Last Thursday was a great day, not only for carving pumpkins and trick or treating, but for talking with Tim Low, VP of Marketing at PayScale about salaries, big data collection and the evolution of PayScale’s services.
PayScale, founded in 2002 out of Seattle, Washington, began as a company which offered consumers accurate salary reports, as well as resources to better understand those reports. It’s common to wonder if you are getting paid what you are worth and ten years ago it was difficult to find resources that gave you an accurate answer. Yes, one could look up job specific average salaries, but various elements were not taken into account. Therefore, reports generally offered broad, nation-wide averages. PayScale, however, stepped it up a notch to develop reports unique to the individual. The daily updated consumer salary reports, which are still widely popular today, are based on multiple factors including job field, years of service, developed skills, level of education, and location. The results also offer the consumer an idea of where their salary stands compared to others in the same field with similar skills and education. Low says that these elements combined add to the “consumer experience,” which has been the company’s central focus from day one.
Low says that as the years passed, the team realized that they wanted to broaden out across other facets of the field; just as consumers are interested in job pay so are businesses interested in knowing whether or not they compensating appropriately. Now, PayScale offers even more resources than ever, not solely to consumers, but also to businesses in need of the same data rich salary profiles. PayScale now works to “add value to other businesses,” says Low, with an easy to use, compensation focused, cloud-based SaaS. This added business to business (B2B) SaaS has boosted PayScale immensely, especially in the past year. In this time, the company has increased their client base by nearly 30%, bringing the number of companies using PayScale to over 3000. Obviously, as their client base increases substantially, so does their returns and last year their income grew by a whopping 43%.
Further utilizing these data sets isn’t an unusual concept, now a days, either, says Low. More and more companies, such as LinkedIn, are linking this information to business value and more will continue to do so as it is needed.
You’ll notice when you go to the PayScale website that they offer copious numbers of resources, as well. These resources include pay strategies, college salary reports and information about compensation for both consumers and businesses. The company posts articles regarding compensation regularly for those interested in what they are worth and why, as well as articles geared towards trends and various market research.
For more information about PayScale visit their website
By Tyla Gillings
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