isolved launched its Compensation Analytics and Talent Intelligence solutions, a follow up to the recent release of Benchmark Insights. The products are designed to help companies of all sizes take advantage of enterprise-grade analytics when making compensation and talent decisions.
Where Benchmark Insights provides data on salary, tenure and turnover to SMB HR, benefits and payroll professionals, Compensation Analytics and Talent Intelligence represent the “next phase of actionable analytics” for HR teams of all sizes, said Geoff Webb, the company’s vice president of Solutions Strategy. Used within isolved People Cloud, the new modules quickly offer position-specific salary averages across over millions of employee records, he said.
Although compensation has long been important to attracting and retaining talent, ensuring salaries and benefits are competitive is a critical component of any employer’s workforce strategy. Retention and talent acquisition are among HR leaders’ top concerns, isolved said, while the majority of employees, 70%, say salary is the largest factor in their decision to accept a job offer.
isolved said Compensation Analytics and Talent Intelligence offer users:
- Uninterrupted Workflow: Customers can view compensation analytics directly within the solution, which speeds their decision-making without interrupting the flow of work.
- Drill-Down Metrics: Allows HR professionals to drill down into compensation metrics in order to understand data points like average annual base salary and average compensation ratio.
- Look Forward: Predictive capabilities help users get a sense of future compa-ratios (which compares an employee’s current salary to the median compensation for similar positions), the number of employees who will be above and below the midpoint, and as the range penetration distribution, which compares the salary of a position to the total pay range for the same of similar roles within other companies.
Together, isolved said, the new features will help customers more effectively compete for candidates and to keep current employees, plan for the future and keep the best employees engaged.