Webinar - Adapting to the Market with Payfactors Data
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With the market changing so rapidly, access to fresh, varied data sources is the key to success. Join members of Payscale’s product and data teams as they examine the current market challenges and dig into how a multi sourced data library can be your guiding light when navigating these challenges.
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Webinar - Adapting to the Market with Payfactors Data
- 1. Adapting to the Market with Payfactors Data Thursday, July 28th
- 2. Today's Presenters Russ Wakelin Chief Product Officer Tara Murphy Director, Product Management - Data Kim Taylor Vice President, Data Services
- 3. Today's Agenda • Current state of the market • Data story • HR Market Analysis • Employee Reported Data • Peer Data
- 4. Current state of the market
- 5. The state of the market today There’s a lot happening in the market. We are all feeling the effects of these three major shifts: Rapidly Evolving Talent Market Pay Equity, Fairness, and Transparency The Expanding Role of Compensation
- 7. We find ourselves in an evolving landscape Reset & longer- term change Seismic Event Volatile Disruption 4IR Horizon
- 8. And in the eye of a Perfect Storm Volatile Disruption Talent Crunch Distributed Workforce Wage Inflation & Pay Compression Demand for Pay Equity & Transparency Expectant Employees Business Transformation
- 9. Profit Risk Growth Social Responsibility Labor is often the largest cost of doing business, the spend must be optimized The number one underestimated risk is top talent turnover How will we estimate labor costs to support growth? Socially responsible businesses attract top talent and have increased employee engagement Compensation Strategy
- 10. Most companies are ill equipped… While… 69% of companies acknowledge they need a new compensation approach Only… 9% are ready to do anything about it Source: Deloitte
- 11. Greatest challenges and investments for HR going into 2022 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% ESG Job Description Management Modernizing HR software Benefits Workplace Policies Workplace Environment Performance Management Learning & Development Employee & Labor Relations Workforce Planning Fostering Company Culture Engagement Compensation Retention Recruiting Higher Investment More Challenging
- 12. 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% ESG Job Description Management Modernizing HR software Benefits Workplace Policies Workplace Environment Performance Management Learning & Development Employee & Labor Relations Workforce Planning Fostering Company Culture Engagement Compensation Retention Recruiting Higher Investment More Challenging Greatest challenges and investments for HR going into 2022
- 13. Do you think you are losing more talent than prior years due to insufficient pay increases? 44% of organizations believe they are losing talent due to insufficient pay increases
- 14. 3rd Party Survey Management Timely cuts from named companies Employee expectations Market Trends Assess Markets Benchmark jobs Level jobs across the organization Job & Grade based structures Identify under/over payment issues Assess Jobs Generate branded, custom Total Rewards Statements Securely deliver Facilitate salary ranges on job postings Communicate Compensation Automate merit cycle Enforce company defined guidelines Empower manager-employee comp discussions Facilitate Comp Changes Merit, bonus, long term incentives Build Rapidly from Library Collaborate in real time Route for approval One click pricing Employee portal Control Job Descriptions Automate Remediation Plans Validate fairness at time of pay change Keep proactive Assess Fairness Payscale Supports the Full Compensation Cycle
- 15. Did you make significant changes to your compensation data strategy in 2020 or 2021? Importance of compensation activities in the next few years compared to today Incorporating new sources of salary data is the most important change to data strategy
