The global employment authority Employment Hero today unveiled a new tool that will bring unparalleled transparency to the employment marketplace. SmartMatch will provide real-time market insights, seamless connections and advanced matching capabilities for employers and job seekers, ensuring everyone finds their perfect fit together.
Informed via up-to-the minute data aggregated from over 2 million employees and over 300,000 SMEs globally, SmartMatch will now empower employers with real-time insights and equip job seekers with the knowledge to discover the best opportunities for their skills and experience.
SmartMatch goes beyond traditional salary benchmarking tools that are often out of date and informed by user submitted data, surveys and job listings. In addition to this added functionality, SmartMatch will continue to pipe relevant talent to employers, allowing them to make faster recruitment decisions. While job seekers will continue to be able to view and apply for previously hidden job opportunities.
For employers, SmartMatch delivers real-time salary data, market insights, and advanced matching capabilities, empowering employers to make informed decisions on compensation, retention, and hiring – they be will able to:
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Access the latest salary data for any role in real-time, based on the wages of millions of employees.
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Confidently ensure they’re paying their team fairly.
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Gain an edge by knowing what their competitors are paying.
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Proactively assess if their team is at risk of leaving based on their salary and benefits.
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Uncover the potential to hire top talent within their budget by adjusting parameters like location or experience level, embracing a global remote workforce.
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Explore the impact of expanding their salary limits to attract higher expertise and talent.
For job seekers, SmartMatch provides real-time salary insights and market value assessments, empowering job seekers to discover their worth and find higher-paying opportunities – they will be able to:
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Discover their true worth and the value of their skills and experience in the job market.
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Unlock strategies to boost their pay by upskilling, transitioning to new roles, and understanding what employers are offering for their job.
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Find higher-paying opportunities with their existing skills, whether in the same role or new ones.
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Compare their value to others in the market and see how they stack up.
Employers looking to fill a position, or support salary conversations with existing employees, can use SmartMatch to understand the market’s current remuneration rates, and find ideal talent matched in line with a particular role, filtered by pay grade, industry, location and seniority. They can also conduct a competitor analysis to see what their peers are paying staff for the same or similar roles. Similarly, job seekers can enter their current or desired job title to discover a wealth of real-time insights – and potentially maximise their earning potential based on their skills, experience and location.
Employment Hero CEO and co-founder, Ben Thompson, says: “SmartMatch is providing unprecedented transparency for both employers and job seekers. Employers are now able to view salaries and talent in a way that traditional job boards and benchmarking tools – which lack live, accurate data – simply cannot match. We have live, region-specific payroll data, so we know the exact salary ranges for specific roles, all across Australia.
“For job seekers, SmartMatch will redefine their job search with unique insights into real-time salaries, allowing them to understand their worth and maximise their potential market value based on their skills, experience and location.
“In addition, SmartMatch then goes another step further in the employment lifecycle by actually matching employers with talent and vice versa. For employers, this means they can both fill roles currently vacant, while also building pools of talent for future hiring needs. For job seekers, this means finding that dream role that makes the most of their individual skills, experience and preferences.”
Why is it vital to bring transparency to the employment marketplace?
Data released today from Employment Hero’s inaugural SmartMatch Employment Report has revealed year-on-year median wage growth of 8.8%. These figures are more than double the WPI wage growth figure released by the ABS back in May – which reported 4.1% annual wage growth*.
“There is a current lack of real-time transparency in the employment marketplace and what someone is worth today is not necessarily what they were worth yesterday. As it stands, the data that employers and job seekers have access to is either out of date, unverified or not revealing the complete employment picture. This is especially true with wage data. Because of this the market is negotiating blindly.
“For example, the ongoing ‘wageflation’ that our 8.8% wage increase reveals is an important metric that must be considered by decision makers, especially when viewed in the context of the RBA’s ongoing battle against inflation. The impacts of potentially unsustainable wage growth must also be weighed against ASIC’s findings that business failure rates are nearing recession levels.
“We believe that our live payroll informed data increases transparency and can support businesses and employees to make better decisions around employment, this may include conversations around salary or offer forms of remuneration.
“In fact, this is exactly why we launched SmartMatch and for anyone interested in these wage insights, I would urge them to SmartMatch themselves via our SmartMatch tool.” concluded Ben Thompson.
Employment Hero’s SmartMatch Employment Report is built from the real-time employment data of the 300,000 businesses and 2+ million employees that are served by the employment platform. The figures are broken down by state, industry, age and employment type.
