The number-one reason employees applied for a new job in the last year is because they wanted a higher salary according to a survey of nearly 1,000 full-time employees in the US With 49 percent of employees planning to explore their options this year, businesses need a better way to identify what levers to pull to keep top talent including having real-time access to salary benchmark data and potential churn indicators. To help organizations make better, faster and more-informed decisions, isolved has announced the immediate availability of isolved Benchmark Insights – providing human resources (HR), benefits and payroll professionals with anonymized and aggregate industry data from millions of US employees held within isolved People Cloud that can be compared to their internal positions as well as prescriptive guidance on what to do next.
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Immediately following the announcement of its comprehensive artificial intelligence (AI) roadmap, isolved Benchmark Insights is now available to provide employers data on salary, tenure and turnover as well as offer AI-based predictions and guidance. The new solution leverages the power of the over 168,000 businesses using isolved People Cloud, number-one in user experience and vendor satisfaction for human capital management (HCM) platforms, to eliminate bias and guesswork in talent acquisition and retention strategies.
“For too long, companies were forced to use search engines or expensive agency data to learn about market value or justify salaries based on pay history,” said Amy Mosher, Chief People Officer at isolved. “Not only is this data often unreliable and inconsistent, which can cause compliance violations in dozens of states with pay-history bans, but it also leaves companies vulnerable to paying people based on subjective data which can limit their ability to recruit, retain and realize pay equity. With Benchmark Insights, isolved customers – our People Heroes – can leverage the immense pool of transactional workforce data from hundreds of thousands of similar organizations to deliver positive HCM outcomes and meaningful business results.”
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When isolved polled over 500 HR leaders, keeping top talent and competing for top talent were the top-two stressors keeping them up at night. As for why, “competitors with larger budgets” was the primary reason for concern. Benchmark Insights enables organization to stay one step ahead of the competition by providing insight into market standards and comparing those to internal data. Top use cases for isolved Benchmark Insights include:
- Salary Benchmarking: Employers can view the industry average salary for a specific position and compare it to the average within their organization to determine whether they are paying more, less or the same. They can also drill down to see how individual employees with that position compare to the industry average.
- Tenure Benchmarking: Admins can view the average tenure for a specific position and compare it to the average within their organization to determine if their employees stay with their organization longer or not. Employers can also drill down to see how individual employee tenure compares to the industry average (dependent on the age of an organization).
- Turnover Benchmarking: HR leaders can view the industry average turnover for a specific position and compare it to the average within their organization to determine if attrition is higher, lower or consistent. They can also drill down to see individual turnover analytics.
- Predictive Modeling: If a company has higher or lower numbers than the industry average, they can use Benchmark Insights’ predictive modeling capabilities to test different scenarios to see what potential outcomes would look like, and decide which option offers the most effective change.
Capabilities like these are not just in demand from HR and payroll professionals but also very much welcomed by employees themselves. Sixty-six percent of the workforce would look favorably upon employers using AI capabilities to improve the employee experience, according to a recent survey, with a quarter of employees wanting their employer to specifically use it to benchmark salaries against industry standards.
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