HealthcareSource Announces HealthcareSource Pay Data Compensation Market Data Solution
Solution gives healthcare organizations access to market-specific compensation data, streamlines compensation data analysis, and improves salary decision making
Woburn, MA – February 4, 2015 – HealthcareSource®, the leading provider of talent management solutions for the healthcare industry, announced today the availability of HealthcareSource Pay Data℠—powered by PayFactors—a compensation market data solution that automates the process of gathering, matching, and analyzing the compensation market data that influences your salary adjustment decisions. HealthcareSource partners with PayFactors, a leading provider of cloud-based HR software and easy-to-use compensation data management solutions, founded by an experienced team of compensation and HR technologists.
Pay Data allows healthcare organizations to benchmark and market-price jobs through our proprietary database of market compensation ranges based on analysis of hundreds of best-in-class, industry-specific compensation surveys. Pay Data saves time, improves accuracy and consistency, and helps healthcare organizations remain competitive when recruiting talent and making salary adjustments for existing employees.
“HealthcareSource Pay Data gives healthcare organizations a significant competitive advantage in recruiting and retaining top talent,” said Michael DiPietro, chief marketing officer at HealthcareSource. “The ability to obtain and analyze timely healthcare specific compensation data for all jobs in all areas of the organization, within a single software platform, drives better decision making from compensation professionals and gives them the flexibility to spend less time finding, comparing and analyzing raw data and more time providing strategic value to their organizations.”
HealthcareSource Pay Data enables users to create, customize and name specific pay markets (e.g., scopes) to match the location, industry/sub-industry and size of each of their facilities. Within the system, users can select from more than 4,000 jobs, including healthcare-specific jobs, and then adjust the data, build hybrid jobs, and even customize the job titles to create a list of jobs that best matches their defined criteria. The combination of job lists and pay markets can be saved as “projects,” which is a hugely powerful feature that allows the user to instantly retrieve the most up-to-date market information for that group of jobs in that pay market.
“The healthcare compensation market data in the Pay Data solution is beyond compare to the market data available from individual survey sources,” continued DiPietro. “Clients benefit from a consistent and rigorous approach to the compilation and validation of data from a vast collection of compensation sources without having to expend scarce resources on collecting, cross-matching, manipulating and analyzing such data. HealthcareSource Pay Data also saves users substantial time because they no longer having to estimate the market pay range for jobs for which individual surveys do not report—because Pay Data does this for them. ”
With more than 2,500 healthcare clients, HealthcareSource is the leading provider of talent management solutions for the healthcare industry. The HealthcareSource Quality Talent SuiteSM helps healthcare organizations recruit, develop, and retain the best workforce possible in order to improve the patient and resident experience. The company’s cloud-based talent management solutions include applicant tracking, behavioral assessments, reference checking, employee performance, compensation, competency and learning management, and eLearning courseware. A private company focused exclusively on the healthcare industry, HealthcareSource consistently earns high marks for client satisfaction and retention. HealthcareSource has been regularly ranked as a leader by KLAS Research for Talent Management, in addition to recognition in Healthcare Informatics 100, Modern Healthcare’s “Healthcare’s Hottest,” Inc. 500|5000, Deloitte Technology Fast 500, and Becker’s “150 Great Places to Work in Healthcare” list. To learn more about HealthcareSource visit: www.healthcaresource.com.