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Payfactors Reviews & Product Details - Page 2

Payfactors Overview

What is Payfactors?

For organizations who pay people and strive to #getpayright, Payfactors is a Compensation Platform that delivers : * Fresh and transparent compensation data to ensure you are making accurate and competitive pay decisions you can confidently stand behind. * Scalable Compensation Technology that helps guide you on your compensation journey while driving process efficiency and weaving equity into the fabric of all pay decisions. * Committed Customer Experience to support your needs with an extra set of hands, connections with other comp pros, and 24/7 access to resources. * Customizable Compensation Planning tool to streamline your process, foster collaboration, and maintain clear oversight during your merit and increase cycle

Payfactors Details
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Product Description

Payfactors at its core helps organizations develop scalable and data driven compensation programs. What this means is that we start by giving organizations access to market data that they can use to make fair pay decisions. Users can then use functionality to develop pay structures so pay decisions remain fair and equitable over time. All this information brought together makes reporting and analytics of important data such as pay compression easy to escalate throughout the organization. Payfactors also provides easy avenues for organizations to expand into key areas such as job descriptions, compensation planning and pay equity analysis. We foster a sense of collaborative compensation that means users can bring key people into the process to provide feedback along the way and to help them better understand the parameters in which pay decisions should be made. We strive through this approach to create more equitable workplaces – proven through data – and make it easier to communicate pay with employees.

How do you position yourself against your competitors?

Payscale is the #1 choice in compensation management.
More than 65% of the Fortune 500 choose Payscale.
$2.9 trillion in employee salaries managed in Payscale solutions.
More than 50 million jobs were priced in Payscale solutions in the last year.


Seller Details
Seller
Payscale
Company Website
Year Founded
2002
HQ Location
Seattle, Washington
Twitter
@payscale
62,894 Twitter followers
LinkedIn® Page
www.linkedin.com
744 employees on LinkedIn®
Description

As the industry leader in compensation management, Payscale is on a mission to help job seekers, employees, and businesses get pay right and to make sustainable fair pay a reality. Empowering more than 50% of the Fortune 500 in 198 countries, Payscale provides a combination of diverse and dynamic data sources, experienced compensation services, and scalable software to enable organizations such as Angel City Football Club, Target, Gainsight, and eBay to make fair and appropriate pay decisions.


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Overview Provided by:

Recent Payfactors Reviews

Verified User
A
Verified UserEnterprise (> 1000 emp.)
3.5 out of 5
"Good tool overall, but has limitations"
PayFactors Connect is an incredible resource to have access to for live webinars and tool trainings.
Sara R.
SR
Sara R.Enterprise (> 1000 emp.)
3.5 out of 5
"Full Scope Market Data Solution"
We have been using Payfactors at my new organization since I started in July 2024. I have used other market data provider platforms in the past and...
Verified User
U
Verified UserEnterprise (> 1000 emp.)
5.0 out of 5
"Payfactors improves our processes and creates efficiency"
As a compensation professional, Payfactors has really helped to streamline or processes. When compiling data, we are able to generate reports direc...
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Payfactors Media

Payfactors Demo - Homepage Dashboard
Example of dashboard homepage
Payfactors Demo - Surveys Experience
Survey management experience
Payfactors Demo - Peer Data Map Example
Example of Peer data map
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Video Reviews

593 Payfactors Reviews

4.2 out of 5
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593 Payfactors Reviews
4.2 out of 5
593 Payfactors Reviews
4.2 out of 5

Payfactors Pros and Cons

How are these determined?Information
Pros and Cons are compiled from review feedback and grouped into themes to provide an easy-to-understand summary of user reviews.
Pros
Cons

Overall Review Sentiment for PayfactorsQuestion

Time to Implement
<1 day
>12 months
Return on Investment
<6 months
48+ months
Ease of Setup
0 (Difficult)
10 (Easy)
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FM
Compensation Systems Analyst
Mid-Market(51-1000 emp.)
Validated Reviewer
Review source: Seller invite
Incentivized Review
What do you like best about Payfactors?

The Payfactors platform is robust and user-friendly. Being new to compensation, I found it to be accurate and reliable to ensure fait pay and reducing bias. I use it frequently, it is my main source for job pricing. The platform is very easy to navigate when it comes to job pricing, compensation reports for pay ranges, equity gaps and a number of other reports. The also have a dedicated and helpful support team. The virtual learning platform is a breeze, you can just click on the selected training videos at anytime. Review collected by and hosted on G2.com.

