WALTHAM, Mass., Nov. 30, 2021 /PRNewswire/ — Findings from the newly revealed 2021-2022 Compensation Technology Buyer’s Guide, an independently researched information to the very best of HR compensation know-how, spotlight Salary.com as a market chief in system capabilities and innovation, making it a robust useful resource and gear that companies use to assist drive prime efficiency. Drawing insights from in-depth interviews and a survey of 856 companies performed by Lighthouse Research & Advisory, the Information offers unbiased, impartial views of the know-how panorama to assist compensation and HR leaders. This 12 months’s report highlights the issues, considerations and motion steps corporations are taking to make sure they will tackle a dynamic labor market and urgent considerations round pay fairness and transparency.
Discovering: CompAnalyst® Market Information ranks as prime supply of HR-reported market information
In 2021 all information sources confirmed elevated utilization over 2019. For the primary time, HR-reported mixture market information overtook wage survey information as probably the most correct, with Wage.com’s CompAnalyst Market Information rating as the highest supply of HR-reported market information.
Information sorts ranked most to least correct by compensation practitioners:
- HR-reported mixture market information (surveys of surveys)
- Wage survey information
- Worker-reported information
- Rising sources of knowledge (predictive information primarily based on alerts related to compensation)
- Free/open information
“Staff are feeling empowered to have compensation conversations and so they’re rightfully demanding transparency and accountability,” mentioned Katie Stukowski, Vice President of Options consulting at Wage.com. “Given the complexities of in the present day’s labor market, HR departments must have a number of trusted information sources to again up how they make their wage selections. Each supervisor wants to have the ability to clarify how an worker’s pay is decided.”
Discovering: Higher adoption of know-how options
All through the final 12 months, change administration has been a relentless for corporations navigating the impression of the worldwide pandemic, significantly because it pertains to evolving office developments and associated pay. These dynamics are fueling development within the compensation administration house.
In line with Ben Eubanks, Chief Analysis Officer at Lighthouse Analysis & Advisory, “Use of nearly each system elevated in comparison with our final reporting interval, validating our place that the market is rising pretty quickly for compensation administration know-how.” Additionally, the reply alternative ‘We don’t use a compensation system’ fell by greater than 50% in comparison with two years in the past.
The report discovered that Wage.com is related throughout all sizes of employers, from SMB to enterprise, supporting its spectacular development and traction: within the final six months, Wage.com noticed will increase in product tenure of 14% during the last measurement interval, greater than another system, and the corporate’s new implementation price continued at 14% as effectively.
Notes Eubanks, “The corporate’s current developments in buyer acquisition mirror a lot of what we have seen in our information. There was shuffling within the enterprise house seeking the best supplier, and the small and midsize market has grown considerably within the final 12-24 months, driving buyer development.”
Discovering: Expertise suppliers are working to deal with the problem of pay fairness
The 2021-2022 Compensation Expertise Purchaser’s Information additionally recognized some distinctive advantages that Wage.com offers its clients in terms of addressing pay fairness. JobArchitect™ was highlighted for its means to determine and doc comparable work, which Eubanks notes is the keystone of pay fairness evaluation. It additionally highlights CompAnalyst®’s strong pay fairness reporting and dashboards, which supply a wide range of methods to look at pay information, decide points and determine gaps in pay fairness. Because the report notes, collectively JobArchitect and CompAnalyst energy crucial insights into pay gaps, determine that are justified underneath the federal and native legal guidelines, and assist design remediation and communication plans.
Different highlights from the Compensation Expertise Purchaser’s Information:
- Low performers within the research had been 50% extra prone to be utilizing spreadsheets or nothing in any respect to handle their compensation perform.
- In contrast to low performers, who’re primarily involved with value as a motive to alter suppliers (41% of responses), excessive performers’ first priorities are ease of use (42%) and high quality of buyer assist (37%).
- Generally, more moderen implementations of cloud HR know-how result in increased worker engagement and extra visibility into the operations of the enterprise, and payback for 8 out of 10 companies occurs inside the first 12 months.
To obtain the complete Lighthouse Analysis & Advisory 2021/2022 Compensation Expertise Purchaser’s Information, click on here.
Wage.com is the main supplier of compensation market information, software program, and analytics, bringing extra of the trusted information and intuitive software program organizations must get pay proper. The trade’s fastest-growing compensation administration firm, Wage.com serves over 30,000 survey participant organizations, over 8,000 business-to-business software program subscribers, and over 45 million workers globally. HR professionals depend on Wage.com’s 360° view of their compensation practices to allow them to effectively and precisely obtain inside pay fairness and adapt to market modifications. Wage.com’s state-of-the-art CompAnalyst® accelerates compensation workflows, delivers real-time information, and powers correct, equitable, and aggressive compensation by means of one intuitive platform. For extra data, please go to www.salary.com.
Director of Advertising and marketing Communications
SOURCE Wage.com, Inc.