AI is increasingly being utilized by companies to refine their employee compensation strategies. A Korn Ferry survey indicated that about 25% of companies are using AI for compensation analysis. AI can clarify pay transparency and help companies evaluate pay in emerging job markets. However, monitoring and auditing AI outputs remain essential to mitigate risks of data errors and maintain confidentiality. Payscale uses AI modeling and extensive salary data to assist in pricing new and unique job roles, addressing gaps where traditional data may be scarce.
Ruth Thomas, the chief compensation strategist at Payscale, said that when companies use AI to analyze large amounts of compensation-related data, it can help promote pay transparency and provide HR teams with a tool for understanding new job markets.
AI can assist with filling compensation gaps. At Payscale, the company uses a combination of AI modeling and HR-contributed salary data to help its customers price jobs.
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