In business for 100 years, OneMain provides loans and other credit-related products in 44 states. While a recent merger with Springleaf Holdings created the opportunity to expand the company’s customer base and generate new business, it also created new—and high-pressure—challenges for the companies’ compensation analyst at OneMain.
The team had a lot of work on their plate, being asked to think strategically about compensation while still owning benchmarking and building a structure. Building a robust, lasting compensation strategy for the now 11,000-employee strong company would also require significant data management and analytical capabilities.
With Insight Lab, the team has access to truly comprehensive salary market reports. Data is both crowdsourced for a real-time reflection of the market and continuously validated by data scientists to ensure relevance and accuracy. Instead of relying on generic compilations, the OneMain team can now strategically price even complex and unique positions, quickly and easily.
With Insight Lab, the team at OneMain can use a variety of data sources. Instead of relying solely on static surveys, Insight Lab aggregates and analyzes real-time crowdsourced data, and traditional surveys, depending on OneMain’s preferences. Surveys can be added or adjusted as needed. “We like being able to look at transparent, validated data both crowdsourced and traditional,” said Amin.
The team continues to experience significant time savings by using Insight Lab, a benefit that has led Amin to recommend the solution to others. “Insight Lab is very user friendly. And the fact that all the surveys are in one place is a benefit, as well. We don’t have to waste time going to multiple sources.” Instead of sorting through once-a-year surveys and then analyzing the data with spreadsheets, Amin and Witte can now streamline data aging and blending. Insight Lab’s built-in analytics enable automatic model creations, diagnostics and reporting, saving the team days of manual work while enabling more data-driven—and strategic—decision making. “We’d used other data in the past. It delivered the average of the averages, which isn’t quite as good and we can’t see how it’s validated,” said Witte. “With PayScale Insight Lab, we’re able to access a good midpoint from both PayScale crowdsourced data and survey data.”
After seeing the product roadmap at PayScale’s user conference, Compference, the OneMain team was excited about the product vision. “We have used PayScale and MarketPay products in the past, now with the merger it’s great to see both being leveraged in Insight Lab- from the easy to use interface to the innovation in data science and machine learning. This was a strategic choice choosing PayScale for our needs today as well as thinking about the future.” said Witte.