This is an excerpt from our forthcoming whitepaper entitled “The Compensation Data Landscape: A Review of Salary Data Sources, Plus How to Choose.” Enjoy!
Employees have access to lots of compensation data online. Many a manager has been on the receiving end of a printed online report followed by, “I found this salary report online and it says I should earn more money.”
It helps to know the sources employees are using so that you can better understand them when employees come knocking.
“I found this salary report online. It says I should earn more money.” Where does that data come from?
- PayScale: Founded in 2002, PayScale has created the world’s largest crowdsourced data set with 54+ million profiles and 250+ compensable factors. Employees can get specific about job title, skills, experience and location.
- LinkedIn: They released their new salary tool in November 2016, which lets verified users submit information anonymously and view salary information across fields.
- Glassdoor: A longtime collector of compensation data for job titles at specific companies, they rolled out a new “Know Your Worth” tool in October 2016. This tool collects information about job title, experience, company and location to provide predicted pay ranges and market worth. This tool also includes compensation data from job listings (pay that isn’t guaranteed).
- Paysa: Founded in 2016, Paysa focuses solely on tech wages with a very engaged user base and a slick interface.
- WageSpot: An app created in 2015, this site was created to pair compensation data with an interactive map. Initially they used public figures like sports stars, but now include some crowdsourced data.
- Comparably: Also started in 2016, this site focuses on providing both compensation and equity data to users. It provides workplace culture reviews on companies.
- Dice: Founded in the ‘90s as a bulletin board for recruiters, they started collecting and reporting salary data focused on tech and engineering workers in the 2000s.
- Salary.com: Started in 2000, this site wanted to re-envision how both employers and employees could access compensation data via the web. Unlike the others, there is no crowdsourcing on this site; rather, it uses data from multiple sources, though it’s difficult to ascertain exactly which ones.
2016 was a big year for compensation data for employees. As the drive for data, fair pay and greater transparency has increased, the market has responded. The key point to keep in mind: Employees have data. Do you? And are they the right data?
Stay tuned for a post on the data landscape for employers — coming tomorrow!
Tell Us What You Think
Do your employees bring salary reports when asking for a raise? We want to hear from you. Tell us your story in the comments.