Since 2008, Glassdoor has given workers a platform to discreetly share information about their salaries and work environment. After collecting user-submitted data for eight years, Glassdoor now has 33 million monthly users and an amassed reviews, ratings and salary information for around 600,000 companies in 190 different countries.
Harnessing the data that it has collected, from its salary database and company particulars, Glassdoor has now introduced a tool called “Know Your Worth”. And as its name suggests, the tool is built in order to help people determine their worth in compensation.
Furthermore, talking about salaries can be quite uncomfortable and difficult for some which is the very reason why Glassdoor has released this tool. Besides that, the aim is also to create the most transparent jobs and recruiting marketplace.
The tool is free and operates using machine learning algorithms to analyze factors such as job title, experience, company and location in order to provide the user a chart that shows the user’s value in context of their local labor market worth. Moreover, the users’ market values and pay ranges are tracked and updated every week.
Additionally, this tool benefits employers as well, as job seekers will more likely have a realistic salary expectation. This salary transparency, in turn can also translate into better recruitment and higher retention rates.
“The goal is to help people understand fair pay, period,” Scott Dobroski, community expert at Glassdoor said, “Also, it can help eliminate existing pay gaps, whether it’s through gender or ethnicity. Moreover, when you know what you’re walking into and you understand and believe you’re getting paid fairly, employees tend to stick around longer ”
Meanwhile, the late-stage startup brings in revenue by offering paid products and services for employers, such as job listings that targets job seekers who match certain variables like skill level and experience. To date, the company currently has about 4400 employers using its paid services.
As Glassdoor continues to invest in machine learning, its services will improve. The company, currently houses more than 15 data scientists and staff. It also received US$ 40 million in a recent Series H round of funding, bringing its total funding to US$200 million with investors including Google Capital, T. Rowe Price, Sutter Hill Ventures and Tiger Global.
For more information, please visit https://www.glassdoor.com/index.htm
By Vivian Foo, Unicorn Media
This news is published on Reuters.