BOSTON — Payscale, the leading provider of compensation intelligence solutions, today announced that its Peer data network crossed 10 million incumbents. Peer is Payscale’s foundational dataset, sourced directly from the Human Resource Information Systems (HRIS) of more than 4,500 participating organizations across 60 countries, and securely processed by Payscale’s expert data team.
Macroeconomic conditions and labor market swings directly impact compensation decisions and talent movement. Pay transparency legislation, combined with employees having access to more salary data than ever before, have shined a spotlight on pay, requiring employers to be more open about their salary ranges and compensation strategies.
Because every pay decision is increasingly scrutinized by both employees and leaders, organizations must adapt. Organizations have to respond to the talent market with fresh and defensible data to move quickly on offers, justify pay decisions, and create a compensation strategy that successfully attracts and retains critical talent.
For years, compensation professionals have relied on trusted survey data, but data that is a year old or aged forward isn’t always accurate to inform confident decisions. Even the best surveys leave gaps between cycles. When the market shifts in October and the next release isn’t until spring, the data on hand isn’t the data needed. Peer complements existing survey sources by giving comp teams a more timely, HR-reported pulse on market pay ranges.
Peer is at the heart of Payscale’s data ecosystem, with trusted, transparent sourcing and expanding coverage that is regularly refreshed and embedded into workflows. Better data leads to compensation decisions that are better informed, aligned, and defensible.
“Payscale created this dataset to bridge the gap between trusted survey methodology and the pace of modern business,” Payscale Chief Product Officer Peh Teh said. “With 10.2 million incumbents, Payscale Peer is one of the most comprehensive compensation data sources on the market, so organizations have more data with which to make faster, more confident pay decisions.”
More data. In seconds, not cycles.
Traditional salary surveys ask organizations to fill out a form once a year and wait months for results. By the time that data is published, it’s already aging. The Peer data network works differently, allowing compensation data to flow directly from participants’ HR systems into the network, which is then validated just like an annual salary survey, and frequently updated. The result is a pulse on the market so that organizations are equipped with the information they need to win top talent.
The value of Peer has been recognized by organizations. In the past year, the number of organizations actively contributing data to the Peer network has increased by 50%.
Payscale customers have found value in Peer, closing the gap for fresh, trusted compensation data.
“Evolution and scale of our products and services was a key part of our company strategy, which meant taking on new talent and roles for which we did not yet have compensation structures. I knew that we needed a partner like Payscale to support our ambitious goals,” Centauri Health Solutions CHRO Jimmy Griffin said. “With Payscale, we have a trusted source for salary data as well as the right tools and technology for where we’re at in our journey — and where we’re headed.”
