Pave recently announced Offer Insights, a new product to be launched within their Premium Market Data package. This launch creates a new player in the evolving category of offer-based compensation market intelligence. This expands Pave’s current position as a leader in the real-time data category, and gives customers a method to understand the market with a new lens.
Background: Offer-Based Data in Context
It’s no longer just about surveys. Compensation professionals have a variety of data sources to understand what is happening in the market for talent. In our research, we see six different types of market data.
Offer-based data measures something different than a traditional compensation survey. It is derived from actual offers made and measures what may be paid for new hires in a given role. This type of data can be notably different from what employees are actually being paid today, and that difference can be quite instructive.
Because offer-based data reflects current labor market transactions, it can be more volatile than full-population compensation benchmarking. But in that volatility lies an indicator of a trend: as offers increase, it signals likely pressure on how existing workers are paid.
Pave’s Move into Offer-Based Data: Our Perspective
Pave is on a path (paving it, perhaps) to becoming a full compensation management platform. It offers solutions across multiple CompTech categories, and platform users like having access to a single suite that supports multiple compensation use cases.
Pave has been the dominant brand in real-time compensation data, particularly among smaller tech companies. In mid-2022, Pave acquired the Option Impact product and dataset from Morgan Stanley, which made Pave the defacto benchmarking standard for smaller private and venture-backed companies. As other players have created real-time products serving this space, Pave has been moving upmarket and focusing more on enterprise-level customers.
Enterprise customers are always looking for new insights, so having offer-based data in the platform gives Pave another selling point for its journey upmarket. Notably, Pave enters the offer-based compensation data space through a partnership with Greenhouse, a market-leading ATS with more than 1 million annual data points. Rather than building a new dataset from scratch, Pave has partnered with a market leader that expands its reach into a more diverse customer base.
What To Expect
As Offer Insights launches (expected late July), customers can expect to see a more aggregated view of offer-based market trends, similar in nature to its report on hot jobs based on offer trends (available for download on the Offer Insights landing page). Pave has noted that it will still view its employee-based real-time data as the gold standard and will focus on Offer Insights as a leading indicator of change for its core benchmarks.
Over time, we’d expect to see offer-based trends become more granular and more directly comparable to full-population employee benchmarks. Quantifying the replacement premium/discount for new roles vs. existing or terminating workers would be a key insight that is largely missing from today’s available benchmarks.
A Hidden Benefit
Beyond the new use cases that Offer Insights addresses, we’re excited about the possibility that the expanded data set creates further innovation and quality within Pave’s core dataset. Because the Greenhouse-provided data is based on postings that include a lens into the job description, Pave can use this expanded data set to further tune its algorithms that manage the broader compensation benchmarking dataset. More data is always better when creating automation, and job matching quality always improves with more visibility into underlying job responsibilities. Having access to skill-level requirements for jobs can also unlock the mystery of how organizations can build skills-based thinking into their compensation strategy.
How to Buy
Offer Insights is available as part of Pave’s Premium Market data package, which provides a lens into cash and equity benchmarks in over 55 countries and 90 international cities. Contact Pave directly to learn more and get a demo. If you’re a qualifying company, you may be eligible for an extended free trial of the Premium Market Data platform when referred by Novo Insights. If interested in a referral to Pave click below and we'll reach back on next steps.
Disclosure: Novo Insights has not been paid for this article, nor does Novo Insights receive a referral fee of any kind should clients become Pave customers. The referral noted above gives the end client access to a benefit, which we are happy to facilitate on behalf of our clients. Novo Insights does have access to the Pave platform for its own internal use and for use with certain clients, consistent with other participants in Pave’s consulting partner program. For more information about our approach to conflicts of interest and disclosure, view our Conflict and Disclosure Policy.
