With Payfactors, the Future is Now and becoming a compensation guru is right there at your fingertips!
I use multiple compensation databases and programs when I perform a compensation analysis for my company - PayScale Payfactors is one of …
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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.
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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.
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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.
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| Mobile Application | No |
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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!
- Recommendations
Users highly recommend utilizing the full package of Payfactors to maximize its tools and resources. They suggest developing a project plan for smooth implementation and requesting a live demo to fully comprehend the value of Payfactors. Users advise exploring all the features and functionality to ensure optimal utilization. They believe that Payfactors is a worthwhile investment for HR and Compensation professionals in medium-sized organizations. Users also recommend maintaining robust peer data and arranging calls with existing Payfactors customers for better understanding of the system and implementation process. In addition, including Payfactors in the list of vendors for survey housing, job pricing, and job descriptions is advised by users.
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December 04, 2023
With Payfactors, the Future is Now and becoming a compensation guru is right there at your fingertips!
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.
- 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
- 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!
- 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.
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.