I’m proud to announce today the launch of Payfactors Free, a 100% HR-sourced compensation benchmarking solution that’s just what it says: free.
Not “free” in the sense of “covers just national-level data”. Or “old data.” Or “unreliable data that comes from the self-reported stuff when employees fill out “what should you make?” forms on websites.” Or “you can only price two jobs and then pay up.”
We’re doing this for a simple reason. The compensation revolution is upon us, and it includes democratized data. Free data for all! Every company, big and small, has a right to data parity and a level playing field. You should know the market for your jobs so you can pay your employees fairly and compete effectively for talent. You should be able to easily get what you need — key data that’s accurate, timely, and always HR-sourced — and keep moving.
Tight Labor Markets
Our companies are facing big challenges right now. We have historically low unemployment. A tight labor market that’s making it tough to retain and recruit qualified candidates. Emerging jobs that have new skills and responsibilities.
We’re facing these challenges with rising expectations and responsibilities, but for most of us, our team are maxed and our budgets are tight. And this problem tends to be even more acute at smaller organizations.
But tight budgets aren’t just causing more responsibilities to be distributed among fewer HR and compensation people. They’re also causing tradeoffs.
So we find ourselves asking, “Do I purchase a salary survey again this year and hope that it covers my jobs? Or do I just take one from a previous year and estimate how the market has changed?” Or worse still, “Do I not do anything, and just guess?”
The Data Democracy
These tradeoffs shouldn’t happen.
Whether you’re pricing a new job for recruiting, assessing your pay competitiveness with current employees, or just spot checking one-off jobs and projects, we want you to have accurate, timely, HR-sourced data that helps you make the best recruiting and retention decisions for your organization.
That’s why we built Payfactors Free.
It’s part of our mission to revolutionize how you acquire, synthesize, and make decisions with data: your organizational data, third-party survey data, Peer data, and now, Payfactors Free. The single largest repository of HR-sourced market intelligence.
Go ahead, register here and try it out.