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System and method for compensation analytics

IP.com Disclosure Number: IPCOM000240926D
Publication Date: 2015-Mar-12
Document File: 3 page(s) / 129K

Publishing Venue

The IP.com Prior Art Database

Abstract

Disclosed is a technique to develop an interface for calculating the ideal salary ranges for new employees. Data inputs for the system will come from the existing data in the Applicant Tracking System and market data. System will also be modeled to utilize the shared data among the employers utilizing the ATS to calculate and suggest the right compensation.

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System and method for compensation analytics

Motivation

Offering the right compensation is one of the most critical items to attract and retain talent. Hiring managers need to identify the right salary range for the skillset & expertise of candidates that they are looking for. Recruiters need to negotiate with the candidates on the compensation and offer the best for candidate and for the organization. Not taking informed decisions at either of these two areas may cause the right candidate to slip away.


2 Proposal

     Disclosure proposes to develop an interface for calculating the ideal salary ranges for new employees.


• Inputs utilized in calculating the right compensation are including but not limited to the following list - Job title, Job family, Location, years of experience, previous salaries offered, probability of offer acceptance and onboarding , retention, performance


• Based on these inputs, system will provide an ideal range of salaries that can be offered to the new employee


• System will utilize the shared data among the employers utilizing the ATS to calculate and suggest the right compensation


• When system suggests optimum offer for a prospective candidate - it should consider if certain candidates accepted the offer but did not join (onboard) the organization because of less offer.


• It should also consider if certain candidates left the organization within less period (2/3 months - configurable) because of less offer - Retention comes int...