SEATTLE, WA--(Marketwired - Jun 24, 2014) - Today, PayScale, Inc. -- the leader in cloud compensation data and software for businesses and individuals -- announced four new features to its market-leading SaaS software product, PayScale Insight. The new features include Pay Grade Builder, designed to ease the creation salary structures, Total Compensation Statements which provides a customized summary of overall compensation for every employee and Integrated Document Storage which facilitates ongoing collaboration and management around compensation programs. In addition, PayScale announced improvements to its MarketMatch™ algorithm, allowing organizations to more easily and accurately price any job in their company with just a few clicks.
"We understand there is no one-size-fits-all compensation strategy. Today, savvy companies know the value of hiring the right people for their specific business and they want technologies to ensure they compete more effectively in their relative talent markets," said PayScale's Chief Product Officer, Dave Smith. "These companies are moving away from viewing compensation as a tactical activity to establishing it as a strategic lever for their overall talent management program. As companies better align pay, performance and engagement, the ability to quickly adjust compensation relative to the market becomes a competitive advantage."
The new features will enhance PayScale Insight's ability to allow HR professionals to more easily develop comprehensive compensation programs. More specifically, new PayScale Insight updates available to subscribers include:
- Pay Grade Builder: allows HR professionals to create logical salary ranges and grades in less time based on real world market benchmarks and specific industry best practices, so companies are no longer reliant on expensive compensation consultants or specialists.
- Total Compensation Statements: allows customers to easily aggregate all data related to compensation into a simple, visual report customized for each employee. The statement includes the value of salary, benefits, and other elements of total pay such as paid vacation, sick days, and specific perks.
- Document Storage and Collaboration: enables users to store all materials related to a compensation program in one place, providing easy access for those with permissions to collaborate, find guidance for managers and foster faster decision making.
- Model and Algorithm Updates: makes benchmarking even the most specific job easier and more accurate. Updates include more than 200 new job titles, hundreds of unique skills and certifications, as well as enhanced industry hierarchies and compensable factors such as 'portfolio dollars' for financial services positions, 'subject taught' for education jobs, or 'annual hotel revenue' for hospitality positions.
"PayScale's Total Compensation Statements made a real impact with our employees by allowing them to quickly understand their total worth at our company," said Alicia Chatman, Human Resources Manager at Nortech Waste. "The statements make it much easier to communicate aspects of an employee's total compensation package which were previously difficult to quantify. In addition, these statements have helped to ensure our employees feel appreciated and valued."
Unlike traditional salary data providers that report once a year on hundreds of benchmark jobs, PayScale publishes new salary data every day for over 14,000 statistically unique positions and more than 250 compensable factors. PayScale has more than 3,000 subscription customers across all industries, impacting salary decisions for more than two million employees worldwide. For more information about PayScale's solutions for businesses of all sizes, please visit www.payscale.com/hr
Creator of the largest database of individual compensation profiles in the world containing more than 40 million salary profiles, PayScale, Inc. provides an immediate and precise snapshot of current market salaries through its online tools and software. PayScale's products are powered by innovative algorithms that dynamically acquire, analyze and aggregate compensation information for millions of individuals in real-time. Publisher of the quarterly PayScale Index™, PayScale's subscription software products for employers include PayScale MarketRate™, PayScale Insight™, and PayScale Insight Expert™. PayScale customers include Cummins, Warby Parker, Zendesk, Clemson University and Covenant Dove. For more information, visit: www.payscale.com or follow PayScale on Twitter: https://twitter.com/payscale.