- 16. 3rd Party Survey Management Timely cuts from named companies Employee expectations Market Trends Assess Markets Benchmark jobs Level jobs across the organization Job & Grade based structures Identify under/over payment issues Assess Jobs Generate branded, custom Total Rewards Statements Securely deliver Facilitate salary ranges on job postings Communicate Compensation Automate merit cycle Enforce company defined guidelines Empower manager-employee comp discussions Facilitate Comp Changes Merit, bonus, long term incentives Build Rapidly from Library Collaborate in real time Route for approval One click pricing Employee portal Control Job Descriptions Automate Remediation Plans Validate fairness at time of pay change Keep proactive Assess Fairness Payscale Supports the Full Compensation Cycle
- 17. Which of the following do you feel would help drive efficiencies in your matching process? 1. Ability to set cascading job family and level rules at the survey level 2. AI-powered job matching based on matching trends and your existing survey matches 3. AI-powered job matching based on job description content 4. Match for me – professional service
- 18. Data story
- 19. Diverse & Dynamic Compensation Data
- 20. The importance of a multi sourced data library World at Work best practice is to use at least 3 sources of data to provide a holistic view of the market. Variety of data is part of any high performing compensation strategy. Payscale helps to prescribe the right data mix for you. There is benefit to having multiple sources of data for variability and varying perspectives. More data = more informed decisions More diverse data = more holistic decisions
- 21. Intelligent streams of curated, validated, compensation data Payscale’s Diverse & Dynamic Data Portfolio Peer A transparent & dynamic HR reported data network 65 million salary profiles (all time) 350,000 new profiles/month 15,432 jobs 7,450 skills/certifications 1.5 billion+ data points 5,500 jobs 14 countries 2,200 organizations 7M employees 10,000 surveys From 300+ publishers Employee Reported The world’s largest real-time salary database HR Market Analysis A composite of analyst curated employer reported survey data Published Survey Data Trusted data partner 4,482 jobs 250+ industries
- 22. 1.5 Billion+ data points 5,500+ unique benchmark jobs (U.S) 250 + industries 28 size groupings 30,000 geographic locations 210 data cuts available for every job 14 countries www.payscale.com For organizations who want fast and easy access to HR reported compensation data that has been curated and expertly analyzed by compensation professionals and data scientists. HR Market Analysis Delivers: Employer reported data with robust data coverage for more than 5,500 benchmark jobs through one single database Ready-to-use compensation data curated by compensation professionals and data experts to drive your comp strategy while saving you time. Proprietary, proven algorithm to fill data gaps and always deliver an answer for all combinations of industry, size and location. NEW: Netherlands Data now available! HR Market Analysis
- 23. Employee Reported www.payscale.com 65 Million salary profiles 100,000 employers reported 350,000 new salary profiles added monthly 6,000 industries represented 10,000 geos represented 5,000 certifications represented 3,000 skills represented 15,000 job titles represented For companies in fast moving markets, emerging or niche industries, and companies who need real time granular geo and skills data to attract and retain talent. Employee Reported data delivers: The world's largest salary database, built on a proprietary machine-learned model developed from 20 years of data collection and analysis. Validated data collected from employees in the workforce. A real time pulse on the market, reporting highly granular data with compensable factors, including skills, geo, and robust industry data.
- 24. $48.1 $53.5 $0.0 $20.0 $40.0 $60.0 Base 50th Heavy Truck Driver + HazMat $105.6 $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 Base 50th Data Scientist + PhD $92.6 $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 Base 50th Software Developer + Angular + REACT Importance of Employee Attributes $53.5 $117.4 $102.2 $93.6 Heavy Truck Driver +HazMat Data Scientist +PhD Software Developer +Angular +REACT
- 25. Placeholder: poll How valuable would skills-based job pricing be to your organization on a scale of 1-5?
