PayScale has unveiled a new suite of technology tools that the compensation data and software company says will allow HR professionals and managers to automate a host of compensation tasks.
Insight Lab, a new product with data-drive compensation insights, works with new technology to augment PayScale's latest software. Chief Product and Strategy Officer David Smith said the company's new product will help HR managers navigate the complexities often involved with compensation management.
“CEOs and other executives are facing incredible scrutiny to get compensation right," Smith said in a statement. "Issues such as gender pay equity and talent acquisition in today’s tightening labor economy make it essential to ensure pay is both fair and competitive. Meanwhile, compensation management is becoming incredibly complex."
According to PayScale, over 100 organizations across the U.S. have used a previous version of Insight Lab.
"Companies are required to interpret massive compensation data sets from multiple sources, while HR managers are spending countless hours inputting employee salary details and communicating pay information to managers," Smith said. "We designed Insight Lab to liberate HR managers from many of these painstaking tasks, so they can easily determine accurate pay and, ultimately, feel much more confident about those crucial decisions.”
Payscale has over 6,500 customers using its software to support more than 16 million employees.