Here at PayScale, we’re constantly innovating on behalf of our customers – organizations and individuals – to help them find the right pay for every position. One of the biggest pain points we hear from our customer base of comp professionals is how hard it is to find the right salary data to benchmark all of their positions. For certain positions, particularly new positions, it can be difficult to find good data.
At this point in PayScale’s journey, we have 40 percent of the Fortune 1000 companies in our customer base, we have 15 years of survey management expertise, and we have over a decade of experience in data science. About a year ago, we saw an opportunity to apply our knowledge to create new value for our customers: we decided to develop a new dataset that would give our customers brand new insights into what some of the biggest players in the market are paying.
A year ago, we released a new data offering we’re calling “Company Sourced Data”. For the first time in history, compensation professionals can become a part of PayScale’s data sharing community and start to get fresh, updated, granular data from their peers. We’re giving comp pros another option to power their compensation strategy.
[click_to_tweet tweet=”For the first time in history, compensation professionals can become a part of PayScale’s data sharing community and start to get fresh, updated, granular data from their peers. ” quote=”For the first time in history, compensation professionals can become a part of PayScale’s data sharing community and start to get fresh, updated, granular data from their peers. “]
Here are the key benefits to using Company Sourced Data:
1. No Participation Necessary
By tracking customers’ in-product behaviors, and using customers previously uploaded HRIS data, PayScale has provided a valuable dataset to its customers that requires little-to-no work on the customers’ end.
And here’s the best part – customers get access to this dataset at no additional cost.
2. Access the Most Up-to-Date Employer-Sourced Data In the Market
Because of the way our compensation platform is built, we can release updated cuts every quarter. This gives our customers a reliable source of data to price fast moving jobs.
3. City-Specific Data
“I need that data to be specific for my city!”
Our customers often struggle to find city-specific data that is crucial for accurately pricing a job.
Traditional differentials allows you to understand that Seattle pays 20 percent above national averages. While this is superior to pricing your job at the national level, we can do better. We have the ability to tell you that a Software Developer in Seattle pays 29 percent more, while an Accountant in Seattle only pays 17 percent more. This variance could be the difference between retaining talent or losing it to the competition.
PayScale’s Company Sourced Data has more geographical locations than any other compensation survey on the market. By applying learnings from from PayScale’s Crowdsourced data to its Company Sourced Data, PayScale has created the richest employer sourced data on the market.
Company Sourced Data currently includes United States, Canadian and United Kingdom cuts, with more international locations coming before the end of 2018.
4. Access Industry- Specific Data Cuts
Company Sourced Data also allows you to price positions in a wide range of industries: Not For Profit, For Profit, Educational services, Energy services, Finance & Insurance, Healthcare & Social Assistance, Manufacturing, Food Industry, Professional-Scientific and Technical Services.
So far, more than 500 customers have taken advantage of this data offering. Many have found it helpful:
“PayScale Company Sourced Data helped me provide a better, more accurate comparison for the position that I was looking to benchmark. Without the [PayScale Company Sourced National Survey], I may have ended up comping the position too low… I love it!”
-Michelle Huse, PHP, CCP, Manager of Compensation, Baylor University Human Resources
If you’re a PayScale customer and would like to take advantage of this product, please contact your Customer Success Manager.
If you would like to understand how PayScale’s compensation data and software can help you get the pay right for your positions, you can request a demo.