PayScale Insight Lab is a sales intelligence software solution offered by PayScale, Inc.
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PayScale Payfactors
Score 10.0 out of 10
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Payfactors, now part of PayScale, provides three data sources to help organizations quickly respond to a changing talent market and the technology for organizations of all sizes to create more equitable and transparent pay practices.
If you have a large employee base and you are trying to remain competitive from a compensation perspective, this tool is well suited to help you accomplish this goal. If you are not a comp expert, they have experts on hand that can help you through projects or just answer basic questions.
With their multiple compensation databases and the ability to quickly navigate and explore market matches, I can trust that the data is accurate and up-to-date and that I can confidently stand behind my recommendations after doing my in-the-box Payfactors work. PayScale is a company that continues to grow and develop by leaps and bounds , so getting onboard with them now is still essentially the ground floor of something incredible.
PayScale has been great for our organization for benchmarking market salaries and wages for our positions.
The service was great as well, in that we were able to send our job descriptions over to have our jobs matched with the market.
The market reports have been extremely helpful and are easy to understand, and being able to see a breakdown between total cash, base salary, and bonus has been great.
Pre-recorded webinars on product updates would be great. I know they offer webinars, but many times they do not work into my schedule so I miss them. If they had a section on the site for training on product updates or new features that I could view on my own time I think would help me utilize the tool even better.
The ability to add-in or take away elements in the EE comp report. Some things are just not relevant to a company. I know a new release recently came out on the EE comp report and I am not a fluent with it as I once was (this is where the pre-recorded webinar or a learning byte would be helpful), but previously there were 3 versions of the EE comp report you could use. If I could add-in or drop-out sections to customize it to my company it would be nice.
Never had any issues with customer support as they are very responsive. The system is very reliable, therefore, we rarely interact with their customer support.
First of all, PayScale was by far the easiest tool to navigate and provided us with appropriate data. We had been working with Mercer for all of our compensation studies so the partnership with Mercer was attractive to us as well. I felt like I didn't get the best customer service with the other two products when we were in the decision stage. There was some pressure tactics that I didn't appreciate, and some unprofessionalism that seemed like red flags to me when discussing entering into a long-term contract. Not only was PayScale the best user interface for us, but they had our best interests in mind and were very professional to work with.
I continue to use both CompAnalyst and Payfactors simultaneously and they both have many pros and few cons. PayScale seems to have more advanced capabilities and has more robust user-provided tweaking and cutting-edge features. The access to multiple databases is also a major benefit. While the look and feel of Payfactors seems more "21st century" than CompAnalyst, I have to say that CompAnalyst has some very intuitive features, like the ability to select many matches, add them to a list, and then export the lot of them in a single Excel file, that I do enjoy and that I don't believe Payfactors can match. That would be one drawback, however this doesn't really affect the end results, which are incredible, it just changes the path to get there a little bit.
We wanted to ensure that we were able to support our compensation strategy and decisions with verifiable and trusted market data, and Payscale Insight has allowed us to do that. Now, compensation conversations with employees are more effective and transparent, enhancing our engagement and retention.
Additionally, we have been able to better train our managers to understand our compensation philosophy and how we can leverage it to improve performance and set effective goals for our employees.
Payscale Insight has become our main source for compensation data, eliminating the significant time investment it would previously take to bring it all together, review and make a decision.
Increased capacity to provide accurate and robust compensation analyses
Ability to compare and contrast compensation schema between Payfactors and other databases.
Access to an enormous database of help documents and lux pdfs regarding pay philosophies, compensation concepts, market developments, etc. Educational resources are phenomenal.