- 26. Placeholder: ERD demo New recording showing how this works in product, how all data comes together in the product, highlight unique strengths of each source
- 27. Peer
- 28. 2,200 orgs participating data 7 Million employees 4,200 jobs 100+ industries covered 150+ countries covered 32% YOY growth 40+ companies/month joining www.payscale.com Peer For organizations who want timely, transparent employer reported data based on their industry peers, that is fully customizable. Peer delivers: Fully transparent and DOJ compliant, employer reported data Specific, relevant and fully customizable data Always current data to keep up with market trends and respond to changes in the market Industry networks to stay competitive Fast Company’s 2021 World Changing Ideas Awards Peer wins
- 29. Peer data Traditional Aging 1.47% 9.02% 1.47% 3.38% 1.47% 5.05% Importance of Real Time Data $44,000 $45,000 $46,000 $47,000 $48,000 $49,000 $50,000 $51,000 1/1/22 2/1/22 3/1/22 4/1/22 5/1/22 6/1/22 Paramedic $33,400 $33,600 $33,800 $34,000 $34,200 $34,400 $34,600 $34,800 $35,000 $35,200 $35,400 1/1/22 2/1/22 3/1/22 4/1/22 5/1/22 6/1/22 Order Picker/Packer $99,000 $100,000 $101,000 $102,000 $103,000 $104,000 $105,000 $106,000 $107,000 $108,000 $109,000 1/1/22 2/1/22 3/1/22 4/1/22 5/1/22 6/1/22 Data Scientist II
- 30. Compensation Analyst II Named Peer Group Companies: Robert W. Baird Co. Incorporated, S&P Global, Inc., Bank of the West, Capital Group Companies, Fiserv Financial Services Industry Named Peer Group Companies: University of Florida, Harvard University, University of Texas - Rio Grande Valley, Midwestern University, Georgia Institute of Technology Higher Ed Industry $77.0 National Baseline Importance of Participant Lists 50th $50 Base Salary ($000s) $96.3 $79.1 $67.3 $64.0 $60 $70 $80 $90 $100
- 31. Demo Peer
- 32. New Matching Experience Sneak Peak
- 33. Peer Retail Network Stay competitive in the Retail Industry with Peer’s robust, near real-time retail data. Retail Exchange Jobs • Retail Operations Director • Retail Sales Manager • Retail Sales Associate • Store Manager • Loss Prevention • Merchandising • Operations • Distribution/Logistics Exchange compensation data in near real time with leading retail brands locally and globally Select individual companies by name to grow your Peer network Set your own scopes specific to the retail industry with filters like store type, store revenue, FLSA status and hire data
- 34. Participation is vital to Peer growth. We are building a data community. The more customers that actively engage and participate in Peer, the stronger and more valuable Peer data becomes.
- 35. 1. Refresh your HRIS data on a quarterly basis 2. Match 60% of your company jobs to Peer How we make participation easy: Auto Loader: If you aren’t implemented on the Auto loader, reach out to your CSM! This ensures fluid and automated data uploads to improve your experience across the platform. Job Matching Options: 1. Peer Job Matching Service 2. Match your company jobs to Peer jobs by reviewing and accepting in-product match suggestions Upcoming Product Release: Match Enhancements! One time participation
- 36. • Peer Job Matching is a new service offering meant to support adoption and utilization of (and facilitate your participation in) Payfactors Peer. • The Payscale team will review your job descriptions, organizational charts, or other job content documentation to gain an understanding of essential duties and responsibilities, requirements, or reporting relationships. • Our team will then identify the single best market match between your jobs and the benchmark jobs in Payfactors Peer. • Jobs will be priced directly in the your Payfactors Peer tile, for review, approval, and use in pricings. Peer Job Matching Service
- 37. How is Peer Job Matching Different From Our Traditional Job Pricing Offering? • Peer Job Matching will align company jobs to Payfactors Peer only. • Job Pricing can include Payfactors Market Data, Payscale Crowdsourced Data, Payscale Compensation surveys, or your own third-party surveys. • In a Peer Job Matching project, the Payscale team will make only one “best available” match between the client’s jobs and the benchmarks in Payfactors Peer. • In a Job Pricing project, the Payscale team creates blended benchmarks, or recommends match adjustments or adjustments for compensable factors. • In a Peer Job Matching project, jobs will be matched only, and Market Reference Points will not be generated. These key differences make the Peer Job Matching Service an efficient way to meet participation thresholds and make the most of Peer!
- 38. Poll: What would you like to learn more about (select all you are interested in)? A. Employee Reported data B. Peer C. HR Market Analysis
- 39. Q&A Feel free to ask any questions in the chat!
Editor's Notes
- Amber will do intro
- Presenters to introduce themselves
- Russ
- Russ
- Russ
- Russ The trends of the past several years have evolved the talent market faster than ever before. Organizations are finding themselves needing to quickly adapt to the compensation trends more frequently than just once a year at merit increase time.
