With the acceleration to hybrid work and the welcome emphasis on the social justice movement we have all seen compensation and pay equity strategy become a focus of growing importance for most companies. Payscale’s recent State of the Gender Pay Gap Report predicts that the gender pay gap could widen beyond previous levels when women who were staying at home return to the workforce following the pandemic, making pay equity even more crucial for companies moving forward.
We also know from our customers that pay equity is fast becoming a part of the day-to-day operations of every organization and must encompass more than just one time analysis. This needs to be done in concert with strong compensation management, and accompanying recommendations for action, and the ability to monitor ongoing status to course correct as needed so that actions become more like minor tweaks than large scale investments over time.
And so today, we are excited to announce that Payscale has acquired CURO Compensation Ltd. (CURO), a leading compensation management and pay equity technology provider that helps employers maximize their talent investments by making fair, equitable and appropriate compensation decisions. CURO helps employers to manage compensation processes with confidence, align employee pay with business success, analyze pay gaps, and demonstrate a commitment to diversity, equity, inclusion and belonging across their workforce. CURO’s software capabilities provide compensation professionals with the much-needed flexibility to perform complex statistical analysis, model out remediation scenarios and put pay equity at the forefront of hiring and promotion decision making.
With Payscale’s focus to build, sell, and support data, software, and services to optimize compensation, this is the perfect time to bring CURO’s global, market leading products to our customers, enhancing our end-to-end solution for organizations to manage every part of their pay strategy. The addition of CURO uniquely positions Payscale to help analyze pay equity inside your business while comparing it to external market conditions in parallel.
Payscale’s Adaptive Compensation Advantage Expanded
Only Payscale delivers the Adaptive Compensation Advantage which fuels every decision with data-driven confidence, best in class service and innovative products through a trusted data platform that provides insights to #getpayright with the operational speed needed to stay ahead of the competitive marketplace.
CURO’s Pay Equity software is optimized for local, regional, and multi-national pay equity audits. Customers will have access to CURO’s pay equity and merit cycle management modules, while also utilizing Payscale’s compensation tools and market data. The expanded product portfolio will provide added insights into the workforce unlike anything that is currently available in the marketplace, informing compensation decisions throughout the lifecycle and allowing for organizations to promote transparency and more effectively retain top talent. Several exciting features of the platform include:
- Self-service pay equity analysis. Users leverage employee pay data to pick and choose variables to conduct pay equity analysis, leaving users with customizable possibilities to identify and quantify pay equity gaps and develop remediation strategies.
- Proactive attention areas and proposed remediation. Users can create red flag alerts and receive recommendations for changes which can then be modelled for a variety of potential remediation options to share with leadership.
- Fair pay check. Users can review the impact that new hires and promotion candidates will have on pay equity within an organization and can build in remediation in real time.
Offering You the Broadest Compensation Portfolio Available
With 10,000 customers, including 53% of the Fortune 500, Payscale prices 27M jobs annually with $1.4 trillion in value across 198 countries and provides access to the most robust and current data set available to make even better-informed HR and compensation decisions.
Whether it is Company, Peer, Market sourced, or Industry data, our customers can select and compare average salaries for more than 10,000 jobs. With close to 100M visitors to the website each year who “Payscale It”, we have the largest crowdsourced database of its kind with more than 65M salary profiles. You can also integrate your favorite survey data from a wide range of more than 10,000 surveys and 300+ publishers. This variety of data sources are made available as a convenient service to ensure our customers have multiple options to contrast, manage and analyze pay data with the confidence to share and advocate for comp solutions with other business leaders across their organization.
What happens next?
We are looking forward to shortly providing our customers with access to take full advantage of these new capabilities and will follow up with more information in the coming weeks.
We appreciate your partnership. Thank you for being a part of the next wave of innovation as the Payscale family grows.