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HomeNewsPayscale Announces Major Upgrades to Payfactors and MarketPay for Enhanced Compensation Management

Payscale Announces Major Upgrades to Payfactors and MarketPay for Enhanced Compensation Management

Payscale Announces Major Upgrades to Payfactors and MarketPay for Enhanced Compensation Management
Payscale Expands Data & Technology Resources, Powering Decision-Focused Compensation Management

Today, Payscale Inc., a leader in compensation data, software, and services, announced significant updates to its flagship products, Payfactors and MarketPay. These enhancements aim to expand data access, introduce new functionalities, and support optimized compensation decision-making for their customers.

  • Adoption of Compensation Management Software:
    • Top Performers: 59% are using, purchasing, or evaluating compensation management software in 2024.
    • Non-Top Performers: 50% are engaged in similar activities.
  • Investment in Dynamic Data Sources:
    • Top Performers: 31% prioritize investing in dynamic data sources over traditional salary surveys.
    • Non-Top Performers: 17% focus on these advanced data sources.
  • Expanding Data Set for Reliable Decision-Making:
    • Peer Data Growth: Increased to 1 million incumbents (13% growth).
    • Customer Expansion: Welcomed 700 new customers (5% growth).
    • HR Market Analysis: Added 417 new jobs to the dataset (5% growth).
    • Impact: Broader and more inclusive data set across industries, job roles, and geographies for effective compensation management.
  • Inventory of Compensation Best Practices Resources:
    • New Certification: Compensation Fundamentals Certification offers access to best practices and showcases skills.
    • Educational Tools: New resources for establishing effective compensation programs.
  • New Features for Surfacing Insights:
    • Job Family Management: Centralized management of job families and levels for maintaining pay equity.
    • Upcoming Survey Experience:
      • New Workflow: Streamlined survey participation process.
      • Survey Metrics: New features for tracking survey utilization and maximizing investments.
  • Katherine Hurley, Compensation Senior Manager at Vertex Pharmaceuticals:
    • “The job family view is a great start for this area of enhancement. This is something we have been looking for in Payfactors, and I like the way we can see all of the job families and how many jobs and employees are in each.”
  • Payscale’s Mission:
    • Goal: To support compensation professionals with data-driven insights for better pay decisions and potential cost savings.
    • Future Developments: Continuous investment in technology and resources to meet evolving compensation management needs.

Payscale’s latest updates to Payfactors and MarketPay mark a significant advancement in compensation management technology. With expanded data sets, new features, and enhanced educational resources, Payscale is poised to support organizations in making informed, strategic compensation decisions.