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PayScale is a versatile software that is extensively used across organizations for various purposes. One of the primary use cases of …
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What is PayScale Insight Lab?
PayScale Insight Lab is a sales intelligence software solution offered by PayScale, Inc.
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What is PayScale Insight Lab?
PayScale Insight Lab is a sales intelligence software solution offered by PayScale, Inc.
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What is PayScale Insight Lab?
PayScale Insight Lab offers what the vendor describes as a smart, easy to use compensation management software, and promises transparent datasets, intuitive structure modeling, and best-in-class service and support to ensure the user is quickly set-up to attract and retain top talent.
The vendor states PayScale Insight Lab presents the following advantages:
The vendor states PayScale Insight Lab presents the following advantages:
- THE RIGHT LEVEL OF DATA. Validated, built-in datasets let the user know what similar companies are paying for jobs, and unique skill based data to keep an eye on market trends for fast moving jobs.
- BUILD A MODERN COMPENSATION STRATEGY AND STRUCTURE. Leverage smart software to develop a comp strategy that is best suited to any particular organization. A sound compensation strategy allows businesses to pay fairly and competitively while remaining focused on the bottom line.
- COMMUNICATE COMPENSATION WITH CONFIDENCE. PREVENT COSTLY TURNOVER. Conversations about pay can sometimes matter more than the pay itself. Easily communicate compensation to employees. Ensure employees understand what they are paid and why.
- ENSURE PRICING IS ACCURATE FOR EVERY JOB. Reduce over-underpayment issues as you grow. Blend multiple data sources, including industry standard surveys with Insight Lab's built-in Company & Crowdsourced data, in a simple and visually friendly interface.
PayScale Insight Lab Features
- Supported: Match jobs by unique skills
- Supported: Configurable Employee Comp Report
- Supported: Structure and strategy to manage employee base pay and model what-if scenarios
- Supported: Robust analytics to understand market movement, discover hot jobs, and identify flight risks
PayScale Insight Lab Integrations
PayScale Insight Lab Competitors
PayScale Insight Lab Technical Details
| Deployment Types | Software as a Service (SaaS), Cloud, or Web-Based |
|---|---|
| Operating Systems | Unspecified |
| Mobile Application | No |
| Supported Languages | English |
Frequently Asked Questions
PayScale Insight Lab is a sales intelligence software solution offered by PayScale, Inc.
The most common users of PayScale Insight Lab are from Mid-sized Companies (51-1,000 employees).
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Community Insights
TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!
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PayScale is a versatile software that is extensively used across organizations for various purposes. One of the primary use cases of PayScale is its role in benchmarking, grading, and reviewing market comparators within a company. This feature allows users to bring the grading process in-house, resulting in cost savings and improved compensation calibration and pay for performance. According to users, PayScale's ability to generate accurate reports and benchmark jobs has been invaluable in ensuring fair market rates for current and potential employees.
The HR department relies heavily on PayScale Insight to price and benchmark jobs, evaluate salary ranges for internal equity and market competitiveness, and generate reports. By utilizing this software, organizations can maintain their competitive advantage in attracting and retaining talent by setting valid salary ranges, paying competitive market rates, and determining pay for new hires and promotions. Users have praised PayScale for its ability to take into consideration various factors such as expertise, years of experience, education, management experience, certifications, industry, and company size to provide fair and balanced salary recommendations.
Another use case of PayScale is addressing compensation-related issues within an organization. The software enables decision-makers to access real-time compensation data quickly, which proves particularly useful for rural companies that struggle with finding accurate information based on job descriptions. Additionally, PayScale Insight is employed by the HR department for pricing new positions, tracking pay trends, determining annual increases, and ensuring fair compensation based on knowledge, skills, and location. Moreover, it assists in benchmarking compensation, determining competitive salary rates, and making merit increase or salary adjustment decisions during performance reviews.
Furthermore, PayScale plays a vital role in helping organizations obtain up-to-date market salary data, benchmark industry and area salary information, and stay informed about the cost of labor in various markets. This enables companies to remain competitive in their compensation strategies while aligning with industry standards. Users appreciate the software's ability to provide accurate information within minutes while maintaining an active pulse on the rapidly changing labor market.
In summary, PayScale is utilized by organizations for a range of use cases, including benchmarking, grading, and reviewing market comparators; ensuring fair compensation and market rates; addressing compensation-related issues; and obtaining real-time salary data for various markets. Its versatility and ability to generate accurate reports have made it an indispensable tool for HR departments looking to optimize their compensation strategies and attract top talent.
Fantastic customer service: Many users have praised PayScale for its fantastic customer service. Reviewers have mentioned that they had a great relationship with their Relationship Success Manager and Account Executive, highlighting the excellent support provided by the PayScale team.
User-friendly interface: PayScale has been described as the most user-friendly tool among the options users have tried. Its intuitive nature has been highly appreciated, making it easy for reviewers to navigate and use the platform effectively.
