Explanation
Background: The Director of the Department of Human Resources seeks the authority to utilize the subscription services of Salary.com LLC to provide a market data tool for the City’s Compensation Office. The survey tool is called Comp Analyst and will be able to aggregate several thousand salary surveys across all industries in both the public and private sector. The data will augment surveys conducted internally by the Compensation Management team with like jurisdictions ranging from local to national geographies.
To acquire a subscription service for a salary survey tool in the most timely manner, it was critical for the City and the Compensation Management team to perform due diligence. The internal team identified several potential providers known to the compensation professional community. Market data industry leaders were contacted to gain knowledge of their products and pricing options. Presentations were given and each bidder followed up with question-and-answer meetings and any additional requested information.
Four reputable market data providers that were considered were Economic Research Institute (ERI); Mercer; Payscale, Inc.; and Salary.com LLC. The following table details the offers and terms from each provider:
Market Data Provider Annual Cost Contract Term
Economic Research Institute (ERI) $3,989.00 1 Year
Mercer $11,500.00 3 Years
Payscale, Inc. $19,750.00 3 Years
Salary.com LLC $16,000.00 5 Years
After thorough analysis of the services provided, cost, quality of product, and performance in other venues, the salary survey tool offered by Salary.com was determined to be the best for the City. The rationale is as follows:
· Robust, aggregated survey data with 4,300 benchmark jobs and more than 15,000 unique jobs in its database
· More than 25,000 organizations contribute to the continuously updated data
· Professional Human Resources-reported compensation data, not employee-reported data, which can be filtered...
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