2021 has been a breakthrough year for Payscale Peer, the near-real time source of HR-reported compensation data. This month, the Peer Global Network reached a major milestone crossing the 5 million incumbent mark — and Peer continues to grow daily.
Peer is the industry’s only on-demand, employer reported data network, enabling organizations to access timely HRIS salary data segmented by industry, and delivered as a dynamic, map-based experience in Payfactors.
With the Payscale and Payfactors merger, we are sitting on an abundance of salary data. As one company, we have an astonishing amount of compensation data and data science expertise.
Peer is trusted by 15 percent of the Fortune 100. The Peer dataset reports on 5 million incumbents from more than 2,000 participating employers, covering 4,200 jobs and 150+ countries and all job families and all industries.
Companies need Peer to compete in the war for talent
The market is moving rapidly. We are in the midst of what is being called “The Great Resignation” with astonishingly high quit rates and declining unemployment. This means there is more competition for labor and that the war for talent is heating up as the labor market tightens—and fast.
Companies need to get creative with their retention and recruitment strategies. To compete, employers can’t rely on surveys that are reporting data from 9-12 months ago; they need robust, expansive data that reflects the market today. Fortunately, Peer delivers exactly this.
Peer is next generation pay data and it is revolutionizing the way compensation data is acquired, synthesized, and used to make critical talent decisions.
Peer is for organizations who want timely, transparent employer reported data based on the exact companies they see as defining the competitive recruiting market for each of their jobs or job families. Peer is fully customizable to allow you to define as many custom peer groups as you want simply by choosing the companies—by name—that you recruit from or who recruit from you.
Peer delivers:
- Fully transparent and DOJ compliant, employer reported data.
- Specific, relevant and fully customizable data.
- Always current data to keep up with market trends and respond to changes in the market.
- Industry specific networks available
On top of that, this year Peer won the top Software product in Fast Company’s 2021 World Changing Ideas.
The winners of Fast Company’s 2021 World Changing Ideas Awards honor businesses, policies, projects, and concepts that are actively engaged and deeply committed to pursuing innovation when it comes to solving health and climate crises, social injustice, or economic inequality.
With only 33 winners in a pool of more than 4,000 entries, Peer beat many companies including Adobe, IBM, Google maps live view, Workplace from Facebook, Samsung, Syndio, and Workday.
Peer vs. traditional survey publishers
In just over three years since Peer launched in Aug 2018, Peer’s data set has surpassed many popular surveys that have been around for decades.
Surveys and survey vendor databases vary dramatically in size—from a few hundred incumbents at just tens of organizations to millions of incumbents at tens of thousands of organizations.
With over 5 million incumbents, Peer is already comparable in size to the top tier survey databases, and we have just started. Because Peer is linked to our state-of-the-art compensation market pricing software, it’s much easier and less time consuming for employers to participate in, so we are confident that the database will continue to grow to soon become the largest and most flexible compensation database in the world.
Peer’s unique methodology can rapidly adapt to the markets – adding new jobs quickly and constantly and identifying sudden increases or decreases in pay as they’re happening.
Maximizing the Value of Peer
Peer has more than 2,000 participating organizations and the data set is fully transparent — every data cut comes with a named participant list. Customers can see the individual company names listed in any Peer data cut. If that’s not compelling enough, here’s what other customers are saying publicly about Peer:
“I cannot say enough about how much of an impact the Peer tool is making in the compensation industry. Real-time data and sharing information with peers is unique and will be invaluable to me and everyone in the future.” – A.T. Kearney
“Peer has the potential to revolutionize market pricing. The ability to have real-time data was a game changer for us and directly impacted our decision to go with Payfactors.” – FCA US LLC (Fiat Chrysler)
“With the Peer tool, Payfactors has tapped into something that is needed in the market. Being able to submit data and get real-time data back has been a pain point of compensation professionals forever. Payfactors has shaken up the industry with the addition of Peer.” – SunTrust Banks, Inc
The more organizations that use Payscale and match their jobs to Peer, the more data everyone can access to get pay right!
Interested in learning more about Payscale and Peer? Request a demo today.