Salary.com See Industry’s Biggest Increase in Adoption and Age of Compensation Technology, New Independent Study
WALTHAM, Mass., November 30, 2021 / PRNewswire / – Findings from the recently released 2021-2022 Compensation Technology Buyer’s Guide, an independent research guide to the best in HR compensation technology, highlight Salary.com as a leader market capabilities and systems innovation, making it a powerful resource and tool that businesses use to drive peak performance. Drawing lessons from in-depth interviews and a survey of 856 companies conducted by Lighthouse Research & Advisory, the Guide provides unbiased and neutral views of the technology landscape to support compensation and HR leaders. This year’s report highlights the considerations, concerns and actions companies are taking to ensure they can respond to a dynamic labor market and pressing concerns about pay equity and transparency.
Discovery: CompAnalyst® Market Data Ranks As The Primary Source Of HR Reported Market Data
In 2021, all data sources showed increased usage compared to 2019. For the first time, aggregate market data reported by HR has overtaken salary survey data as the most accurate, the data CompAnalyst Market Report from Salary.com ranking as the premier source of HR reported market data.
Data types ranked from most to least precise by compensation professionals:
- Aggregated market data reported by HR (survey surveys)
- Salary survey data
- Data reported by employees
- Emerging data sources (predictive data based on signals relevant to compensation)
- Free / open data
“Employees feel empowered to have conversations about compensation and they rightly demand transparency and accountability,” said Katie Stukowski, vice-president of solutions consulting at Salary.com. “Given the complexity of today’s job market, HR departments need to have multiple sources of reliable data to back up how they make their salary decisions. Each manager should be able to explain how an employee’s salary is determined. ”
Discovery: Greater adoption of technological solutions
Throughout the past year, managing change has been a constant for companies facing the impact of the global pandemic, especially with regard to changing workplace trends and associated compensation. . This dynamic is fueling growth in the compensation management space.
According to Ben eubanks, Director of Research at Lighthouse Research & Advisory, “The use of virtually all systems has increased from our last reporting period, validating our position that the market is growing quite rapidly for compensation management technology . ” In addition, the response choice “We do not use a compensation system” has decreased by more than 50% compared to two years ago.
The report found that Salary.com is relevant to all sizes of employers, from small business to business, supporting its impressive growth and traction: Over the past six months, Salary.com has seen an increase of 14 % of product age in the last measurement period, more than any other system, and the company’s new implementation rate also stood at 14%.
Eubanks Notes: “The company’s recent trends in customer acquisition reflect a lot of what we’ve seen in our data. 12-24 months, engine of customer growth. “
Discovery: Tech Providers Tackle Pay Equity
The 2021-2022 Compensation Technology Buyer’s Guide has also identified some unique benefits that Salary.com offers its clients when it comes to approaching pay equity. JobArchitect ™ was recognized for its ability to establish and document comparable work, which, according to Eubanks, is the keystone of pay equity analysis. It also highlights CompAnalyst®’s robust pay equity reports and dashboards, which offer a variety of ways to examine pay data, identify issues and identify pay equity gaps. . As the report notes, JobArchitect and CompAnalyst together provide essential information on pay gaps, identify those that are justified under federal and local laws, and help design remediation and communication plans.
Other highlights from the Compensation Technology Buyer’s Guide:
- The lowest performing people in the study were 50% more likely to use spreadsheets or nothing at all to manage their compensation function.
- Unlike lower performers, who are primarily concerned with cost as a reason to change supplier (41% of responses), the top priorities of the most successful are ease of use (42%) and quality of customer support (37%). ).
- In general, more recent implementations of HR cloud technology lead to higher employee engagement and greater visibility into company operations, and the ROI for 8 out of 10 companies occurs over the course of time. first year.
To download the complete Lighthouse Research & Advisory 2021/2022 Compensation Technology Buyer’s Guide, click here.
Salary.com is the leading provider of data, software and analytics to the compensation market, bringing more reliable data and intuitive software organizations need to pay well. Salary.com, the industry’s fastest growing compensation management company, serves more than 30,000 survey organizations, more than 8,000 B2B software subscribers and more than 45 million employees worldwide. HR professionals rely on Salary.com’s 360 ° view of their compensation practices so they can efficiently and accurately achieve internal pay equity and adapt to market changes. Salary.com’s industry-leading CompAnalyst® accelerates compensation workflows, delivers real-time data, and enables accurate, fair and competitive compensation through an intuitive platform. For more information, please visitwww.salaire.com.
Director of Marketing Communications
SOURCE Salary.com, Inc.