Real-time Offer Insights help organizations compete for talent in an ever-changing market with timely data
Greenhouse, the leading hiring platform, today announced its strategic partnership with Pave, the leading data-driven compensation management platform that helps companies benchmark, plan, and communicate compensation. By bringing real-time insights from over 1 million job offers, talent and compensation leaders can make more informed decisions and compete more effectively for talent. Pave’s Offer Insights powered by Greenhouse will be available in July 2024.
Pave will incorporate Offer Insights powered by Greenhouse into its Market Data. The new offering provides real-time data and market trends to help talent and compensation leaders understand the hiring landscape and build compelling and equitable compensation strategies. Greenhouse’s 2024 Candidate Experience Report found that candidates are ready to make moves, and compensation is a major factor in their decision-making. Close to one in every two employees (42%) said they would actively look for a new job within the next six months. Further, Historically Underrepresented candidates are 56% less likely to apply for jobs without salary transparency than white candidates. Gen Z candidates are 48% more likely to skip a job application if there’s no salary range compared to talent over 54. These new insights are crucial; with access to the earliest signals of how compensation is shifting at any given time, companies can attract, win, and retain talent in a constantly changing market.
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Features of Offer Insights powered by Greenhouse include:
- Hot Jobs: Browse job families where compensation offer values have significantly increased over the past 12 months.
- Acceptance Rate Trends: Track offer acceptance rates over time, and splice data across job family, location and level.
- Salary Trends: Understand current and historical base salary trends, and splice data across job family, location and level.
“With a focus on ensuring teams can hire better, we’re thrilled to partner with Pave, an innovative leader in compensation data,” said Jeremy Moulton, VP, Corporate Development & Analytics at Greenhouse. “Pave Market Data with Offer Insights powered by Greenhouse creates the most robust candidate data set to fuel real-time insights, helping talent and compensation leaders confidently compete for talent in a competitive and dynamic market.”
Matt Schulman, CEO of Pave, added: “Historically, compensation teams have benchmarked against employee data, which—regardless of age—is innately a lagging indicator. We’re excited to unlock a new frontier with Greenhouse, and provide talent and compensation teams with offer data sourced directly from Greenhouse’s Applicant Tracking System—a leading indicator of where the talent market is headed. With data from over 1 million offers, combined with salary data from over 7,500 companies across the globe, compensation and talent teams will have access to relevant and real-time insights to approach decisions with confidence.”
Valuable insights are already emerging from Offer Insights data trends, including:
- Machine Learning Engineers have had overall increases in offer salaries by ~25% from Q1 2023 – Q1 2024.
- Machine Learning Engineers are consistently in demand. Even as pay has risen, their offer acceptance rates are 6-8% lower than Software Engineers and 10% lower than the market as a whole.
Valuable insights like these will be available across multiple job categories to help talent and compensation leaders allocate compensation budgets to stay competitive.
Pave Market Data, augmented with Greenhouse Offer Data, delivers a comprehensive, aggregated, anonymized compensation benchmarking solution. With this launch, Greenhouse and Pave are introducing the largest real-time offer dataset to embed a high degree of transparency, validation and confidence when it comes to compensation strategy.
Customers who participated in the beta program for this data insights feature partnership are excited to share their experiences. Margie Lee-Johnson from Addepar said: “The early data I’ve seen from Pave and Greenhouse gave me exactly the insights I needed—and couldn’t find anywhere else—to guide key executive conversations about our machine learning hiring and compensation strategy. I got the data and validation I needed to move our strategy forward.”
Greenhouse and Pave are both uniquely focused on building trust across the global labor market. By joining forces to provide businesses with real-time talent insights from 10,000+ companies, they’re helping organizations make hiring measurably better so their teams can compete for the best talent on the market.
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