I’ve been in compensation my entire career. I started out as a fresh-faced college grad, working for one of the big consulting firms. I was entry-level, bottom of the barrel, and spent all week, every week, working on painstaking, monotonous, labor-intensive market pricing engagements.
This experience is what sparked my thought that there must be a better way to do compensation. Even then, I knew the way we approached compensation was archaic. And I’ve always thought that if we as an industry were able to leverage technology for enhanced data delivery, many of the problems we faced might be eliminated.
Flash forward to 2013.
Payfactors was in its infancy. My co-founders Bill Coleman, John Barry, Ben Daly, and I had just come together. After spending more than a decade working together on technology that only automated the compensation process — making a painful process slightly less painful — we knew it was time to flip comp on its head. To reinvent the way things were done in the first place, so we could use advances in data science and tech to change the industry for good.
And so, from the start, that was our one goal. Our vision.
Payfactors was born to revolutionize compensation.
We started with baby steps. Built our own technology: a state-of-the-art platform that put our users back in control by making comp less tedious. We created a suite of tools to help comp professionals manage third-party surveys, automate survey participation, and create beautiful data visualizations that tell stories and bring data to life.
But we knew there was more. That Payfactors could — and had to — do better.
So, for the past four years, we’ve painstakingly worked on building the technology and rich data set needed to up-level this entire industry.
Today, I’m excited to share that we’re another step closer to pushing the industry forward with the groundbreaking launch of Peer by Payfactors.
Peer has forever changed the way compensation information is acquired, synthesized, and used to make critical talent decisions.
Peer is like other social network technologies — think LinkedIn, but for compensation — in that it facilitates direct connections.
With these direct connections, you get access to living, dynamic markets. Here, you can securely exchange compensation data within closed, highly relevant groups in near-real-time. And the data you exchange and the frequency it refreshes is completely up to you.
The beauty of it all is that every company is represented within Peer. Using Peer, you can create as many groups as you’d like, all of them perfectly tailored to your unique jobs and recruiting markets.
And there’s no participation required. Instead, data is passively collected from active members within your group — and all data collection and reporting strictly adheres to DOJ standards.
Along with the launch of Peer, we’ve also made some massive upgrades across our entire product.
- Last month, we unveiled our brand new UI. Some functions stay the same, like our customizable, drag-and-drop dashboard that lets you set up your Payfactors home screen just as you like. But we listened to our users, and added in displays that allow you to more easily showcase the results of your work while navigating the product more seamlessly.
- Throughout this year, we’ve added more countries to the list of those that we offer compensation data from. Today, Payfactors offers data from the U.S., U.K., Canada, France, China, Germany, and Mexico — with even more to come.
- Job description management that’s smart. Everything in compensation starts with accurate job descriptions. In our initial job description manager, we put compensation at the core of job description management, making sure they were in control of the building, editing, and maintenance of job descriptions, not to mention review and approval workflows. Now, we’ve integrated job description manager with semantic search and match. This means Payfactors can read your job descriptions, then scan through our survey library and yours to find matches of interest. Every time you load a new description, the solution gets smarter and more accurate. Some might call this machine learning. I say it’s just smart.
I’m really excited to share this launch with the world. Peer by Payfactors is something we’ve worked so hard on these last four years. It’s the vision my co-founders and I have had for Payfactors all along, and it’s so motivating to finally see it come to life.
I’m 100 percent convinced that, if you’re a compensation professional, you’ll see just how transformative Peer is. I’m putting my money where my mouth is, and am offering Peer for free to the first 2,000 companies that join.
You read that right. All the compensation data you need to make decisions at your organization — absolutely free. To get started, just visit https://payfactors.com/product-peer/.