Survey data reveals Salary.com popular among midmarket and enterprise companies
Salary.com, a leading SaaS provider of cloud-based compensation data, software, and analytics, proudly announces being recognized for its fully integrated CompAnalyst data and analytics platform and its ease of use in the “Compensation Technology Buyer’s Guide and Provider Landscape” by Lighthouse Research & Advisory.
The independent analyst firm also highlighted Salary.com for its accurate, HR-reported market data, high-impact data visualizations, and a robust and easy-to-use software solution that combines core compensation pricing and analysis needs with exceptional service.
Lighthouse Research noted in the report that one of the big differentiators for Salary.com is its fully integrated CompAnalyst data and analytics platform, further stating:
“While many consumers, candidates, and employees know Salary.com for its free database of salary information on the web, the firm is committed to reminding compensation professionals and employers that the data they manage and offer within their CompAnalyst product is based on HR-reported market data, not on anonymous, employee-reported information.”
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“Compensation management systems like CompAnalyst from Salary.com are giving companies the data, tools, and resources to drive business growth, help employers hire the right talent, and retain the best people for future success,” said Ben Eubanks, Principal Analyst at Lighthouse Research. “In our dozens of interviews during this research, we kept hearing from talent leaders that their compensation technology is a critical enabler for them to be more agile and equitable with crucial business decisions.”
Compensation management software is becoming increasingly critical to business success, according to the analyst report. Some of the issues driving that demand include the need to comply with state laws that limit salary history inquiries, pay equity priorities for employees and forward-thinking companies, and the need to hire and retain hard-to-find talent or those who can help close a skills gap.
“Compensation is on the minds of employers, candidates, and employees, and this report validates our market-leading approach to helping everyone get pay right,” said Kent Plunkett, CEO of Salary.com. “Compensation professionals and HR leaders need to make decisions based on comprehensive, accurate data, using tools that scale with their growth while improving the speed and accuracy of salary decisions.”
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The “Compensation Technology Buyer’s Guide and Provider Landscape” evaluated compensation management solutions that can provide salary survey management, workflows for pricing jobs against market pay data, ability to create and model salary structures, reporting and analytics with data visualizations, and budgeting and planning tools.
The report, based on surveys of 565 firms of various sizes and industries, separated companies by their performance — better revenue, retention, and employee engagement. Some of the highlights in the report:
- High-performing companies are 32% more likely to be using a dedicated compensation system, compared with low performers who are about 50% more likely to be using spreadsheets or no technology at all.
- Higher-performing companies are more likely to have made the transition from spreadsheet-centric workflows to compensation management tools.
- Only 6% of companies were satisfied with their current compensation management solution provider, with 94% of companies saying they will likely or definitely switch providers come time for renewal.
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