Shawn LaVana, CMO
For many compensation professionals, the much overlooked time-consuming and tiring compensation data analysis continues to be entwined with the whirrs of legacy systems, traditional technology, and manual HR processes. But, it doesn’t have to be. Shawn LaVana and his teammates at Payfactors are revolutionizing, modernizing, and transforming compensation into an HR success story. The company looks beyond conducting conventional surveys to improve compensation practices by disrupting the underlying approaches that have been in existence for decades.
Even today, a lot of companies use traditional Excel databases for managing and comprehending compensation data. “Most of the solutions in the market are outdated. Our goal is to develop advanced compensation management technology that works for every user,” explains LaVana, CMO, Payfactors. In doing so, Quincy, MA-based Payfactors provides a full suite of cloud-based compensation data management tools— built using a revolutionary technology— that eradicate manual processes and consolidate all data sources and surveys to a single, central place. “The long-established methodologies won’t work anymore. Companies need to step up and be aware of how the market is moving. They need to have the right data at the right time to make the decisions; otherwise, they are going to lose out on the offers made to potential hires and existing employees,” says LaVana.
At the core, Payfactors’ compensation data management tools assist professionals in assessing multiple markets, benchmarking and market pricing job, and building reports. Customers can upload their data into Payfactors’ software so that they can view and utilize their organizational data more efficiently. The underlying value of these tools comes to the fore as it provides users with the ability to exchange hyper-relevant data with peers and manipulate, modify, or model that data. Payfactors provides more recent, much easier to access data, and has an easy-to-use map-like interface.
We’ve built a tool that allows HR teams to share data in exchanges, and then view their own data alongside these Peer cuts and other third-party survey cuts
The solution also enables the addition of third-party survey data that can be loaded into the system and viewed side-by-side. “We are revolutionizing compensation by rethinking the entire way it’s working today. So we’ve built a tool that allows HR teams to share data in exchanges, and then view their own data alongside these Peer cuts and other third-party survey cuts. This more real-time, more granular Peer data shows how labor markets are really shifting as opposed to what was happening a year back,” explains LaVana.
In one instance, Payfactors assisted the Wisconsin Technical Schools to share data in an exchange. The client wanted to exchange data within the school network to ensure each team has recent data on the offerings so they could recruit the best possible candidates, and lead the candidates to make the best possible selection. Weighed down by a tough labor market, the administrators at the schools had to ensure that they have the most accurate data to make the right decisions. With Payfactors, in addition to all the compensation benefits and data integration capabilities, the school can explain the final data results to the executives now. They can customize and collect individual data and even share it on an individual basis when employees have questions about their pay.
One of the things that the company rolled out last year was an offering for small and medium-sized businesses, where they helped to make the compensation data management tool more flexible and understandable. The previous year, Payfactors also introduced its job descriptions platform, which puts compensation back in control of the job description management and workflows, so they can make sure they’re using the most recent information to make the best offers. “We put the system together with a built-in approval process that allows companies to manage and enable seamless workflow. They can drag and drop, build descriptions, and send it to the hiring manager for approval,” says LaVana.