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Incorporate skills into your talent strategy quickly and easily with Mercer Skills Library. Skills Library offers a rapid short-cut to deploying a skills taxonomy that is based on market data.
Reward the critical skills that are driving impact in your organization.
Skills Pricer is a self-service web application that reports which skills influence the pay of a selected job, as well as assigns a value to those skills.
Mercer’s proprietary algorithm uses our world-leading salary data alongside real-time labor demand data, to provide pricing and guidance on which skills are most valuable to your organization when rewarding, attracting, retaining and upskilling talent.
Only 14% of organizations have implemented a skills-based talent strategies such as pay-for-skills or a skills framework.
The Skills Pricer interactive platform facilitates the exploration of how critical skills impact pay. It uses machine learning to report pay premiums, market demand and relative importance for the most crucial skills by job.
How does Skills Pricer work?
Machine learning and world-leading data sources analyze which crucial skills drive pay premiums, assign value for each skill and determine skill relevance for a job.
Curated by rewards experts using advanced analytics, Skills Pricer delivers reliable data to use in acquisition, retention, compensation and development strategies.
Provides a viewpoint on the criticality and scarcity of each skill to each job.
Skills Pricer in three steps
- Draws on the comprehensive Mercer Skills Library to map globally-consistent jobs to the skills that drive pay
- Maps the premium for each skill by combining criticality and market data
- Delivers dynamic data sets to an interactive web-based dashboard
Skills Pricer in action
- Search via job or skill keyword and select job
- View market base pay and skills premium information
- Adjust which skills are included based on your organization’s roles or individuals
- Gain insights into the impact your curated skill profile has on pay
Skills Pricer is a self-service web application that reports which skills influence the pay of a selected job, as well as assigns a value to those skills. Mercer’s proprietary algorithm uses our world-leading salary data alongside real-time labor demand data, to provide pricing and guidance on which skills are most valuable to your organization when rewarding, attracting, retaining, and upskilling talent.
- Attract and retain key talent by using skill premium information to drive pay review decisions
- Understand the potential impact of incorporating skills before factoring them into your total rewards strategy
- Implement simple, best-practice processes that introduce managers and HR professionals to skills as a decision factor
Sample use cases
Understanding the value of skills is essential in the talent management lifecycle:
- Recruiters can review pay premiums, market demand, and skill relevance to adjust offers for candidates who exhibit critical skills
- HR teams can evolve foundational job architecture and career paths to include skills and enable a more flexible talent marketplace
- Compensation teams can use the data to ensure competitive pay plans and retention of key talent via skills-based pay adjustments and bonuses
Set your organization up for a successful future by implementing a robust skills strategy, proactively filling skills gaps and paying for the most important skills.
Benefits for your HR functions:
Compensation
For compensation specialists looking to optimize their budget, Skills Pricer allow you to match skills to jobs for better, more productive employee placements. When you have the right skills in the right positions, teams can be more productive and save you money. Unlike other solutions, our skills are already curated and mapped to the Mercer Job Library to simplify the process of onboarding skills to your jobs.
Learning & Development (L&D)
For L&D professionals seeking to create and recommend learning opportunities, Mercer’s entire Skills-Edge Suite lets you focus learning on skills, which can have more impact on your company and individual employees. Unlike other solutions, the Skills-Edge Suite enables skill gap analyses which help you identify which segments of the workforce to focus on.
Talent Management
For Talent Managers who must attract and retain top talent, Mercer’s Skills-Edge Suite allow you to focus on key skills, not just job descriptions. Unlike other solutions, not only can you focus your search on skills, but you can also access more data on trending and high demand skills. A transparent, skills-driven culture allows you to get the right people in the door and retain them, so you don’t have to fill the same spots over and over.
Workforce Planning
For workforce transformation specialists looking to future-proof their organizations, Mercer’s Skills-Edge Suite highlights what skills to focus on in your workforce. Unlike others, we provide data which allows an understanding of which employee segments should be the focus of upskilling efforts – delivering a more cost-effective way to prepare for the future.
HR Business Partners (HRBPs)
For HRBPs who need to retain top talent and create an engaging company culture, Mercer’s Skills-Edge Suite enables you to create a skills-based culture that drives engagement throughout the company. We provide offerings across the entire talent management lifecycle to give you the most holistic approach to skills.