You know that data forms the backbone of a solid compensation strategy. However, finding good data isn’t always easy in today’s fast-moving, often volatile labor markets.
About a year and a half ago, PayScale released a brand new type of salary data to help our customers benchmark more positions. We call this product “Company Sourced Data”. The idea is simple: any PayScale customer can participate in PayScale’s data sharing community and automatically receive fresh, granular data from their peer group on a quarterly basis.
Since its release, we’ve seen rapid adoption of Company Sourced Data, because our customers are able to access data they can’t find elsewhere. By tracking our customers’ in-product behaviors and using the HRIS data customers have uploaded into our system, we’re able to provide organizations highly granular data that covers their specific industry, company size, organization type and locations (cities). When comp teams leverage this data source, they’re able to get a fuller picture of their market.
Today, we’ve reached an exciting milestone in our journey. We now have over 1,100 organizations participating in our data sharing network. Collectively, participating organizations have provided us with a dataset that includes over 3,800 jobs, covering salary information for over two million employees.
These organizations run the gamut from Fortune 500 companies to small businesses to nonprofits. They come from many sectors including Technology, Education, Finance, Manufacturing, Energy, Professional Services, Healthcare, Retail, and more.
This breadth of jobs and the number of participants covered in our data set is now on par with surveys provided by well-known survey houses such as Mercer, Aon-Hewitt, Willis Towers Watson and others. And here’s the best part: the data set will become better and better as more organizations participate in the data sharing network.
Why are comp teams choosing this data source?
Here’s what our customers have to say:
- “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
- “Payscale is the best data source available. It has the ability to get far more specific with position and location than typical data sets.” -Scott Rice, Human Resources Manager, Cannamm Occupational Testing Services
How to access company sourced data
If you are a PayScale customer and would like to take advantage of Company Sourced Data, please contact cs@payscale.com. You can get a detailed Fact Sheet on the data cuts PayScale provide here.
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.
Leave a Reply