isolved released Benchmark Insights, which the company said will provide HR, benefits and payroll professionals with data on salary, tenure and turnover. The product uses anonymized and aggregate industry data from isolved’s People Cloud and an AI engine to create predictions and guidance.
With the product, isolved hopes to help customers leverage workforce data in order to better both their HR outcomes and business results.
The company said the launch comes at a time when competing for and retaining “top” talent is one of the main stressors for HR leaders.
“For too long, companies were forced to use search engines or expensive agency data to learn about market value or justify salaries based on pay history,” said isolved Chief People Officer Amy Mosher. “Not only is this data often unreliable and inconsistent, which can cause compliance violations in dozens of states with pay-history bans, but it also leaves companies vulnerable to paying people based on subjective data which can limit their ability to recruit, retain and realize pay equity.”
Data-Driven Decision Making
The company said the release will help companies with:
- Benchmarking: Company leaders are able to view their industry average for salary, tenure and turnover for a position and compare it with averages within their organization. This will help them determine whether they are higher, lower or on par with others in the market, isolved said.
- Predictive Modeling: If a company has higher or lower numbers than others in their industry, it can use Benchmark Insights’ predictive modeling capabilities to test different scenarios and see what their outcomes would look like, then decide which option offers the most effective change.
In June, isolved announced plans to incorporate AI features into People Cloud solution in order to support SMBs as they look to leverage AI-based tools more widely for their business.