What do you dislike about Payfactors?

Still relatively new to Payfactors, at this time nothing is coming to mind . Review collected by and hosted on G2.com.

What problems is Payfactors solving and how is that benefiting you?

Provides valuable data and insights to support informed decision-making, such as identifying pay gaps, analyzing compensation trends, and forecasting future compensation costs. Helps identify and address pay gaps within the organization, ensuring fair and equitable compensation for all employees Review collected by and hosted on G2.com.

Verified User in Hospitality
AH
Enterprise(> 1000 emp.)
Validated Reviewer
Verified Current User
Review source: Seller invite
Incentivized Review
What do you like best about Payfactors?

Payfactors provides me with data specific to my industry. I like that the solution also offers Geographic Differentials and Minimum Wage resources. The support from their customer success team is excellent. The best feature is the Hospitality Peer Group and the data that is provided with that group. Review collected by and hosted on G2.com.

What do you dislike about Payfactors?

I have been using Payfactors for almost 5 years. I still find it time consuming to pull data for multiple positions. Review collected by and hosted on G2.com.

What problems is Payfactors solving and how is that benefiting you?

I utlize Payfactors for Salary Benchmarking to be sure my organization is paying appropriately. The Account Manager for the Hospitality Peer Group is an outstandng professional and has brought so much to that product. She has increased the frequency that the data is uploaded, has reduced the age of the data and has implemented several tools that are useful to me. Review collected by and hosted on G2.com.

Verified User in Computer Software
AC
Mid-Market(51-1000 emp.)
Validated Reviewer
Verified Current User
Review source: Seller invite
Incentivized Review
(Original )Information
What do you like best about Payfactors?

I love Payfactors as a compensation software, the user interface is very friendly and it's easy to get and provide salary data. We use Payfactors at least once a week. We use it for three countries and there are many ways to slice and dice the information, from HR salaries, to peer salaries, to competitive salaries. The system is very easy to use and to share information, whether it's quick pricing a job or doing a detailed analysis. Implementation was a breeze, as long as you keep up with training. The implementaiton team was very communicative and easy to work with. The training offered is wonderful and I can't wait to dig further into the training to get more knowledgeable about compensation. Review collected by and hosted on G2.com.

What do you dislike about Payfactors?

The one thing that I wish was easier are the employee data uploads. The template is cumbersome and hard to put togther. It would be great to have a more steamlined template for quick updates. I also wish it was easier to talk to customer support, rather than going back and forth through a tickting system. Review collected by and hosted on G2.com.

What problems is Payfactors solving and how is that benefiting you?

The biggest issue facing us, is we don't have a compensation structure that is easy to share with our employees. But that's why we purchased Payfactors, so we can build an easily communicated, transparent comp structure. Review collected by and hosted on G2.com.

RM
HR Director
Mid-Market(51-1000 emp.)
Validated Reviewer
Verified Current User
Review source: Organic
What do you like best about Payfactors?

I like the ability to do a quick market pay review

You can have different pay markets and it adjusts accordingly

The ability to blend jobs and weight them to have a more accurate match Review collected by and hosted on G2.com.

What do you dislike about Payfactors?

Sometimes you can't find the job title you're looking for. Review collected by and hosted on G2.com.

What problems is Payfactors solving and how is that benefiting you?

Ensuring we're aware of market pay in a competitive job market

Updating our pay bands and slotting positions accordingly

Ability to attract and retain staff through fair pay Review collected by and hosted on G2.com.

JH
Chief People Officer
Mid-Market(51-1000 emp.)
Validated Reviewer
Verified Current User
Review source: Seller invite
Incentivized Review
What do you like best about Payfactors?

The actual Data housed is most beneficial. Review collected by and hosted on G2.com.

What do you dislike about Payfactors?

The onboarding process is long. Feels like there are separate businesses owning each part of the process. Most of the training is virtual and not in person. Once you get signed as a customer you are left on an island. It's clear that Reps have different levels of knowledge, enaggement and customer service. Review collected by and hosted on G2.com.

What problems is Payfactors solving and how is that benefiting you?

