A review of PayScale and the PayScale Insight expert payroll management software solution
PayScale is a human capital and compensation management solution that serves both the employer and the employee. It provides compensation data to individual professionals and small- to medium-sized businesses, as well as large companies via its online tools and extensive database.
If you’re an entrepreneur, a small business owner or an HR manager of a multinational conglomerate, you’ve probably heard of PayScale. They possess the largest database of individual compensation profiles in the world.
And because of this extensive database, PayScale is able to provide a fairly accurate estimate of current market salaries that employers can use to benchmark their compensation packages and individual professionals can take advantage of how to figure out how much they should be earning.
So how does it work?
The different subscription software products offered by PayScale, such as PayScale MarketRate, PayScale Insight and PayScale Insight Expert, are all powered by highly advanced search and query algorithms that obtain, analyze and aggregate compensation data from millions of individual professionals in real-time.
PayScale also provides the quarterly PayScale Index, which gives employers and individual professionals a glimpse of the current salary compensation rates, based on job title, position, company role or the time spent with the company.
PayScale caters to more than 2,500 corporate clients, ranging from nonprofit organizations to small and large businesses across different industries. This particular payroll management software solution is designed for individual professionals who want to make sure they are being paid fairly and accurately. It has also been created for businesses and organizations that want to make sure they are paying employees and contractors the right amount for their services.
The Benefits of using PayScale and its online compensation management solutions
For any business to work, and become ultimately successful, you need the right people on the job. A company has to be able to retain talented individuals and skilled professionals. And in order for that to happen, you need to compensate your workforce fairly and accurately. This is what PayScale and its different online solutions like PayScale MarketRate, PayScale Insight and PayScale Insight Expert have to offer its clients.
PayScale Insight Expert and all the other products accompanying it offer several features that benefit both the employer and the employee. This compensation software solution provides real-time information obtained through salary analysis, surveys, industry experts and other reliable resources, allowing it to paint a clear and accurate picture of the current salary rate in the job market.
The data provided by the service allows employers, organizations and companies to accurately determine the right compensation package for employees based on their position or role in the company, whether they are currently hiring, figuring out a salary benchmark or retaining skilled professionals and talented individuals.
To ensure accuracy and up-to-date salary information, PayScale employs specific practices like data standardization and data matching. The service also makes use of proprietary internal taxonomies and proprietary mappings to other data sources, thus making sure all information provided to the customers are current and accurate.
Moreover, PayScale Insight Expert and all the other services also utilize a set of advanced proprietary algorithms to deliver consistent and accurate data points that are then used in their compensation models and reports.
For individual professionals, the service is an invaluable and reliable software solution that allows them to determine the current status of their compensation, if they are being paid fairly according to the current market rate. The PayScale salary reports and the data it provides is ideal for company employees, professionals and freelancers, because it allows them to establish a fair and accurate pay rate for their services.
Finally, PayScale also enables individual users to properly assess job offers, figure out specific points for salary negotiations or simply determine how their salary rate is stacking up against other professionals in the same position.
How much does this particular service cost?
Pricing plans for PayScale, PayScale Insight and PayScale Insight Expert are only available on a by-quote basis. Companies and organizations have to contact the vendor directly to get a pricing package based on their needs. You can visit their official website as well for additional information about the service, the products they offer and the features carried by those products.
For individuals, on the other hand, if they are willing to fill out an employee data survey, they will be able to receive a full salary data report free of charge. The data report will be available within minutes after you have completed the survey.
Conclusion
PayScale, and all of its products—PayScale MarketRate, PayScale Insight and PayScale Insight Expert—offers a modern robust compensation software solution for businesses of all sizes from all industries as well as for employees and freelance professionals.
It allows companies to track and analyze their compensation strategy based on current and accurate data; while individuals can use it to make sure they are getting paid fairly and accurately based on industry standards.
