Payspective: the background
I’ll never forget the moment we ‘came up’ with Payspective. Somewhat embarrassingly, it was quite a while ago – but that’s a whole other story about having too much going on at once.
Movemeon (our other business, and the team who’ve worked hard to turn the Payspective idea into a real product) supports 1,500+ businesses and 23,000+ members in hiring for/discovering job opportunities. We call them our ’employer’ and ‘candidate’ communities.
As the communities grew and we became known as the expert in our niche, we received more and more questions about salary, and other elements of compensation. Questions which can typically be summed up as “what can I expect to earn?” or “what should I be earning at this point in my career?” and “do you think this is a fair offer?”
We could always offer an answer based on our experience. And we wrote a few blog articles – hopefully insightful – on the things to be thinking about. And on some trends we were noticing (one of these you can find here). But really it amounts to finger in the air type stuff.
When we’d received literally 100s of questions on the same topic, it became pretty obvious that we could do something more systematic to help. There was an incredible lack of data available right across the spectrum of careers. We thought about the way Zoopla/Rightmove feed data into the housing market (would you buy a house without looking at what next door sold for?), and decided to embark on delivering the same transparency to support everyone in their careers. Hence, payspective.com.
The Payspective vision
At its most simple, Payspective compares your compensation to your peers – those you went to university with, and those in your industry now. But it doesn’t stop there.
It’s not all about the money. So Payspective looks at your compensation per hour and your job satisfaction. Plus the perks you get at work. And it does it in real time. So as more people join, each person’s results update and become increasingly accurate.
We have lots of things in the pipeline for next year. We see Payspective becoming a tool you can come back to time and time again, in order to track your pay progression, consider an offer or project your earnings (you can see the vision here).
We’re excited to have our first version out and are looking forward to seeing how it grows. We admit it’s not perfect, and we’ll refine it based on your feedback. If you’d like to keep up with the journey, please follow us on social media. And if you’re a UK graduate in work, why not get your payspective (fast, free, confidential)?
– by Rich
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