PayScale, Inc., the industry leader in compensation data and software, today announced Data Marketplace, an AI-powered recommendation engine that uses machine learning to suggest salary survey data to users based on their information and behavior. Data Marketplace will enable users to purchase salary survey data from select third-party partners directly within MarketPay. PayScale’s Data Marketplace will be trialed with select customers in 2020 with an official launch in 2021.
“PayScale’s vision with Data Marketplace is to help customers by providing access to the diversity of salary data they need to price jobs accurately and in the easiest way possible,” said Scott Torrey, CEO of PayScale. “PayScale MarketPay is already the most trusted survey management tool in the market, but with the Data Marketplace, customers have the ability to self-service salary data purchases with recommendations from AI-powered technology to streamline the entire process.”
The addition of an AI-powered recommendation engine provides employers with suggestions on salary data to purchase that they may not have even known they needed. This technology can not only save employers time but can help them become more accurate in how they pay.
“By using PayScale’s Data Marketplace, we have been able to identify potential survey matches that we haven’t yet purchased but may want to consider for the future,” said Lara Burky, Senior Benefits and Compensation Consultant for Texas Mutual Insurance Company and customer of PayScale. “We regularly use surveys that we only found out about because of the AI job matching feature in PayScale MarketPay. Data Marketplace has helped us uncover more data to accurately price jobs in financial services that are critical to our business and really important to us to get right.”
PayScale welcomes Empsight International LLC to third-party survey providers participating in Data Marketplace, which already includes Mercer. Empsight is a global HR consulting firm that provides niche, specialized surveys targeted for complex, multinational enterprise organizations, including their renowned legal survey.
“We are tremendously excited to partner with PayScale on Data Marketplace,” said Jeremy Feinstein, co-founder and managing director of Empsight International LLC. “We view PayScale as a leading survey management platform and have recommended MarketPay to our customers for years. This partnership demonstrates our commitment to data transparency and will provide more employers with both quality data and choice of data that remains true to the source.”
Partnering with PayScale on Data Marketplace makes it easier for customers to access the highest integrity salary data and get pay right, especially for professional roles that are highly valued in the market. Through established partnerships with third-party providers of employer sourced data coupled with fair and transparent collection and distribution of data sources, PayScale is improving the hygiene of the data ecosystem and restoring trust in salary market data.
“The companies that Mercer works with that are also customers of PayScale are already seeing incredible benefits from integration of survey data right within MarketPay,” said Susan Haberman, Senior Partner at Mercer. “The way that PayScale is approaching compensation technology is making compensation management easier than ever before and will eventually transform the entire industry.”
The Data Marketplace will continue to seek expansion of partners, an endeavor that will be spearheaded by the recent hire of Derek Beebe to the position of Senior Vice President of Business Partnerships. Formerly Senior Director of Talent and Rewards North America Sales at Willis Towers Watson, Beebe will bring to PayScale a wealth of experience and expertise in the industry.
Data Marketplace was announced to PayScale customers during Compference, PayScale’s annual event on how to turn compensation into a competitive advantage.
In other Compference news:
PayScale is expanding its partnership with JDXpert to include seamless integration between MarketPay and JDXpert, the market leader in Job Description Management. Users will be able to take advantage of the advanced capabilities of both tools from within MarketPay, allowing users to create, edit, manage and view job descriptions side-by-side from within MarketPay. Job information will be automatically synced and JDXpert users will be able to leverage PayScale’s market sourced data. PayScale will be bringing this combined offering to its new and existing customers in early 2021.
PayScale launched PayScale Compensation Surveys, which aggregates employee data from the HRIS systems of participating PayScale customers, representing over 2,000 organizations, about 2.5 million employees and over 5,500 jobs. Industry surveys provide highly specific data into what competitors are paying for niche industry roles. The offering will kick off with 15 industries, which will be available to PayScale customers post-Compference in November of 2020.
The news at Compference follows closely behind a recent API integration for UltiPro within PayScale Insight Lab. UltiPro by UKG is an end-to-end HR, payroll, and talent management solution that increases HR efficiency and improves employee experiences. UltiPro is a valued API addition to PayScale, which already includes HRIS integrations with ADP Workforce Now and BambooHR.