Name: PayScale Payfactors
Rating: 9.8 (7 reviews)
Author: PayScale, Inc.

Customer Training

Help Desk

Web and Video Conferencing

Customer Support

Beta Testing

Continuous Integration

PHP Frameworks

Product Analytics

Virtual Reality

Development

Business Intelligence (BI)

Collaboration

Contract Analysis

Document Generation

Emissions Management

Visitor Management

Whistleblowing

Enterprise

Accounting

SaaS Spend Management

Travel Management

Finance and Accounting

ACA Compliance

Applicant Tracking

Compensation Management

Corporate Learning Management

HR Management

Payroll

Talent Intelligence

Talent Management

Workforce Analytics

Workforce Management

Human Resources

AIOps

Access Gateways

Cloud Migration

Cloud Storage

Data Center Cooling

Data Warehouse

Database-as-a-Service (DBaaS)

DevOps

Enterprise Service Bus

Fraud Detection

Game Engine

Integration Platform as a Service (iPaaS)

LAN Switches

Migration

Mobile Identity

Network Performance Monitoring

Open-Source Database

Privileged Access Management

Storage as a Service (STaaS)

Virtualization Management

Website Hosting

Information Technology

A/B Testing

Ad Serving & Retargeting

All-in-One Marketing

Content Management

Ecommerce Personalization

Email Marketing

Marketing Automation

Social Media Management

Survey & Forms Building

Video Streaming

Web Analytics

Marketing

Project Management

Professional Services

Customer Relationship Management (CRM)

Point of Sale

Sales

Cloud Infrastructure Entitlement Management

Secure Service Edge (SSE)

Security

Apparel

Banking

Equation Editors

Internet of Medical Things

Medical Office EMR & EHR

Mental Health

Online Ordering

eDiscovery

Vertical-Specific

Find top rated software and services based on in-depth reviews from verified users. 400+ software categories including PaaS, NoSQL, BI, HR, and more.

PayScale MarketPay

PayScale, Inc.

Pave

Pave (Trove Information Technologies, Inc)

CompAnalyst

Salary.com

PayScale Insight Lab

Mercer WIN | ePrism

Mercer

Dayforce

Paycom

SAP SuccessFactors HCM

UKG Pro

Workday Human Capital Management

Workday

### Job Pricing Strategies
Users consistently highlight the ease of use and convenience of PayScale Payfactors' job pricing tools. The platform's ability to streamline job pricing projects and provide quick market pricing is well-received by users. Additionally, the integration of advanced analytics features and the availability of peer data contribute to the positive user experience. While some users express a desire for more extensive market data and job titles in the quick price tool, overall, PayScale Payfactors is commended for simplifying the job pricing process and enabling confident pay-related decisions.

### Job Description Management
User feedback on PayScale Payfactors' job description management capabilities is predominantly positive. The platform's job description module is commended for its user-friendly interface, ease of use in creating, updating, and tracking job descriptions, and the ability to streamline the approval process. Users appreciate the efficiency gained in managing job descriptions centrally, ensuring consistency and compliance across the organization. Some minor suggestions for improvement include enhancing the reporting features related to benchmark descriptions and providing more automated location-based data cuts for employee job codes. Despite these minor areas for enhancement, overall sentiment towards PayScale Payfactors' job description management functionality remains favorable.

### Compensation Management
Users consistently praise PayScale Payfactors for its user-friendly interface and the ability to customize compensation data for each client. The platform's ease of use and comprehensive functionality make it a valuable tool for managing compensation structures and analyzing market pay rates. While some users express a desire for additional pay practice information within the tool, overall, PayScale Payfactors is lauded for its role in facilitating confident pay-related decisions, improving plan design, and reducing compliance risk.

### Salary Benchmarking
User feedback on PayScale Payfactors' salary benchmarking functionality is generally positive, with many users highlighting the ease of access to salary information and the ability to benchmark internal compensation structures effectively. Some users appreciate the platform's ability to provide calculated job-based ranges and the constant increase in available data through Peer. However, there are also some concerns raised about the need for more robust salary structure building capabilities and challenges in keeping up with market trends and salary compression. Despite these minor drawbacks, users find PayScale Payfactors to be a valuable tool for benchmarking salaries and making informed pay-related decisions.

### Employee Compensation Structures
Users have expressed varying opinions regarding PayScale Payfactors' employee compensation structures capabilities. While some users appreciate the ease of managing survey data, building pay structures, and analyzing compensation trends, others have raised concerns about the recent merger with Payscale and the reliance on crowd-sourced data. The tool's ability to optimize salary bands within organizations has been highlighted as a positive aspect, aiding in hiring efforts and employee retention. Additionally, the platform's impact on streamlining work processes, integrating healthcare systems, and aligning with market data has been noted as beneficial by users.

