Dynamic Pay Data, developed by Brightmine, is intended to assist organizations with salary benchmarking and making sound compensation decisions. With the increasing demands of pay transparency laws around the U.S., more and more organizations feel obliged to justify their approach to payment. In addition, a changing labor market requires reliable compensation data.
The innovative feature helps HR and rewards professionals to establish, evaluate, and track the payment of employees. The partnership of Brightmine and Equifax offers evidence-based insights for complicated HR decision-making.
Helping Employers Track Changing Pay Markets
A company requires an up-to-date and relevant measure of its salaries to help in decision-making regarding how much to pay its workers. For this reason, Dynamic Pay Data uses pay data reported by employers at Equifax together with Brightmine’s experience with the rewards market.
Another benefit associated with this solution is that it enables companies to go beyond outdated market reports. With updated salary benchmarks, companies are able to analyze their salary structures and make adjustments accordingly.
Providing More Current Compensation Intelligence
The American solution from Brightmine has data covering more than 25% of the labor force. Moreover, Brightmine updates its data up to 12 times per year. Its benchmarks are created to be no older than four months, with a compliance maturity period of 90 days for the payroll data. As a result, HR and rewards professionals get access to up-to-date salary benchmarks without taking part in annual surveys on salaries.
“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.”
Similarly, Equifax highlighted the growing challenges facing HR leaders.
“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.”
The availability of dynamic pay data has now been made possible for U.S. employers via Brightline and Equifax. This is after the recent launch of the product.
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News Source: Businesswire.com
