Pay packets boosted by cloud technology

PayScale signs up additional 677 customers

Businesses are turning to cloud and big data to set more accurate and commercially competitive pay packages. That's the view of SaaS provider PayScale, which has a seen of boost of 677 new subscription customers in the last year.

PayScale’s product, which it describes as “compensation technology”, is used by companies and HR departments to set salary levels for open positions they are most eager to fill. It does this by making use of big data insights, statistical analytics, and the cloud to determine up-to-the-minute salary comparisons across millions of workers, job positions, and geographies.

The firm also claims to have complied the largest compensation database  in the world, comprised of more than 40 million salary profiles.

Brian Sommer, CEO of research firm Vital Analysis, said of the service: “There is an entire, inefficient consulting industry dedicated to capturing salary data, but these results are often outdated and hard to correlate. PayScale takes a very different approach... This is the type of real-time Big Data insight businesses will find fascinating, useful, and – ultimately – a lot less expensive.”

Speaking on the announcement of its bumper 2013 results, which showed a revenue rise of 43 per cent,  Dave Smith, chief revenue officer at Payscale, said: “We saw an opportunity to transform the outdated model for assessing compensation and help companies approach compensation as a strategic business advantage.”

It’s incredibly fulfilling to see our vision realised by customers who use PayScale every day to attract and retain the best talent in their organisations,” he concluded.

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