Paysa: The Answer to Tricky Salary Negotiations
When it comes to talking about money, most of us still get quite uncomfortable. According to Salary.com, only 37% of us will actually negotiate our salaries, while the other 63% descend into some sort of panic. We tend to think we don’t have the necessary skills or feel it is inappropriate to ask for more money. However, negotiating can help make a better first impression and give management higher expectations of you, meaning you’ll be more likely to live up to these expectations in the future. Failing to negotiate when you start a new role can even mean it’s years before you catch up with colleagues who do negotiate salaries.
Big Data startup Paysa has come up with a solution to empower employees to successfully and confidently navigate salary negotiations. The platform is free to use and caters for software, data science and IT jobs, but there are plans to expand into other industries very soon.
Paysa was born out of a frustration of how little actual data employees have when it comes to salary negotiation and also the lack of guidance on how employees can develop their professional value in line with the market. The Paysa platform aims to help people better understand what their exact value is in the market, which in turn provides the tools to have a more balanced, data-driven conversation with employers, either current or future. It will also quantify the value of mastering certain skills such as a programming language, or whether a graduate degree from a different university would mean a bigger paycheck.
There are three aspects to the platform. Firstly, the Paysa Market Salary – a data set that mines 30 million salary points and 90 million career profiles, then breaks this down to 10,000 variables so that every single skill is assigned a value. Users can then explore several data points around what their compensation should be in relation to the market, including base salary, bonuses and annual pay. They can dig into each component to understand what drives pay increases at the most granular level.
Paysa Explore gives users the ability to research the market and the associated skills that could increase their professional value in the market. They can also find out what their salary would look like at other companies, the likelihood of getting a job in another organisation or what salary and skills they should expect if they were to relocate.
The final part of the platform, Paysa Jobs is aimed at the job market. It enables users to meet or exceed their market value in the form of identifying jobs that match their profile and salary expectations. Paysa have several other tools in the pipeline that will dig deeper into the value of certain schools, current employer, location, and so on that effect market salary.
When you consider that in 2016, the gender pay gap is still very much a real thing and many people feel they are kept in the dark when it comes to salaries, it is obvious there is a need for access to information. With tools like Paysa, employees have the data required to have informed salary discussions and they can understand and optimise the value of their own careers. Such tools will demand more transparency in pay across all industries, which can only be a good thing.