- Russ Today we are facing a unique set of challenges that are symptomatic of where we are in this phase of change and disruption. Pre pandemic – focus was 4IR – concerns over digitalization of our businesses, new skill requirements, combined with forces emerging demanding a fairer and safer workplace with businesses focused on purpose. Then came the pandemic, a seismic event, the white swan, that changed the way we worked and did business overnight. A crisis that transpired to be a people first crisis (compared to financial crisis) and has seen the seen elevation of CHRO vs CFO. Now as we emerge from the pandemic we are in a state of volatile disruption. Thoughts that we can return to normal, are improvident, and talk of building back better for a new normal are premature – the reality is that we do not even yet know what that new normal or 'forever stratgey' will look like because the technology and processes are not in place to allow us to cognate or create it. But in time we will reset and move towards longer term change.
- Russ So if we consider the challenges that are really creating a perfect storm – getting compensation right in the face of these challenges and disequilibrium is not easy Talent crunch – is really a symptom of skills shortages and gaps, that were being predicted pre-pandemic. The reality is we can’t develop skills fast enough or train them fast enough. Our talent acquisition processes tend to display skills blindness – they have not adapted to moving from hiring for experience to transferable skills and the potential to acquire skills. Employees have worked this out - playing out in labor market shifts - moving from low skill ( and low pay) to high skill (and more pay Wage inflation and Pay Compression With inflation rates at their highest in 40 years there is some concern that we may see a return to a 1970s-style wage-price spiral. For a wage-price spiral to settle in, you need people to believe that inflation is going to increase indefinitely. Earlier in the year, before the war in Ukraine, there was optimism that inflation might peak mid year, now most economists have upgraded their inflation forecast. After covid pay freezes and a decade of stagnant wage growth (where we saw merit increase programs delivered as across the board increases) it is not necessarily surprising our compensation systems are not resilient enough to deal with a sudden surge in wage increases. The knock-on impact of that is pay compression/or salary inversion – reviewing all employees and compensation structures is a must, but there are some bigger questions that potentially need to be addressed. For example: Is pay compression necessarily a bad thing? An individual contributor may be making only slightly less in base pay than their manager, but does that manager have greater perks – a bigger bonus, greater flexibility of work time and location – that sets their total rewards further apart. Build career ladders for each team member so you can continue to offer them increased responsibility and earning potential long-term. Do we need to do more to educate employees on switching costs/ - the great regret And even if talent is too expensive do we just need to rethink what skills we need Distributed work force In a position of restructuring pay for a distributed workforce. pandemic still impacting this - getting employees back to work is hard Employees not near reaching a fixed state in terms of where employees will work Geo differentials or national averages Longer term greater personalization of reward as we look to restructuring pay for a distributed workforce Demands for Greater Pay Equity and Transparency Driven by multi stakeholder expectations, evolving legislation and an awareness that pay equality is as important as pay equity. Will come back to this. Expectant employees A new generation of workers with different views and values about money and the workplace has begun to challenge this. These employees highly value inclusivity and openness and want to place a high degree of trust in the employer Fair pay is top of their list of priorities as well as working for a employer with purpose, who considers their remit outside of the boundaries of office walls. All this set against a context of business transformation, or more specifically digital transformation, where our leaders are looking to us for insights and innovation.
- Russ
- Russ https://www2.deloitte.com/us/en/insights/focus/human-capital-trends/2020/new-compensation-trends-for-the-future-of-work.html
- Russ
- Russ
- Russ
- Russ From Job description management to Total Rewards Statements, our technology and data solutions covers the full compensation cycle. Job Description Management – PF JDM; MP Jobs Survey Data – Peer; PFMD; Crowd; Companysource; Partnerships with Mercer, Aon, and Empsight Market Pricing – PF; MP; Insight Lab; Benchmark Structure development – PF; MP Pay equity – Curo Merit planning – PF; MP; Insight Lab Merit Admin – Curo Total Reward Statements – PF; Curo
- Russ #1 thing clients are doing in 2022 is finding new data. 60% of organizations find new sources of salary data “more” important” in 2022 than other comp-related initiatives such as pay transparency, pay equity, or managing pay compression.
