Incomes Data Service's interactive database allows employers to access real-time pay information

The database, which can be found at IDSPay.co.uk, is updated with the latest pay and executive compensation data from across the UK in real time and can be searched and manipulated according to employers' own specifications.

Users have access to all the historical remuneration information collected by IDS, which covers pay settlements, pay levels and executive compensation. All pay information is checked by a team of specialist researchers prior to being entered in to the system - data is matched against a robust job family methodology and sense-checked to guard against inaccuracies.

The service also allows the export of charts, graphs and tables to allow users to rapidly build reports and benchmark against competitors.

Ken Mulkearn, editor of IDS pay reports, said: "This is the first time professional grade pay and remuneration data has been put online in an interactive and user- friendly format.

"Having data that has been updated in real time means employers can set their overall remuneration policies and individual job offers to achieve the best balance between competitiveness and cost-effectiveness."

"Employment markets within industry sub-sectors now change so quickly that you can't really make do with data that is six months or a year old. For most organisations the recession has meant only short-term relief in the ‘war for talent'.

"For the first time ever, HR managers will be able to access real time data, saving money by setting salaries at the right levels and ensuring that high- calibre candidates are retained by sensibly priced and structured packages."