Available as individual solutions, or as a comprehensive consulting service, Mercer Skills Edge has the right service level to fit your needs and gives you
- AGILITY: Stay one step ahead of the competition – Mercer Skills Edge enables you to be agile and win the race for skills.
- KNOWLEDGE AND TOOLS: actionable data, right at your fingertips – use products backed by the breadth and depth of Mercer’s skills data.
- A BESPOKE OFFERING: meeting your individual needs wherever you are – wherever you are on your skills journey there’s a solution for you.
MERCER SKILLS PRODUCTS AT A GLANCE
||Skills Pay Planner
||A market-derived, Mercer-curated skill taxonomy mapped to Mercer Job Library that aligns with our products to address any number of use cases.
||This self-service web application offers a view as to which skills are influencing the pay of a selected job. This skills-based market approach allows you to determine which skills are most valuable to your organization in attracting and retaining in-demand talent.
||An AI-driven tool designed to equip organizations with intelligent pay recommendations, based on business strategy, skill scarcity, and role criticality in combination with other business-related performance data.
||Curated skills data added to the Mercer Job Library to create an up-to-date skills library.
||Skills Pricer uses predictive modeling to evaluate market demand for skills to determine skill premium and highlight emerging and declining skills.
||Uses a machine-learning to aggregate multiple data sources on skills and performance to provide a base pay for skill recommendation at the employee level.
||Add a skills dimension to your job library. By updating your job master data, you build a data foundation for other skills needs.
||Skills Pricer helps inform talent acquisition decisions as well as address skills-based compensation throughout the employee life cycle. Skills value is provided by job.
||Manage talent based on skills. Make the transition with tools that link skills to pay at the employee level.
||No data is required from you to use Skills Library.
||No data is required from you to use Skills Pricer.
||Data will be required from you to use this product, so that Skills Pay Planner can provide employee-level, skills-based rewards recommendations.
What is Skills Library?
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The Skills Library applies a skills-based architecture to your compensation strategy. This architecture can inform your organization in ways to link to a number of solutions, including showing employees the path to reskilling. The market-driven skills taxonomy – anchored by Mercer Job Library – can be a first step in adding skills to your organization’s pay strategy. The goal of the Mercer Skills Library is to provide an integrated, data-driven framework to empower organizations to deploy skills-based solutions across a wide range of business domains.
How does Skills Library work?
Skills Library allows you to curate skills from a variety of supply and demand sources.
- Raw skills data are obtained via large-scale data collection efforts – targeting millions of online jobs postings and social networks – from more than 80,000 different sources.
- The Skills Library is updated every two weeks, adding new and emerging skills, modifying existing skills, and removing obsolete skills.
- Skills Library provides a holistic view of the skills market, capturing both the demand and supply sides of a position. The library covers a large majority of the US workforce and aims to achieve the same coverage globally.
Mercer Skills Library is anchored by Mercer Job Library and presents three scenarios aligned to Mercer Job Library content – Jobs, Core Jobs, Specializations
A group of skills will be available for each scenario, summarizing those that not only target the type of work performed but the organization level at which work is performed.
What is skills pricer?
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Skills Pricer is an interactive platform that enables you to see the impact of skills on pay. Skills Pricer utilizes predictive modeling to evaluate market demand for skills to determine skill premiums and highlight emerging or declining skills. This product helps you make informed talent acquisition decisions.
This proprietary algorithm leverages the world’s most robust data source to produce skills lens. The online pricing tool is linked to Mercer Total Remuneration Surveys (TRS) and provides guidance on skills value by job. The skills-based compensation program provides insights on how skills should be evaluated and rewarded.
How does Skills Pricer work?
Skills Pricer uses predictive modeling and multiple data sources to output a skills premium and generate trends. Backed by powerful compensation insights and advanced analytics, Skills Pricer makes pay-for-skills talent acquisition simple and targeted. Working through the data and statistical model, Skills Pricer gives a viewpoint regarding skill premiums for each job. Finally, the output datasets are sent to an interactive web-based dashboard that you can use to view the value of each skills by selecting specific jobs.
Functional benefits of adopting Skills Pricer:
- The sooner you start, the faster the model will learn about your company, resulting in increased emphasis on a skills-based compensation plan.
- Quickly aggregate data from multiple sources and provide an equally equitable compensation suggestion.
- Become a transformational leader in your company by enabling tools to modernize pay.
What is Skills Pay Planner?
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Skills Pay Planner is an AI-powered tool designed to equip you with intelligent pay – at the employee level – based on your company’s custom business and pay strategy, which may include skill, scarcity, criticality, and other related data.
The AI model yields recommendations for each employee in a form of RECOMMEND, CONSIDER, and SKIP along with a brief explanation. While both RECOMMEND and CONSIDER mean a pay raise for the individual varying degrees, SKIP means that a pay raise is not suggested. Once the system is set-up with the data inputs and model selection, the dashboard is easy to use!
How does Skills Pay Planner work?
The tool combines business strategy and company data to run a predictive machine-learning algorithm that arrive at the final pay recommendation at the employee-level. Skills Pay Planner uses historical data and skills based compensation strategy to arrive at a base pay rise recommendation. As is typical in a machine learning application, Skills Plan Planner learns to associate past data with future outcomes. This is the component of the compensation recommendation attributed to historical decisions, where the model learns to associate the employee’s performance in the past review cycle with the compensation outcome.
Data plays a pivotal role: the models needs market, company, and employee level data.
- The machine learning model looks at each individual’s past performance rating and other metrics such as base-pay competitiveness.
- The model requires inputs that inform it about skills that are a priority for the business and desired investment levels.