A solid way to establish confidence that you're paying your team competitively
March 23, 2020
A solid way to establish confidence that you're paying your team competitively
Score 8 out of 10
Vetted Review
Verified User
Overall Satisfaction with PayScale MarketPay
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- Updated data to ensure that we are keeping pace--you're not stuck with outdated data that some annual salary surveys provide.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.
We haven't used any similar products, as the organization previously relied on salary surveys completed within a group of similar companies and market surveys. The downside of such surveys was the limited or not relevant datasets and the timing of them as they did not keep pace with the market and were always essentially 6-12 months behind the curve.
Do you think PayScale MarketPay delivers good value for the price?
Yes
Are you happy with PayScale MarketPay's feature set?
Yes
Did PayScale MarketPay live up to sales and marketing promises?
Yes
Did implementation of PayScale MarketPay go as expected?
Yes
Would you buy PayScale MarketPay again?
Yes