While workplace transparency is becoming the new normal across the UK, it’s still a challenge for people to know if they are being paid fairly. Very few companies openly share pay data, and talking about pay remains largely taboo in our society.
Today, we are announcing our latest effort to boost transparency for UK job seekers, employees and employers alike. Glassdoor has launched Know Your Worth: a free tool that calculates an individual’s personal “market value” by using sophisticated data science and machine learning algorithms that leverage millions of salary reports shared on Glassdoor, while analysing real-time supply and demand trends in local job markets, and typical career transitions of people doing similar work.
Following on from its success in the U.S., our popular salary calculator is now available in the UK and Canada.
What does this mean for HR professionals and employers?
Your employees now have access to an empowering tool that gives them insight into their median estimated market value, or estimated base pay. We recognise that many factors are often considered as part of a company’s overall compensation and rewards program that can significantly influence base pay at a specific company, and we have done our best to make it clear to our users that Know Your Worth estimates are designed to be a starting point, not a pinpoint.
With this said, we know that many employees will want to speak to you as recruiters, talent acquisition experts, and HR professionals about their estimates and salaries. We have prepared a useful Know Your Worth Employer Guide to help you understand the tool and be better placed to answer any questions you may receive.
How accurate are Know Your Worth market values?
In the U.S., the Know Your Worth model currently predicts the market value at an 11.8 percent median margin of error, based on each person’s personal attributes. The median margin of error for the UK is not yet available. As we continue to receive more and more salary reports from Glassdoor users, accuracy will continue to increase.
Can I, as an employer, verify the salary estimates or employees’ market values on Glassdoor?
Employers can update Salary Estimates for their roles in the Employer Centre. In addition, the best way to help improve the accuracy of the salary data on Glassdoor is to encourage your employees to contribute a salary report or to try using Know Your Worth. The power of this tool lies in predicting earning potential, rather than pinpointing a specific employee’s pay at your company.
As an employer, transparency is fundamental to creating a business where everyone feels engaged and meets their potential. By embracing it, you’re investing in your future
success, and creating a culture that’s rewarding, fulfilling, and fair.
The launch of Know Your Worth follows the introduction in April of Salary Estimates to job adverts on Glassdoor in the UK, which shows a range for annual base or hourly pay and is specific to job title, company, and location. Both tools from Glassdoor are designed to increase pay transparency and help job seekers get paid fairly.