1. What are the key themes Payscale is focusing on this summer?
Some key themes Payscale is focusing on this summer include expanding its data sources and prioritizing user-led feedback. First, Payscale aims to provide technology that not only helps users complete compensation processes with confidence but also offers actionable insights for more accurate pay decisions and cost savings. That’s why Payscale continuously updates its compensation data to remain relevant to users’ specific industries, jobs, and locations. In addition, Payscale also ensures that each product release incorporates direct feedback from users to continuously improve their overall experience.
2. How can compensation software help address pay transparency and equity needs within organizations?
Software like Payscale supports pay transparency and equity in many ways. For example, it increases the use of job architecture, such as job families and levels, to help users create consistent and fair pay practices across their organization. In particular, the new job family management feature in the Payfactors platform allows users to manage job classifications and bulk price jobs using consistent survey data.
Additionally, Payscale’s professional services team assists organizations in building and maintaining job families and offers career ladder recommendations to manage job architecture efficiently. Both of these offerings help orgs create and maintain clear, equitable structures for compensation that they can then communicate transparently to employees.
3. What is new and improved about the survey participation process for Payscale customers?
Payscale is revolutionizing the survey participation process with a new user interface within Payfactors. This interface provides a clear step-by-step method for participating in surveys, which now includes saving final matches made during participation and better leveraging them when new survey data is available. The goal is to make the process more sustainable and efficient, reducing the burden on users and maximizing the investment in compensation data.
4. What progress has Payscale made in growing its data this quarter?
Payscale has made significant progress in growing its data recently. The Peer Auto-Match feature has been widely adopted, resulting in the addition of one million new employees and 700 new organizations to the Peer dataset, reflecting 13 percent growth in just three months. The HR Market Analysis dataset also saw 5 percent growth with the addition of 417 new jobs this quarter. This ongoing data expansion ensures that Payscale provides relevant, high-quality compensation data to its users.
5. What are the new MarketPay features?
MarketPay users can now access several enhancements aimed at improving workflow efficiency. Recent updates include the ability to price multiple jobs in a single workflow, enhancements to the structure modeling feature to allow a better understanding of potential budget impacts, and the expansion of filters for survey data. Additionally, a new feedback tool allows users to submit and vote on feedback directly within the product, ensuring that their thoughts and needs are closely considered in future updates.
6. How is Payscale prioritizing user feedback in product development?
Payscale takes user feedback seriously and incorporates it into product development. Both Payfactors and MarketPay users have access to feedback tools within these platforms so they can submit suggestions and identify emerging problems. Payscale’s product team reviews this feedback and shares it internally to ensure the continuous improvement of products based on user needs. Another upcoming enhancementinvolves launching an updated feedback processing tool for Payfactors customers.
7. What are key insights from the Top Performers Report?
The Top Performers Report highlights best practices from organizations that exceeded their revenue goals in 2023. Examples of some of these practices include prioritizing investment in HR and modernizing HR software, embracing pay transparency, and consistently communicating the rationale behind pay decisions to employees. Top performers also tend to invest beyond traditional salary surveys, leveraging a variety of data sources to inform their compensation practices. These insights provide valuable data points for organizations looking to build a business case for compensation-related changes.
8. What is the “Payscale Innovation Unleashed” webinar, and when is it happening?
The “Payscale Innovation Unleashed” webinar is an event designed to highlight Payscale’s newest features and updates directly for users. It aims to keep customers informed on the latest developments and improvements within Payscale’s solutions. The webinar will take place on July 23, 2024.
Listen to the full Comp & Coffee Episode 97 here!
