Boyd Davis, CEO Payfederate
Recently, we announced that job-level wage data at a local and national level provided by WageScape will be integrated into the Payfederate platform. WageScape is the leader in aggregating data from millions of job postings to provide real-time labor market intelligence. I’d like to provide some additional context on this evolution of our product.
Why real-time data?
Compensation professionals have relied primarily on salary surveys to benchmark compensation, and in our view, that isn’t likely to change moving forward. Salary surveys provide detailed job descriptions and insight into how jobs fit into job families and career levels. However, surveys are always a reflection of the labor market as it existed some months in the past. Job postings include salary ranges for existing openings, providing a real-time view. Best practices for compensation benchmarking include using multiple survey data sources, and using real-time posting data simply enhances the information available to ensure accurate results.
Why WageScape?
Scraping the web for job posting data is not a difficult technical task, and we could have gathered this information on our own. However, it turns out getting quality data from web scraping is not as straightforward as it seems. WageScape was founded specifically to maximize the collection and aggregation of job posting data, and they get much more coverage of salary ranges than a basic web scraping exercise, especially in states where the salary range inclusion in the text of the job posting is not mandated. We provide WageScape’s job-level data for any job within the Payfederate platform, and for customers who want to go deeper, WageScape offers a labor market intelligence platform that provides even more insight.
If employees understand their pay and believe it is fair, they will be more engaged and more productive. Conversely, lack of trust in pay leads to dissatisfaction, disengagement, and even undesired attrition. By integrating the right data, leveraging AI, and connecting salary range data to key HR processes, Payfederate brings compensation best practices to a much broader audience. Our relationship with WageScape adds an important element to our market leading compensation management platform.
Read more on our announcement here, and feel free to view our Speaker Insight Series video here, where Cary Sparrow, CEO and founder of WageScape, and I discuss the role of real time data and demonstrate how Payfederate utilizes job level posting data.