- Russ From Job description management to Total Rewards Statements, our technology and data solutions covers the full compensation cycle. Job Description Management – PF JDM; MP Jobs Survey Data – Peer; PFMD; Crowd; Companysource; Partnerships with Mercer, Aon, and Empsight Market Pricing – PF; MP; Insight Lab; Benchmark Structure development – PF; MP Pay equity – Curo Merit planning – PF; MP; Insight Lab Merit Admin – Curo Total Reward Statements – PF; Curo
- Tara / Kim
- Tara Thank you Russ. [Intro for credibility] The complete and volatile disruption of the status quo and of everything we used to hold as constant has necessitated a shift in how we as data providers approach and deliver market data – its really been a call to action for us to step up and respond. The market data you reference to inform and guide you on how to stay competitive and how to attract and retain talent NEEDS to be as diverse and dynamic as the ‘new normal’ world we’re living in. And for me living through this change has been really exciting and it has compelled us to ensure each of Payscale’s data offerings are dynamic and diverse and take a next generation approach to market data and today they are all available in one platform! But before I get in to those offerings lets talk about why having multiple sources of data is important and how "what that means" - has been evolving over time.
- Tara For years now industry best practice has recommended you should use 3 sources of data when doing market analysis and Payscale’s own research tells us that over two thirds of you are using 2-4 sources typically – so using multiple sources of data is not a new concept, but what IS new and what we’re seeing more of is people seeking variety and diversity in their sources – meaning sources that actually offer a different perspective of the market, a unique view of the market – not just the same underlying participants aggregated up under a different name. We’re seeing organizations of all shapes and sizes – the smaller, early adopters sure - but also the big multinationals as well – they’re all looking for alternative and differentiated types of data that reflect the nuances in the current market as it is today, not just broad generalizations of the market of months past. <click> So yes more data = more informed decisions – but I would propose it’s really - more diverse data equals more informed, AND MORE holistic decisions
- Tara And it’s this new way of thinking about a “multi sourced” data library that’s why I’m so excited about our data offerings – because as of today clients will be able to access FOUR sources of market data all in one place! Payscale’s three proprietary data sets – Employee Reported, HR Market Analysis, and Peer – which are all native to the Payfactors platform and offer diverse perspectives of the market and unique ways to interact with the data. Plus we also have our partnership ecosystem through which you can gain access to published surveys from Aon empsight mercer and main data group to name a few I’m going to spend some time talking to each of Payscale’s data sets in detail but I do want to pause and acknowledge what a momentous occasion this is – the coming together of these data sets in one platform has been in the works for a while now, and honestly this is one of the big milestones I was most excited about when Payfactors and Payscale mergered last year. One platform – Four data sets – VERY exciting.
- Kim OK so lets talk in a little bit more detail about the different data sets Payscale has to offer that each have their own unique perspectives and strengths. First HR Market Analysis – for any existing Payfactors clients, this is the data set formerly known as Payfactors Market Data. HR Market Analysis is a composite of analyst curated and aggregated HR reported data. This source is built for organizations who want fast and easy access to HR reported and decision ready compensation data that has been curated and expertly analyzed by compensation professionals and data scientists. HRMA is a benchmark data set consisting of ready to use market composites for over 5,500 jobs in 250 industries, 28 size groupings and 30,000 geographic locations. This data set contains market pricings for your benchmark jobs and is great for organizations who don’t have the time, resources or desire to market price those jobs by hand – with HR market analysis our team of comp professionals have done the work for you and what you get is our analysis of the market based on HR reported data, for the job industry size and location that you’re interested in. We offer the HR Market Analysis data set in 14 countries – including Netherlands which we just released earlier this year.
