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3 minute read
Effective market-based compensation should be accessible to companies at every stage of growth. For far too long, HR and comp teams from smaller organizations have had to compete for talent against enterprise-level businesses while carrying the heavy load of inefficient job pricing— spending hours hunting for reliable data, muddling through spreadsheets, or pricing jobs one-by-one. Not to mention, this is on top of the very full plate they already have.
We’re pleased to fill this gap with the release of BetterComp Prime + Market Data. Small and mid-sized businesses can now access defensible data, powered by industry leader Mercer, tailored just for them, plus the technology to make it actionable.
Do I really need data?
Making decisions around pay without data is like a pilot flying without a navigation system— a disaster waiting to happen. In compensation, the cost of doing nothing (as in having no data) is far too great given that employee salaries impact not only the company’s bottom line but also the company culture and employer brand. Data is the key that will help you make informed decisions and build a strong foundation for effective compensation.
What if I am using crowdsourced data today?
If you are a small or mid-sized business using crowdsourced data today, you are not alone. For many companies who feel limited in their options, crowdsourced data has been an appealing choice. It's easily accessible, cost-effective, and better than having no data at all.
Nonetheless, when it comes to compensation where decisions have high visibility and high price tags, it’s hard to ignore the risks associated with using crowdsourced data alone. Because this data is self-reported, it’s very difficult to eliminate biases and inconsistencies or validate for factuality.
Here are a few 
examples of when crowdsourced data may fall short:
- Someone may post their total compensation package as their base salary.
- Certain jobs can have very different meanings and responsibilities across companies and industries.
- There are unknowns around sample size or when the data was reported.
Because crowdsourced data is not built on rigorous methodology like traditional compensation surveys, relying solely on crowdsourced information can lead to a distorted understanding of a job’s market value and skewed salary ranges. Overpaying or underpaying your talent rarely has a standalone impact. Instead, it has the potential to cause a domino effect of issues like pay compression, pay inequity, or unsustainable budgets.
What makes BetterComp Prime + Market Data different?
Whether you are a comp team of one or one of a few, you deserve powerful partners that empower you. Now with BetterComp Prime + Market Data, small and mid-sized businesses can access a one-stop solution that pairs trusted market data with the technology to make it actionable.
The Difference With Prime Market Data
Prime Market Data is not crowdsourced, aggregate data. Instead, we partnered with Mercer, a leader in the compensation market data space, to bring small and mid-sized businesses a gold-standard data set designed specifically for them.
At BetterComp, we partner with the best-in-class data providers and this collaboration with Mercer is a prime example of our commitment to excellence for our customers. With Mercer holding over 75 years of industry experience and confidence from thousands of leading organizations around the world, you can rest easy knowing that the data is…
- Reliable - accurate, free from biases, and follows a precise and transparent methodology
- Validated - has undergone extra checks and balances to inspect for any abnormalities and ensure that the data is indeed trustworthy
- Defensible - your compensation decisions are grounded in data from a credible source
Having data you can count on gives comp pros and HR leaders the solid foundation they need to get compensation right. Using a trusted data source also shows a commitment to data integrity and transparency, which amplifies credibility amongst executives and employees alike. This can empower comp pros to become better advocates and strategic advisors in helping their team achieve organization goals.
The Difference With Our Technology
Along with access to a gold-standard data set powered by Mercer, BetterComp Prime brings you next-level compensation technology that enables you to make the most out of this data.
Gone are the days of combing through hundreds of rows in spreadsheets or using multiple systems to price a job. With BetterComp, you get a one-stop shop for all things market pricing. It’s a single-repository where you can:
- Manage, process, and analyze all your survey data
- Price jobs and model ranges
- Utilize robust, custom reporting and analytics
Our user-friendly technology streamlines and automates the manual parts of the market pricing process so you can focus less on repetitive work and more on making a strategic impact.
This is just a sneak peek of our technology, so be sure to connect with our team to see it in action.
The Difference With Our Support
I’d be remiss to discuss the BetterComp difference without calling out our unrivaled customer support. Customer experience is at the forefront of all that we do. BetterComp customers get access to dedicated support from knowledgeable comp pros who have walked in your shoes and truly understand your needs.
At BetterComp, we don’t believe in a one-size fits all approach. We take the time to listen and learn your team's unique goals and tailor our support to help deliver on the outcomes that matter most to you. We are also continuously looking to grow and innovate. That’s why we invest over 50% of our revenue towards Research and Development. As a BetterComp customer, your feedback, preferences, and evolving needs play a direct role in guiding our product roadmap.
With BetterComp Prime + Market Data, you get access to a reliable, defensible data set, personalized service from real comp pros, and technology that’s built to support your processes today - and tomorrow.
Why wait? Contact us today to power up your market-based compensation!
