Payscale, Inc., the leading provider of compensation data, software and services, announced updates to its core suite of products including Payfactors, MarketPay, and Compensation Planning, to harness the power of Artificial Intelligence (AI) and streamline the compensation management process. The launch comes on the heels of Payscale’s 2024 Compensation Best Practices Report (CBPR), which found that 63% of HR and compensation professionals are excited about the prospect of AI reducing unfulfilling work.
Created and vetted by Payscale’s Data Science team, the new AI-driven features use advanced algorithms and technology. AI-generated job summaries reduce time and frustration, so much so, that Payscale users have already created over 2,200 summaries using the tool. Additionally, Peer Auto-Match, powered by the Suggested Match Model, uses machine learning to deliver high-confidence job matches to Payscale Peer users based on multiple factors, including job title, survey matches, industry, and more.
“The Peer Auto-Match functionality is awesome! This is something we’ve been eagerly waiting for, and found the new feature to be 99% user-friendly,” said Shirley Rawson, Senior Compensation Analyst at VF Corporation. “It effortlessly auto-matches jobs for us based on multiple factors and has definitely been a time saver for our team. The tool is especially helpful for those of us who love working in compensation but find the job matching process tedious.”
According to the CBPR, 35% of organizations have no dedicated compensation professionals and a quarter (23%) have just one person, highlighting the need for tools that save time and streamline processes. In addition to AI advancements, Payscale continues to innovate its product offerings across the board with new features to provide value and deliver efficiency. These updates include:
- Payscale Certifications: Payscale is offering the first of its kind platform-tailored certifications to provide customers with new learning paths to gain valuable skills to modernize their compensation practices. Certifications available include Payfactors Basics, Payfactors Professional, and Payfactors Advanced with future certifications available for Compensation Fundamentals.
- Improved Benchmarking: Working with compensation data to benchmark jobs can be tedious and time-consuming, especially in a quickly changing market. Now benchmarking is more intuitive with new features and timely, relevant data that streamline the job matching and pricing process. Updates impact Payscale’s HR Market Analysis tool, providing the most accurate and recent data to help HR professionals offer market-value compensation packages and get pay right for their employees.
- Simplified Workflows: Payscale has invested in upgrading its user experience across its portfolio of products to improve routine workflows for professionals, including:
- Review Screen Comments in Compensation Planning: In-product comment functionality helps HR teams and managers collaborate within compensation cycles in a more personalized, integrated way.
- New Letter Template UI in Compensation Planning: Screen and workflow enhancements now feature filtering capabilities and new views, and can regenerate compensation letters that are impacted by changes in bulk.
- Explore Payscale Tiles: With added resources on the Payscale dashboard, customers have better access to new software, data sources and services to help solve compensation challenges.
- Payscale Connect Login via Single Sign-On (SSO) in MarketPay: Customers can now access Payscale’s online customer community directly from MarketPay to more seamlessly communicate with peers, troubleshoot product questions, and submit feature requests and support tickets.
“There are many parts of the compensation management process that require time-consuming and tedious work, but through leveraging the latest technologies, including AI, and providing our customers with educational resources that set them apart in their field, we hope to support compensation and HR professionals drive outcomes — and free up their time to focus on high-impact work,” said Tom Studdert, SVP of Customer Experience at Payscale. “Even more critically, getting these processes right allows compensation and HR professionals to focus on equitable outcomes, which leads to our ultimate goal of helping organizations achieve fair pay for all.”
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