### Real-Time Data Insights
Users consistently highlight PayScale Payfactors' real-time data insights as a key strength of the platform. The ability to access updated data quickly and easily understand market trends in real time has been a game-changer for many users. The platform's data insights feature has been commended for its accuracy and user-friendly interface, allowing for efficient decision-making based on the most current information available.

### Survey and Report Generation
Users consistently highlight the user-friendly nature of PayScale Payfactors for survey and report generation. They appreciate the simplicity in creating and customizing reports, as well as the efficiency in matching jobs and loading survey participation files. The platform's ability to provide comprehensive data insights and facilitate collaboration on pricing projects is also well-received by users. Despite some minor concerns about the comprehensiveness of executive survey data, overall, users find PayScale Payfactors to be a valuable tool for enhancing their survey and report generation processes.

### Custom Reporting and Data Integration
Users generally appreciate PayScale Payfactors' robust custom reporting and data integration features, citing the platform's ability to streamline data analysis and reporting processes. While some users find setting up custom reports slightly challenging, the platform's customer support is commended for providing assistance in overcoming such hurdles. The platform's capability to integrate various data sources and provide advanced analytics for trend tracking is highlighted as a significant advantage by users. Additionally, the tool's high-quality data aggregation from multiple salary surveys is praised for simplifying benchmarking and compensation analysis tasks.

### Market Analysis
Users generally appreciate the robust market analysis capabilities offered by PayScale Payfactors. They find the platform's ability to provide real-time market data and competitive insights to be highly beneficial for making informed decisions regarding job pricing and market positioning. While some users mention challenges in accessing specific market data for certain job roles, overall, the consensus is positive regarding the platform's market analysis features. The integration of Peer network data and the ease of comparing compensation data across different criteria are highlighted as key strengths of PayScale Payfactors in the realm of market analysis.

### Talent Acquisition and Retention
Users consistently highlight PayScale Payfactors' positive impact on talent acquisition and retention strategies. They appreciate the ease of managing job descriptions and ensuring competitive salaries to attract and retain top talent. The tool's ability to provide real-time data for budgeting and decision-making has been particularly valuable in enhancing hiring practices and employee engagement. Additionally, users find the platform instrumental in aligning compensation strategies with business goals, ultimately contributing to a more competitive position in the market for attracting skilled professionals.

### HR and Managerial Tools
Users consistently highlight PayScale Payfactors' hr and managerial tools as a key strength of the platform. The ease of use, user-friendly interface, and the ability to streamline processes such as job description management and pricing have been commended. While some users have encountered challenges with integration with HRIS systems, the overall sentiment leans towards the effectiveness and efficiency of the hr and managerial tools offered by PayScale Payfactors.

### Strategic HR Planning
Users consistently highlight PayScale Payfactors' strategic HR planning capabilities as a key asset, enabling them to align their compensation strategy with business objectives effectively. The platform's tools facilitate the creation and adjustment of compensation strategies across multiple regions, ensuring competitiveness in the market. While some users mention challenges with integrating certain tools, the overall sentiment towards PayScale Payfactors' strategic HR planning functionality remains positive and beneficial for enhancing organizational HR strategies.

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.

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.

ADP Workforce Now is a cloud-based HR platform for mid-sized businesses. It features customizable modules of various HR services that businesses can tailor to their specific needs, as well as regulatory monitoring and alerts to help businesses remain compliant.

Essential

Enhanced

Complete

HR Pro

Payroll Essentials

HR Plus

Hiring Advantage

Performance Plus

ADP Workforce Now

Salesforce Spiff is a commission software that combines the familiarity of a spreadsheet with automation at scale. It is designed to streamline workflows, enable easier communication, and instill a high level of trust across all stakeholders.

Spiff

Salesforce Spiff

PayScale Payfactors

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.

Job Description Manager by Payfactors

Likelihood to Recommend

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>

Microsoft 365

Microsoft Powerpoint

PEOPLE SPECIALIST

PayScale Payfactors 2023-12-04 09:02:24

TrustRadius is a technology and business research firm based in Austin, Texas. The company is known as a review platform for verified B2B technology and software reviews through a proprietary algorithm and human verification.

TrustRadius

Home

Compensation Management Software

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.

CompAnalyst, Microsoft 365, Microsoft Powerpoint

PayScale Payfactors

Overview

What is PayScale Payfactors?