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PayScale

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Payscale
Type of site
Private
Available inMultilingual
FoundedJanuary 1, 2002; 22 years ago (2002-01-01)
HeadquartersSeattle, Washington, U.S.
Founder(s)Joe Giordano
John Gaffney
Key peopleChris Hays, CEO[1]
IndustryInternet
URLwww.payscale.com
CommercialYes
RegistrationOptional
Current statusActive

Payscale is an American compensation software and data company which helps employers manage employee compensation and employees understand their worth in the job market.[2][3][4][5]

History

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The website was launched on January 1, 2002.[6] It was founded by Joe Giordano and John Gaffney. Mike Metzger was CEO from 2004 to 2019. Scott Torrey, a 20-year veteran of SAP Concur, started as CEO on August 26, 2019 and stepped down on November 16, 2021. Alex Hart was then named CEO in November of 2021.[7] [8] In January of 2024 Chris Hays assumed the role of CEO.

On April 24, 2014, Warburg Pincus acquired Payscale in a deal worth up to $100 million.[9]

On April 25, 2019, Francisco Partners announced a majority investment in Payscale at an enterprise value of $325 million.[10]

Overview

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Payscale was developed to help people and businesses obtain accurate, real-time information on job market compensation. While Payscale started by crowdsourcing compensation data from employees to power its products for employers, its Software as a Service offerings have evolved to allow businesses to utilize multiple compensation data sources, including Payscale's Crowdsourced and Company Sourced offerings as well as data from other providers. Customers can also manage their employee compensation strategy and structure within the platform and perform robust compensation analytics.[11] For employees, the service works via the Internet by enabling individuals to submit their job profile and salary data, which is then compared to others like them. They receive a free report on their market worth.

The company generates revenue by selling SaaS subscriptions, compensation data and services to employers, to aid in determining correct market rates for hiring, benchmarking and budgeting, and by targeted advertising to employees that visit its website.

Payscale surveys its users' income and background, and since 2007, it has published an annual ranking of American colleges and universities by their estimated return on investment. The rankings have been popular with the public but controversial among scholars of higher education.[12]

Payscale puts on an annual compensation industry event called Compference[13] and publishes original research on compensation-related topics such as the gender pay gap, college return on investment and salary history.[14]

In 2021, Payscale merged with Payfactors, a leading competitor. The new company operates under the Payscale brand.[15][better source needed] Later that year, Payscale acquired pay equity and compensation management company CURO.[16][better source needed] In 2022, Payscale acquired Agora, a software development company focused on pay transparency and employee experience.[17][better source needed]

References

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  1. ^ "Payscale Management Team".
  2. ^ Darlin, Damon (March 3, 2007). "Using the Web to Get the Boss to Pay More". The New York Times. Retrieved October 13, 2021.
  3. ^ Bieber, Christy (June 28, 2018). "Pros and Cons of an Open Salary Policy". The Motley Fool. Retrieved July 11, 2018.
  4. ^ Arrington, Michael (October 12, 2006). "How Much Money Do You Make?". TechCrunch. Retrieved October 13, 2021.
  5. ^ Duryee, Tricia (August 29, 2005). "PayScale shows you the money". The Seattle Times. Archived from the original on March 10, 2012. Retrieved October 13, 2021.
  6. ^ "Payscale, Inc. on Business Week". Investing.businessweek.com. Archived from the original on June 24, 2008. Retrieved August 2, 2012.
  7. ^ "Payscale names longtime Concur exec as CEO". www.bizjournals.com. Retrieved April 17, 2020.
  8. ^ "Tech Moves: Payscale CEO steps down". www.geekwire.com. November 16, 2021. Retrieved January 22, 2023.
  9. ^ Cook, John (April 24, 2014). "Salary report generator Payscale getting up to $100M in deal led by Warburg Pincus". Retrieved May 7, 2014.
  10. ^ Soper, Taylor (April 25, 2019). "Compensation data site Payscale valued at $325M after new private equity investment". GeekWire.
  11. ^ "Payscale Reviews & Product Details". G2 Crowd. September 13, 2019.
  12. ^ Lederman, Doug (April 18, 2017). "PayScale rankings of ROI have influence (and significant limitations)". Inside Higher Ed. Retrieved October 13, 2021.
  13. ^ "Compference21 - The World's Best Modern Compensation Event". PayScale. Retrieved October 13, 2021.
  14. ^ "Comp Research". Payscale.
  15. ^ "PayScale and Payfactors Join Forces to Create Compensation Technology and Data Powerhouse". Payscale (Press release). Retrieved December 27, 2022.
  16. ^ "Payscale Continues Growth Trend Through Acquisition of Pay Equity Analysis and Compensation Management Software Leader, CURO". Payscale (Press release). Retrieved December 27, 2022.
  17. ^ "Payscale Acquires Agora, Strengthening Unrivaled Portfolio of Compensation Data, Software and Services". Payscale. Retrieved December 27, 2022.
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