New features help top performing companies maximize return with investments in compensation management tools
SEATTLE, July 09, 2024 (GLOBE NEWSWIRE) — Today, Payscale Inc., the leading provider of compensation data, software, and services, announced updates to its suite of flagship products including Payfactors and MarketPay. The upgrades expand access to available data and introduce new functionality, with the goal of continually optimizing compensation decision-making for customers. The launch comes on the heels of Payscale’s 2024 Top Performers Report (TPR), which found that top performing companies (59%) are more likely to be using, purchasing, or evaluating compensation management software in 2024 over non-top performers (50%).
“Top performing companies are increasingly becoming more systematic, and purpose-built compensation technology is the driving force behind their decision making,” said Ruth Thomas, Chief of Research & Insights at Payscale. “With pay transparency legislation rolling across the country, we’ve seen a large uptick in companies implementing compensation philosophies. Payscale is innovating to meet this growing need — and perhaps the most exciting piece is that as more companies leverage our platform — the more our data repository expands daily, encompassing a broader range of industries, job roles, and geographies. These are critical insights for organizations to facilitate informed pay decisions with data-driven insights, while also facilitating potential cost savings, and we’re thrilled to be at the heart of it.”
According to the 2024 TPR, when it comes to types of data sources, a third of top performers (31%) believe that it is important to invest beyond traditional salary surveys with dynamic data sources (compared to 17% of non-top performers). Recognizing the need for more robust data resources and compensation technology tools to get pay right, Payscale is prioritizing ongoing developments. Informed by customer feedback, the latest updates include:
- Expanding Data Set for Reliable Decision-Making: Peer data now includes 1 million incumbents (13% growth) and has welcomed 700 new customers (5% growth), while HR Market Analysis, Payscale’s largest and most used data set, has added 417 new jobs (5% growth). This constantly expanding data is more inclusive of industries, jobs, and geographies to support compensation professionals.
- Inventory of Compensation Best Practices Resources: Payscale is investing in educational tools and resources to help organizations seamlessly establish compensation programs. Its new Compensation Fundamentals Certification offers customers exclusive access to industry-leading compensation best practices so they can deepen knowledge and showcase skills to their network.
- New Features for Surfacing Insights with Confidence: Payfactors users can now leverage Payscale’s Job Family Management capability to centralize job families and levels, helping maintain internal pay equity in their compensation strategies. Additionally, coming soon is a revolutionary survey experience that provides users with an easy-to-follow workflow to navigate the participation process according to best practices, as well as surface survey utilization metrics to help organizations maximize their investment in compensation surveys.
“The job family view is a great start for this area of enhancement. This is something we have been looking for in Payfactors, and I like the way we can see all of the job families and how many jobs and employees are in each,” said Katherine Hurley, Compensation Senior Manager, at Vertex Pharmaceuticals. “It’s exactly one of the things we have wanted.”
Feedback from Payscale customers, consisting of experienced compensation professionals, informs new developments that help make pay decisions faster and easier. To learn more about Payscale’s updated offerings, find us online at Payscale.com.
About Payscale
As the industry leader in compensation management, Payscale is on a mission to help job seekers, employees, and businesses get pay right and to make sustainable fair pay a reality. Empowering more than 50% of the Fortune 500 in 56 countries, Payscale provides a combination of diverse and dynamic data sources, experienced compensation services, and scalable software to enable organizations such as Angel City Football Club, Panasonic, Mars Global, eBay, American Airlines and PetSmart to make fair and appropriate pay decisions.
Pay is powerful. To learn more, visit www.payscale.com.
Contact: Press@Payscale.com