Customization options: The ability to customize pay structures, create favorites, and create new jobs on the fly is a feature that many users liked about PayScale. This flexibility allows users to tailor their compensation practices according to their specific needs and requirements.
Data Export Issues: Several users have reported experiencing regular issues with the data export feature, finding it to be unreliable and encountering various problems such as corrupt files or incomplete exports.
Inefficient Job Titles: Some users have mentioned that working with job titles in the tool can be challenging and may require additional effort to meet their specific needs. They often need to manually adjust or modify job titles to accurately represent their organization's structure.
Lack of Niche Industry Data: A number of reviewers have expressed a desire for more titles and niche industry data to be added to the offerings. They find it difficult to find matches for unique job positions in specialized industries, making it harder to benchmark salaries accurately.
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Reviews
(1-14 of 14)Companies can't remove reviews or game the system. Here's why
October 07, 2020
Pay Scales in Your Favor
- Reduced time that is spent researching compensation.
- Managers require less guidance from HR which allows us to focus on other things
- The only negative impact might be cost, but it is worth the investment for our company.
- Ensure fairness in our compensation model so our turnover rate is within our target.
- Show employees where our information comes from. That the data is comprehensive and based on what is happening in each location.
July 24, 2018
Ease of use and live data
- While the ROI is unknown, it's clear when we have a candidate who accepts an offer that the data provided was valuable. This allows our business to grow.
July 13, 2018
Great to know that we pay fairly AND well
- PayScale helps us more objectively choose what to offer to new employees.
April 03, 2018
Making Comp easy for all!
- Insight has reduced the amount of time spent on determining where to slot a job in our structure. In the past we used multiple paper-source salary surveys so a lot of time was spent on fingering through binders to find the best match and then trying to determine how that compared to current jobs equivalent in stature.
- The first time we went through this process, we did determine that changes that needed to be made to the structure did pose some negative impact on certain employees (ex. it was determined that one job was slotted in a grade higher than it should be so once we reclassified these folks, we determined that some of them were above the lowered salary range and became redlined. While this had a visually negative impact, we made efforts to promote these individuals or create development plans to get them back into a higher grade.
- We now have access to these very detailed market reports, which we can print and share with managers. These reports aid in helping our communication with managers be much more efficient and effective. We are able to present "evidence" if you will on where the markets places any new roles as they have designed them. It has given HR more credibility in our recommendations.
- Since implementing PayScale we've been able to do full department reviews of job descriptions, job grading, and job creation without incurring a large out of pocket expense with a comp consultant doing the job grading for us.
- We have had a growing list of "hot jobs" that leaders have asked us to review for pay inequities and market alignment. We've been able to make the necessary changes within our organization to keep us aligned with the market, or prove that we are aligned and that we do not need to incur additional salary expense for roles that are already right on price.
February 26, 2018
An essential compensation resource
- 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.
February 12, 2018
Great Reports and Good Insight
- PayScale has helped us get a better idea of how competitive our salaries are with the market.
July 20, 2017
Compensation Data that Makes a Difference
- PayScale has allowed us to better target our compensation strategy, which has reigned in managers who were increasing pay MUCH quicker than necessary.
- The changes we've made over the past couple of years have allowed us to pinpoint areas of need. For example, we adjusted our starting pay for our primary job class and reduced turnover from over 60% to under 30% in 18 months. Reduced turnover is a clear positive impact on ROI.
July 17, 2017
PayScale: Be the Hero of your Comp Program
- Positive ROI in the time it used to take to research the info for a new or existing position
- Positive ROI on one stop shopping
July 11, 2017
Welcome to Comptopia
Score 10 out of 10
Vetted Review
Verified User
- Replaces a compensation analyst.
Score 10 out of 10
Vetted Review
Verified User
- The impact of Insight has been extremely valuable for us. With the first project (wage analysis) we were able to see exactly where we fit in as an organization in our markets. Once you know where you stand you can then make adjustments.
- Along with having accurate data with PayScale, you can then have accurate discussions with your employees when it comes to pay. Being able to show employees where their position falls within the market has help tremendously with building credibility and transparency within the organization. It's one thing to stand behind your numbers, it is another to be able to explain them in detail to your employees so they can understand them too.
June 30, 2017
"No Brainer" purchase for small and large companies!
- It has saved us thousands by not having to hire a comp consultant to review our pay bands.
- Pays for itself within months by providing accurate salary reports, and not data that is watered down by national averages, and thereby being able to justify offers to new hires.
February 17, 2017
Payscale- Incredibly helpful for providing fair salaries
- It allows us to be fair and explain our reasoning behind the salaries we offer to new candidates.
- Payscale also allows us access to data and helps our team understand and figure out what to offer for increases and promotions.
- Sometimes you have candidates that do not understand their market value or are looking at other industries or verticals for what they feel they should be fairly paid. Payscale has been helpful with educating some of these candidates and for setting expectations.