- Tara Next we have our Employee Reported data set – for any existing Payscale clients, this is also known as our Crowdsourced data, but in the Payfactors platform it has been renamed to Employee Reported to ensure all three of our data sets had descriptive and intuitive names as you can now see them along side each other. Employee Reported data is the worlds largest salary data base. And is for companies in fast moving markets, emerging or niche industries, and companies who need real time granular geo and skills data to attract and retain talent. Really, this data source is valuable for any companies who want to keep a pulse on the market. Employee Reported data is based off data that is reported by individual employees who come to the payscale website on a daily basis. Now payscale has been collecting this data for almost 20 years and has over 65 MILLION individual employee profiles, also in that time we’ve learned a lot about this data and the collection process so unlike other websites that may be collecting data from employees indiscriminately, we’ve built patent pending tools to identify any data records that are fake or inconsistent and we remove those right away. We throw out over 70% of the data that comes in because it fails to meet are rigorous standards. But once we’re confident we’re only dealing with data that has passed our validations, that data is then used along with our machine learning models built by our data scientists to determine the value of given jobs as well as the impact of various compensable factors that are only found at the employee level—things like skills, certifications, years of experience, education level and so on. We have over 5,000 certifications and 3,000 skills represented in this data set, so that means - for example you’re in a competitive offer situation and you need to land a candidate – with our Employee Reported data set, not only are you getting a fresh employee perspective of the market for that job title, but you can also see how you may need to modify your offer to account for what this individual candidate is bringing to the table. This is incredibly powerful and not something you can find in other data sources. We are seeing the industry shift away from solely relying on pay ranges for a title, and wanting to get more granular and account for skills and other employee level attributes – this is why so many companies are adopting a skills based approach within their organization -– the generic nature of market pricing at the job level vs the employee skill level just isn’t accurate or competitive enough some times. So let me show you some real world examples of what a difference employee level factors can make on market data
- Tara So say you’ve market priced a heavy truck driver at just over $48 thousand dollars base salary, but you know they’ll need to have a HazMat certification <click> – well the market is actually paying over 5 thousand dollars more for that. <click> Or say you’re hiring for a data scientist and you’ve got a really excellent candidate who’s weighing two offers, so you want to be sure to make a competitive offer out of the gate – the 50th for this role is coming in at $105 but this candidate has a PhD so you feel like you should offer more to account for that – but how much more? You could ask around or take a guess, but with our Employee Reported data set you don’t have to – our system allows you to make these choices and get an actual dollar value in return – because we capture this information in the underlying data set. <click> So now you can feel confident that an offer at $117 – or twelve thousand dollars MORE – accounts for the PhD and is much more competitive. And finally <click> software developer – we know the market for this role is hot and moving fast but more specifically we’re seeing new languages or new skills appearing that often command higher rates but again how much higher? Well if you need an Angular developers <click> That applies a small premium on top of our ‘generic’ developer base 50th but what if you need a REACT developer? <click> well we’re actually seeing REACT Developers commanding almost 10 thousand dollars more --- so all in all we’re talking about some pretty substantial impacts to market data when we can start accounting for these employee level attributes so having the ability to get this granular and see the impact of these factors is really powerful and a great tool to have in your tool box. Now we will do a poll to better understand how valuable skill insights are to you and your organization.
- Tara Amazing! Thanks Brittany that is so cool and such a powerful perspective. Next I want to talk to you about the third data set that is native to the Payfactors platform and that’s Peer. Peer is our award winning, transparent and dynamic data set that includes HRIS data records for nearly 7 million employees around the globe. We currently have 2200 organization participating in Peer and have around 40 new companies joining each month. Peer is for organizations who want timely, transparent employer reported data based on their industry peers, that is fully customizable. Peer delivers: Fully transparent and DOJ compliant, employer reported data. Specific, relevant and fully customizable data. Always current data to keep up with market trends and respond to changes in the market. Industry networks to stay competitive Peer leverages the technology we have available to us today that we didn’t have 5, 10, 20 years ago – to improve and enhance the traditional survey process. With technology we can speed up the process so it takes minutes and not months – so participating in Peer is similar to participating in your favorite survey but instead of doing it every year, you just do it once then its just set it and forget it. Now we have all these employee records flowing into the Peer database and continuously updating (while still adhering to DOJ guidelines) – so you have an incredibly fresh view of the market – and then we hand the keys to the data over to you the user. So now you have the ability to go in and slice the dice the data to look at what matters most to you – whether its an industry, location, new hire data – or a specific list of companies that you are competing with. And not only are you able to drill down with almost unlimited granularity and transparency but the underlying data is continuously being refreshed and really keeping up with the market. Now I just mentioned two really powerful things that you get with the Peer data set – one is the fresh, near real time nature of it, which means Peer market data is going to keep up with fast markets and hot jobs in a way annual surveys cannot, so let me show you what that looks like with real numbers:
- Tara So here we’re looking at three jobs – Paramedic, Order Picker/Packer, and Data Scientist II from a variety of functions and the blue line is representing actual market data we pulled out of Peer for the first 6 months of this year, and the yellow line is representing what your market data would be telling you if you simply applied a traditional annual aging factor to data from Jan 1. As you can see you could be anywhere from 2% to 7 and a half percent off market – and that’s just over 6 months. You can imagine how far off from the market you would be if you waited 12 months to get a refresh of your market data.
