Name: PayScale MarketPay
Rating: 9.3 (9 reviews)
Author: PayScale, Inc.

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PayScale MarketPay is a compensation survey data aggregator that supports merit and structure modeling, report writer, and pricing wizard.

QuotaPath automates the commission process, helping revenue teams manage and track variable pay. Teams that use QuotaPath gain real-time visibility into commissions and forecasted earnings.

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QuotaPath

PayScale MarketPay

Compensation management software is designed to help an organization maximize the returns on available talent. The ultimate goal is to reward the right people to the greatest extent for the most relevant reasons.

Compensation Management

Payscale MarketPay Jobs powered by JDXpert

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PayScale Insight Lab offers a smart, easy to use compensation management software with transparent datasets, intuitive structure modeling, and best-in-class service and support to ensure you are quickly set-up to attract and retain top talent. <ul><li>THE RIGHT LEVEL OF DATA. Validated, built-in datasets let you know what companies just like you are paying for jobs, and unique skill based data to keep an eye on market trends for fast moving jobs. </li><li>BUILD A MODERN COMPENSATION STRATEGY AND STRUCTURE. Leverage smart software to develop a comp strategy that is best suited to your organization. A sound compensation strategy allows businesses to pay fairly and competitively while remaining focused on the bottom line. </li><li>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. </li><li>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 &amp; Crowdsourced data, in a simple and visually friendly interface. </li></ul>

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Vice President, People & Operations

PayScale MarketPay 2020-03-20 21:29:27

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Compensation Management Software

We use PayScale MarketPay to price our jobs and determine how we should be paying our employees. We currently use PS MP across the entirety of the organization to ensure that we maintain internal equity and keep pace with the market. As a smaller company, we often have to worry about how we can compete with larger players in the market. By obtaining data about the market rate for each role, we are able to develop a compensation package that will attract and retain high quality employees while allowing us to steadily increase total compensation over time with confidence that we are competitive.

Detailed view of the market rates for roles within the organization provides the ability to pay our employees at our chosen rate with confidence.
Updated data to ensure that we are keeping pace--you're not stuck with outdated data that some annual salary surveys provide.
The market available for analysis are robust, and we're not simply looking at a single city, region, or country. You can usually get as grand or as granular as you like in reviewing available data.

There is a bit of a learning curve--if you're looking to get others involved who are not fluent in compensation data and analysis, it can be complicated and involved. It could benefit from additional tips and walkthroughs for newer users outside of the support that PayScale provides through your designated PS employee/account manager.
Being a Canadian company, the data isn't always as robust as it is for American companies. Larger cities are almost always represented and while you can often get data for the smaller areas, the data is not sufficient enough to always provide the best confidence (e.g. 5.0 reports vs. lower rated ones).
It does not work for every job, and you may find that you need to stretch definitions a bit as you may have roles that don't fix the exact mold that they are closest to in PayScale. This is especially true in insurance, where the role of underwriter or claims adjuster may differ significantly based on the organization's business.

Positive: Ability to better understand where our pay is relative to the market and ensure that we are paying competitively and attracting the best possible talent.
Positive: We can have more informed compensation conversations with staff about their pay and why we pay the way we do. We can define our compensation philosophy and build a plan to move forward and ensure we keep staff informed.
Neutral Impact: While PS MP can be robust for certain jobs, using it as a unified platform within the organization is not without its challenges as some jobs just don't quite fit the data provided and we need to make some concessions. While there are benefits to the data, the additional work and less confidence makes those benefits a bit of a wash in the end.
Negative: There has been no negative impact of using PS MP overall to this point.

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PayScale MarketPay

Overview

What is PayScale MarketPay?