Enhancing Compensation Benchmarks with Real-Time Salary Data

Pave Data Lab
September 14, 2022
min read
Pave Data Lab

HR professionals have long relied on outdated, inaccessible survey data to make critical compensation decisions for their companies. With Pave's real-time Compensation Platform, HR leaders can understand the labor market to hire and retain the best talent. Pave has joined forces with Option Impact, combining their history and network with Pave's real-time data, building the most robust and accurate benchmarking dataset.

Now, Pave’s benchmarking data combines a robust history of survey data with the latest salary figures from our real-time dataset.

Read on to learn how Pave’s compensation data has become essential for HR professionals to answer critical questions and build better strategies. 

How Can I Benchmark Roles in a Volatile Market?

While the news cycle may be flush with talk of recession and layoffs, our real-time data set suggests that tech companies are more insulated than you think.

Relying on survey data alone would set median base salaries $2,000 - $5,000 below real-time benchmarks. If you're adjusting compensation or pricing jobs using stale data, you're risking under-compensating your teams and losing key talent.

How Can I Price Competitive Offers in My Metro Area?

With the workforce diaspora of Covid, many professionals have relocated to lower cost-of-living. Even with return to offices, much relocation is permanent.

Compensation data from Tier 1, 2, & 3 US cities reveal that survey data alone is unlikely to support a competitive remote workforce. With Pave's real-time data, you can see that salary median's shift as much as $9,000. 

How Should I Refresh my Compensation Bands as my Company Grows?

As headcounts rise, so should pay bands – but by how much? Pave's real-time data suggests different adjustments to compensation than Option Impact.

Retaining high performers as your company grows is critical. A failure to keep up with accurate compensation benchmarking could result in losing tribal knowledge before you have the infrastructure to retain it.

Ready to get started with Pave Benchmarking?

Pave data provides HR leaders with critical support for all phases of compensation planning. Our real-time data means never again dealing with manual compensation surveys for benchmarking salaries. And, with the help of one centralized product, HR professionals can analyze compensation for fairness then run organization-wide merit cycles. Our product suite also eliminates confusion about equity for candidates and employees, helping you to sell the whole dream on total rewards. 

To access real-time salary insights, start exploring our benchmarking dataset today. Sign up for free here.

Learn more about Pave’s end-to-end compensation platform
Pave Data Lab
The Pave Data Lab
The only data-driven blog powered by real-time HRIS & Equity integrations.

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