LaborIQ, a compensation analytics and workforce planning solution, has unveiled the release of Pay Analysis™, which is an extension of its HR software platform aimed at providing comprehensive pay transparency and helping firms create robust compensation strategies. Pay Analysis™ combines the firm’s payroll data and benchmarks with external market benchmark data from LaborIQ to give HR professionals and corporate executives a consolidated and real-time view of where individual employees, departments, and locations stand relative to the market as well as internal compensation programs. This solution provides cost-of-correcting calculations and ready-to-present reporting without using static spreadsheets, making it easier for businesses to make budgetary decisions during tough times. Contextualizing the shift toward modern workforce compensation management, Claudine Zachara, CEO of LaborIQ, stated:
Also Read: Rippling Launches Preferred Carrier Program with Guardian, MetLife, and Unum
“Compensation is strategic and has become more complex in recent years. As leaders we must move away from fragmented spreadsheets, static reports, and annual analyses which comes with a lagging view on organizational compensation health. Adding Pay Analysis to the LaborIQ platform combines validated market pay data, pay band management, and now full visibility to compensation across all locations, departments, and individuals. Pay Analysis was built to provide leaders and HR Teams with clear, actionable pay and expense visibility across their enterprise.” Highlighting the strategic importance of internal talent retention during economic shifts, Mallory Vachon, Chief Economist at LaborIQ, added: “Labor market uncertainty has raised the stakes on every compensation decision. When hiring slows and budgets tighten, retaining the people you have becomes the priority, and that means knowing exactly where pay stands across your workforce. Pay Analysis gives organizations that visibility, so they can act on compensation risk before it turns into turnover.”
