New capability helps HR leaders keep up with pay transparency changes and fast-moving labor markets
As pay transparency requirements expand across the U.S. and labor markets continue to shift, employers are facing greater pressure to explain how pay decisions are made.
Catch more HRTech Insights: HRTech Interview with Elizabeth Andora, Chief People Officer at DHI Group, Inc.
Brightmine announced the launch of Dynamic Pay Data, a new capability designed to help HR and reward leaders strengthen salary benchmarking. The launch exemplifies how Brightmine is working with Equifax to bring more evidence-based intelligence to complex HR decisions.
Helping employers keep pace with changing pay markets
Employers need salary benchmarks that reflect changing roles, locations and market conditions. Dynamic Pay Data is designed for total rewards leaders and HR leaders responsible for setting, reviewing and monitoring pay, helping them compare compensation across locations, industries and roles using reportable benchmarks informed by employer-reported payroll data from Equifax and Brightmine reward market expertise. The data is aggregated, anonymized and standardized for greater consistency and to help HR teams create better informed, more up-to-date compensation structures.
Bringing trusted intelligence into reward decisions
Applied to salary benchmarking, Dynamic Pay Data helps employers move beyond static market snapshots towards a clearer view of how pay is changing.
The U.S. solution provides broad labor market coverage, including data representing more than 25% of the U.S. labor market. Data is refreshed up to 12 times per year and benchmarks are designed to be no more than four months old, subject to a 90-day compliance maturity period for payroll data. HR and reward teams can access more timely benchmarks without participating in traditional annual salary surveys.
“Pay decisions are becoming harder to make and harder to explain,” said Emily Mackenzie, AVP Market Planning & Product, at Brightmine. “Employers need intelligence that helps them understand what is changing in the market and make decisions with greater confidence. Dynamic Pay Data applies that approach to salary benchmarking, helping customers bring a more current evidence base to compensation decisions.”
“HR leaders face increasing pressure to navigate fast-moving market expectations while making compensation decisions that are fairer and more competitive,” said Jeff Wagner, Vice President of Business Development for Equifax Workforce Solutions. “Dynamic Pay Data brings together fresher, more comprehensive, and verified data with job classification algorithms, which may help organizations better attract and retain talent with more confidence.”
Read More on Hrtech : Why Identity Verification is Becoming a Critical Part of Hiring
[To share your insights with us, please write to psen@itechseries.com ]