PayScale announced Data Marketplace, a recommendation engine that applies user behavior to recommendations of third-party salary survey data that can be purchased. The point is to help customers procure appropriate salary information from partners while they’re in the company’s MarketPay survey-management tool.
“PayScale’s vision with Data Marketplace is to help customers by providing access to the diversity of salary data they need to price jobs accurately and in the easiest way possible,” said CEO Scott Torrey. The product will help customers streamline the self-service process, he said..@PayScale's Data Marketplace applies user behavior to recommendations of third-party salary survey data that's available for purchase. #HR #HRTech Click To Tweet
Data Marketplace’s recommendation engine will suggest purchasing data even if employers weren’t aware they needed it—something partners are sure to like. PayScale says the product will both save employers time and help them develop more accurate pay policies.
Among the third-party providers participating in Data Marketplace are Mercer and Empsight International, a consulting firm that provides specialized surveys to multinationals.
PayScale said it will continue to seek new partners for Data Marketplace. To spearhead that effort, the company recently hired Derek Beebe away from Willis Towers Watson, where he was a senior director of talent and rewards. At PayScale he’ll operate as senior vice president of business partnerships.
Data Marketplace was announced during PayScale’s annual customer conference. Other announcements included:
- An expansion of PayScale’s partnership with JDXpert to integrate its job description management solution with MarketPay. The integration allows users to create, manage and view job descriptions, side-by-side, in one place
- Launch of PayScale Compensation Surveys, which aggregates employee data from the HRIS systems of participating PayScale customers. The surveys provide specific data about what competitors pay for niche industry roles. The feature will roll out this month with coverage of 15 industries.
Data Marketplace will launch sometime in 2021, after trials are conducted with PayScale customers.
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