisions backed by data, not headlines or assumptions. Make better salary decisions with fresher data, keep pace with your industry peers and keep track of emerging markets:
- 3,470 organizations participating
- 36 new companies added a week
- 7.23 million employees represented
- 4,500 reportable jobs
- 100+ industries
Don’t just take our word for it! Trust your peers leveraging the power of Peer:
“I like the ability to get market values in real time with Peer. For some jobs, the data is continually changing, and it can be hard to get these recent changes from traditional surveys. We can always find a benchmark in Peer.” – PetSmart, Inc.
“Peer is a great tool. It can replace custom surveys, and we will not need to use a 3rd party vendor. It gives us faster turnaround time, which makes us more efficient all around.” – Spectrum Health Hospitals
“I cannot say enough about how much of an impact the Peer tool is making in the compensation industry. Real-time data and sharing information with peers is unique and will be invaluable to me and everyone in the future.” – A.K. Kearney
“I would highly recommend using Peer as it gives you more exact data for what you are looking for. It is not just a general survey; it is easy to use and it is constantly updated—this is critical in today’s dynamic market. Plus, Peer saves us time and data spend as we don’t need to participate in as many surveys.” – JOANN Stores
Peer data: Your competitive advantage in attracting and retaining talent
Organizations today need a strong compensation strategy, including access to data reflective of the market to win talent and confidently communicate pay decisions amidst pay transparency standards. Discover how Payscale and Peer deliver data and technology to empower employers to craft competitive and transparent pay strategies.
Drive an informed and competitive pay strategy by expanding your data portfolio with Peer so your organization can triumph in today’s talent market. Peer shows where the economy currently stands and where it’s going, not where it’s been. Download the 2023 Peer Trends Report for a look back at H1 and start driving a winning pay strategy moving forward with Peer.
