TrustRadius: an HG Insights company

PayScale Payfactors

Score10 out of 10

7 Reviews and Ratings

Get a Demo

What is PayScale Payfactors?

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.

Categories & Use Cases

Reviews

What users are saying about PayScale Payfactors.
View all reviews

With Payfactors, the Future is Now and becoming a compensation guru is right there at your fingertips!

Incentivized
Scott MooreView profile
PEOPLE SPECIALIST in Human Resources at RED RHINO (201-500 employees employees)

Use Cases and Deployment Scope

I use multiple compensation databases and programs when I perform a compensation analysis for my company - PayScale Payfactors is one of the tools in my arsenal and I absolutely love working with it to produce my analyses. There are many incredible features provided by Payfactors that I have yet to fully utilize (it is just THAT robust!), but one that I use the most often is the Quick Price area of the program. I have access to both the Employee Reported Data and the Human Resources Market Analysis data and both databases are wonderfully rich with matches and picks when I am shopping for market matches to blend for my purposes. I use Payfactors to look at the compensation for a role from multiple angles and ensure that our compensation scheme has optimal external equity as compared to what is happening in the market. Being able to get clear Summaries from the ERD and HRMA allows me to gauge where our internal equity is and make any appropriate adjustments with our current compensation models.

Pros

  • Real-time market data for the most up-to-date pay bands and ranges
  • Robust internal organizational tools to manage multiple projects and collections of roles
  • Quick Price tool can get a comprehensive compensation pick for a role within seconds.
  • Internal help documents, message board communities, and live help agents are there if you need them

Cons

  • I am not seeing an easy way to produce or export compensation summaries for multiple roles at once. I have to pull up multiple at once.
  • The ERD and HRMA reports are in totally different formats and they don't have the same parameters to fine-tune matches.
  • To be honest, I look forward to exploring more built-in features in 2024. It is a great program!

Return on Investment

  • 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.

Alternatives Considered

CompAnalyst

Other Software Used

CompAnalyst, Microsoft 365, Microsoft Powerpoint