Navigagting the tool and set-up takes a long time and requires mostly virtual training. Review collected by and hosted on G2.com.

Derek F.
DF
Strategic Advisor
Mid-Market(51-1000 emp.)
Validated Reviewer
Verified Current User
Review source: Seller invite
Incentivized Review
What do you like best about Payfactors?

I really appreciate that our subindustry (post-acute health care) is clearly represented in the data. I looked for this data for a long time before having Payfactors. I find the data to be reliable which is very important to building our wage scales and staying competitive. Review collected by and hosted on G2.com.

What do you dislike about Payfactors?

The platform is not the most user-friendly. As the main user, I have learned how to navigate it pretty well, but other less frequent users in our organization seem to have trouble remembering how to access the info they want to find. Review collected by and hosted on G2.com.

What problems is Payfactors solving and how is that benefiting you?

Brings visibility into competitive compensation, including base wage and bonuses. Review collected by and hosted on G2.com.

DJ
HRIS Analyst
Enterprise(> 1000 emp.)
Validated Reviewer
Verified Current User
Review source: Seller invite
Incentivized Review
What do you like best about Payfactors?

I like that Payfactors allopws me to utilize templates to update and upload information into their system for management. Review collected by and hosted on G2.com.

What do you dislike about Payfactors?

When completing job description updates, the fields will not take font changes as well as it should, causing time to correct the error the system has made. Review collected by and hosted on G2.com.

What problems is Payfactors solving and how is that benefiting you?

The ability to accurately maintain and manage job descriptions. Review collected by and hosted on G2.com.

Verified User in Warehousing
AW
Mid-Market(51-1000 emp.)
Validated Reviewer
Verified Current User
Review source: Seller invite
Incentivized Review
What do you like best about Payfactors?

The ability to purchase survey data right from Payfactors. The job description manager tool. The ability to create and share projects. The multiple sources of data we can use. Review collected by and hosted on G2.com.

What do you dislike about Payfactors?

Not easily customizable. Employer support is difficult (I would rather have a direct contact then have to submit a ticket online). The ability to add/create internal pay grades based on Payfactors data Review collected by and hosted on G2.com.

What problems is Payfactors solving and how is that benefiting you?

We were able to purchase Mercer salary data, and in cnjuction with HRMA data, helped us to create internal pay ranges. The JD manager tool is helping to streamling job descriptions, although admittedly we aren't using it as much as we should Review collected by and hosted on G2.com.

Verified User in Higher Education
AH
Enterprise(> 1000 emp.)
More Options
Validated Reviewer
Verified Current User
Review source: Seller invite
(Original )Information
What do you like best about Payfactors?

The simplicity of using the product that holds a lot of complex processes. I am able to quickly have reliable data that I can take to senior leadership to enhance my explaintion of my decisions. Review collected by and hosted on G2.com.

What do you dislike about Payfactors?

Naviagting the entry of salary surverys includinding their data cuts needed for my busienss was the most challenging aspect thusfar. Review collected by and hosted on G2.com.

Recommendations to others considering Payfactors:

This is a product that simplifies the compensation process. Review collected by and hosted on G2.com.

What problems is Payfactors solving and how is that benefiting you?

Streamlining benchmark data and market pricing and a faster pace. Having all my salary surveys in one location with quick and easy access is wonderful. Review collected by and hosted on G2.com.

Response from Brooke Grimes of Payfactors

Thank you so much for your review and we are so excited to hear that this product is helping you to more effectively perform your role!

Krista P.
KP
Vice President, Employee Success
Mid-Market(51-1000 emp.)
Validated Reviewer
Verified Current User
Review source: Seller invite
Incentivized Review
What do you like best about Payfactors?

The Quick Price functionality is very helpful as is the integration with our HR system (BambooHR), so updates to compensation and new hires/terminations flow easily between the two systems.

I like how we can price in multiple pay markets and blend jobs for positions that may be untraditional roles. Review collected by and hosted on G2.com.

What do you dislike about Payfactors?

Data for some pay markets is more difficult to find, specifically in Europe and occasionally in some cities or provinces in Canada. Review collected by and hosted on G2.com.

What problems is Payfactors solving and how is that benefiting you?

Ensuring jobs are fairly priced in their respective pay market and against companies in our industry and our size. Review collected by and hosted on G2.com.