LiveRem introduces real-time salary benchmarking tool in NZ

LiveRem has launched a pioneering tool that offers instant salary benchmarking for New Zealand companies. In an industry first, the platform streamlines salary benchmarking by utilising payroll data across varying sectors, providing quick, accurate responses to questions like "How much is this role really worth in the market?" and "How much are people actually being paid in this role?" without incurring the high costs or delay typical of traditional benchmarking tools.

According to Kathleen Webber, Co-Founder of LiveRem, salary plays an essential role when considering a career change. Firms with inaccurate salary offers risk not only attracting new talent but also struggling to retain existing employees. She further explains that although salary benchmarking tools are a vital asset for businesses, the data they offer is often outdated, being available only 6-9 months post-collection.

LiveRem's Co-Founder, Jonathan Morgan, echoes these sentiments. He says New Zealand companies have expressed their frustrations with staff attrition resulting from a lack of market trend knowledge or unintentional pay gaps between long-term employees and new hires.

LiveRem's innovative platform automatically maps job types and salaries from the company's payroll system against real-time market data. It automatically flags roles that are under or over-compensated based on the percentile a company aims to achieve. Furthermore, it promptly identifies any pay inequalities, such as gender pay gaps.

Well-known brands such as AskNicely, PaySauce, Tradify, and Animates have already joined the platform, contributing to the comparative data set, which will continue to grow as more companies adopt the tool. "It's like having someone on your team dedicated to conducting full, detailed salary benchmarking and analysis for every single pay cycle; except its automated and it costs a lot less than existing tools out there. What's more, no-one has to fill in surveys or collate any data into complex reporting tools," Kathleen adds.

The launch of this tool follows the successful introduction of the holiday pay tool ResolvePay. This venture proved Kathleen and Jonathan's commitment to addressing payroll challenges and led them to expand their scope with LiveRem.

As with ResolvePay, LiveRem's pricing structure aims to make accurate payroll analysis affordable. The pricing depends on the organisation's size and offers monthly or annual subscription options.

LiveRem plans to extend its operations to Australia, given the similar payroll systems which will facilitate business integration. The team also eyes other markets, having built the platform with multilingual support to propagate global growth across Singapore, Dubai, and Europe.