Laleh Hassibi, PayScale
PayScale’s Spring 2013 software release includes several
updates that improve user experience and provide advanced analytics unavailable
anywhere else. To follow are the highlights from PayScale’s Spring 2013
release.
Interactive Job Survey
Available in Insight Expert, Insight, MarketRate and
eCommerce Reports
PayScale is making real-time salary information even
more accessible with new features that dynamically adjust salary estimates as
users enter information. PayScale users can now see a real-time salary estimate at the
top of each job-survey page. Several new features give users instant feedback:
- Real-Time Salary information gets updated automatically as the user
answers compensable factor questions on the Job Survey. - Dynamic Job Summary updates as the user types.
- New Survey Progress Header clearly identifies the step the user is on.
- Interactive Years of Experience chart showing how pay is affected by
various years of experience. Rich interaction allowing users to click on ranges
and update their answers instantly.
Market Differential Analysis
Available in Insight Expert, Insight
The Market Differentials Analysis (MDA) feature shows how pay
varies for a set of jobs across labor markets. PayScale’s new MDA feature
accounts for market, industrial and geographical variances with pinpoint
accuracy unavailable anywhere else. It uses actual, real-time market data for
specific jobs and markets instead of generalized cost-of-living geographic
differentials. PayScale’s data collection methodology avoids the need to reconcile cost-of-living and cost-of-labor adjustments. According to Melissa Quade, Manager of
Professional Services at PayScale, “The
advanced level of expertise and extensive amount of time typically necessary to
assemble and analyze data differentials has now become a thing of the past.”
The MDA
feature accesses PayScale’s robust data, across geographies and industries, to
match specific jobs precisely to the varied markets. Not only does it eliminate
the need for weeks’ worth of time spent assembling and analyzing geographical
differential data in excel spreadsheets, it also automates processing it all
into grade schedules for those jobs, cutting the overall time from weeks to
minutes.
According
to Quade, “We were able to produce grade schedules for a retailer’s positions
in 192 different locations in about 1-1/2 hours. That normally would have taken
weeks of Excel spreadsheet analysis.”
Using
MDA, PayScale consultants have also been able to help a financial services firm remain competitive with salaries by analyzing the same job descriptions across two different industries from which they drew talent, wealth
management and financial planning. This analysis helped them determine they would be more competitive by pricing jobs based on the wealth management market since it paid five percent higher.
Market
variability of pay is not simply a factor of cost-of-living and it does not
vary the same for all jobs. Local supply and demand can have a significant
effect on wages for specific jobs or industries. For example, if you were
comparing software developers in Seattle with Houston and only accounted for
the overall geographic differential, i.e. cost-of-living adjustment, you would
not price the job accurately because the Seattle market pays a premium for tech
jobs. PayScale’s MDA accounts for market, industrial and geographical variances
inherently since it uses actual, real-time market data for the specific jobs
and markets you care about, not just overall, cost-of-living differentials.
PayScale’s
software enables companies to design salary structures that are fair, cost
effective and competitive. Based on customers’ specific workforce and market
settings, the MDA feature enables in-depth analysis of markets being considered for expansion
and helps organization make better decisions about staffing different locations.
More than 2,500 organizations use PayScale’s subscription software to:
- Allocate raises. PayScale Insight allows you to allocate raises based on employee performance and labor budget.
- Attract talent. Price jobs based on your local market and competition.
- Retain employees. Get pay right and show them how you did it. Your employees will be more satisfied to stay.
- Drive performance. Get their salary right so they can focus on doing a good job.
- Be confident. With know-how to talk about comp with anyone.
What are you waiting for?
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