LinkedIn launches new tool to allow users to compare salaries

On Wednesday, professional social network platform LinkedIn launched a new salary tool that gives users even more insight into potential career paths.

With the notion that paycheck is a big factor in the job search, LinkedIn wanted to make that information more transparent, reported Fortune. Analyzing industry, experience and location, the comparison function also enables individuals to see what their cohorts in the sector are currently making.

Using data from nearly 1 million LinkedIn users who provided salary information, the tool compares wages by career and also includes several filters for a more advanced search. The company has estimated that 10 percent of user-provided data is inaccurate and as such, disregards that portion of the figures.

Future plans for the new compensation tool include reaching out to actual companies and organizations for information on earnings and incorporating pay scale potential with skill sets, certifications and degrees, reported Recode.

"To learn via LinkedIn that there's a new trending skill and it actually impacts compensation in your field - you need to know that," company director of product management Dan Shapero told Recode in an interview. "We're very excited about this not just being something that people visit to answer questions, but part of a general theme of LinkedIn looking out for you in your career."

Professional networking site LinkedIn has unveiled a new salary comparison tool to provide more transparency for users.