- Tara Now the second powerful aspect of Peer I mentioned was the ability to slice and dice the data and the level of transparency you have – meaning the ability to see the list of participants that go in to every cut of data. And I can’t stress how powerful this is because even with your typical custom peer cuts – you’re not seeing who’s contributing to each job or each scope, and it can really make a difference. So lets take a benchmark job like compensation analyst II. The National median base salary for this job is $77K. <click> Now we all know different industries tend to pay differently so its not surprising that if we look at the base 50th for this job in the financial services industry its slightly higher at $79K, and if we look at a higher ed its lower at $64K – ok that’s inline with what we’d expect. <click> But look what happens if you were to pick a subset of the companies that make up the financial services cut – say you picked 5 specific companies by name --- well now the median jumps seventeen thousand dollars to $96K, and similarly <click> if you were to specify 5 companies from the higher ed cut – the median jumps 3K to a little over 67 thousand. All of this is to say that who is in the data really matters – and with Peer you get a named participant list for every scope, every job, every cut of data – so when you need transparency and trust in your data or you need the ability to be that specific in creating your cuts – Peer can offer you that. And now I’m going to show you Peer in the Payfactors platform, but before I do I just want to restate how amazingly powerful it is to have all three of these diverse and dynamic data sets in one platform for the first time. Now our clients have optionality and the power of choice – it is not a one size fits all world anymore and with three different data sets each offering different perspectives of the market and different ways to get granular, you will be better equipped to attract and retain the talent you need to be competitive.
- Tara & Brittany - Comprehensive demo of matching experience & Peer user experience VIDEO STARTS IMMEDIATELY VIDEO ENDS ON: Show Peer experience w/map, filtering, DOJ compliance Doubling down on Peer growth as a participation-based data set. Peer is a timely, transparent, and customizable employer reported data set. The more active participating organizations we have using Peer, the stronger and larger our data offering will be for our customers.
- We are building a Data network for Retail customers focused on Store & distribution center data with additional scopes for hourly jobs, example: store revenue, store type, seasonal employee and Industry specific jobs With this network, Payscale can delivery timely Retail specific data for hourly employees, which is the largest cost for Retail employers and largest employee population (Hourly Ees), getting pay right for these jobs is critical. Join our Retail data community today
- Tara Thank you S that was great. Now I just have some final words about Peer – unlike HR Market Analysis or Employee Reported, Peer is a participation data set – meaning Peers depth and diversity and ultimately its value, is all driven by the Peer community and the level of participation coming from all of you. Peer is a data community that requires customer participation and engagement to grow.
- Tara Peer leverages the technology we have available to us today that we didn’t have 5, 10, 20 years ago – to improve, enhance and modernize the traditional survey process. With technology we can speed up the process so it takes minutes and not months – so participating in Peer is similar to participating in your favorite survey but instead of doing it every year, you just do it once then it’s just set it and forget it. With Peer, we are modernizing the participation process with a variety of options. Done right, Peer participation is a one time exercise consisting of two parts - . First you need to keep your employee data fresh – by updating it at least one a quarter, second you need to match your jobs to Peer jobs. That’s it. And we make every effort to help you with both steps – we offer automatic data feeds which once they're set up your data will flow over regularly from your system to the payfactors system, and you don't have to touch it again. we also have ways to help you match your jobs to Peer jobs and more match enhancements coming out later this summer – but again, once your company jobs are matched to Peer jobs that’s it – you don’t have to do it again next year No annual participation season pain – participate once and get continuously updating, fresh market data at your finger tips.
- kim
- kim
- Amber to run Q&A and conclude