Efficiency drives strategic compensation management
Driving efficiency is a critical part of strategic compensation management. Balancing flexible compensation models with the need for consistent, scalable pay structures is a complex task. Today, rising demands for salary increases plus inflation, tightening budgets, and evolving pay transparency legislation make efficient compensation management even more crucial.
According to Payscale’s 2024 Compensation Best Practices Report (CBPR), 50 percent of organizations cite compensation as their top challenge in 2024, outpacing other pressing concerns like recruiting (44 percent), retention (42 percent), and engagement (37 percent).
When managing compensation — especially at a larger organization — efficiency plays a key role in maximizing potential. Forward-thinking orgs are using technology to achieve this balance. By streamlining compensation processes through purpose-built software, organizations can free up valuable time to stay abreast of evolving compensation best practices and other organizational priorities.
New features in MarketPay to boost pricing efficiency
In a webinar earlier this year, 35 percent of MarketPay clients said “making compensation operations more efficient” was their top challenge in 2024. Despite improvements and innovation across the compensation management landscape, we recognized there was still more opportunity to ensure our customers could effectively tackle this challenge.
Now, we are thrilled to announce the latest enhancements to MarketPay, which are set to simplify how compensation teams match jobs. Our new and improved features are designed to streamline the job pricing process and provide unparalleled consistency and visibility into existing data gaps.
AI Match Suggestions
In response to feedback from our valued customers, we have leveraged advanced technology and AI to simplify job pricing. The AI Match Suggestions feature instantly reveals strong survey matches based on job title, job purpose/summary, and currency — nothing else needed. For further customization, refine your results with optional filters.
In the 2024 CBPR, 63 percent of respondents said they were excited about the potential of AI to reduce unfulfilling work. That’s exactly our goal with this feature: Market pricing is a necessary yet tedious process in the world of compensation. MarketPay’s AI-powered model does the heavy lifting so you can spend less time sifting through rows of data, while pricing with more confidence than ever. AI Match Suggestions is available to all customers as of December 12, 2024.
Propagate Matches
Furthermore, the Propagate Matches feature allows compensation teams to propagate multiple job matches from a single source job across multiple territories — global or local — at once. This ensures improved efficiency and consistency across pricing decisions. Additionally, users will be instantly notified of jobs that lack data coverage, offering a new level of visibility into data gaps, and will also have the option to easily select alternative data cuts when necessary. Propagate Matches is available to all customers as of October 17, 2024.
With these new features, MarketPay empowers compensation teams to match jobs with ease and automation, ultimately driving improved efficiency and consistency across pay decisions. We are committed to continuously enhancing our platform to meet the evolving needs of our users, and we are excited to see the positive impact these updates will have on compensation processes.
Getting started
If you’re interested in getting started with MarketPay, contact us today.
