17 Aug Automating Compensation Planning
Compensation to an employee often refers to both the monetary and non-monetary benefits that a company provides in recognition of his or her services. Compensation planning should focus on 3 things:
1) Engagement – Compensation is often directly related to employee job satisfaction and engagement level. According to surveys conducted, quality compensation planning positively impacts workers’ performance and makes them feel more involved and motivated to help the company succeed.
2) Retention – Compensation helps to retain your employees. The ability to retain quality employees is critical to the long-term success of a business. Companies that offer a transparent compensation process and excellent packages are more likely to retain employees than those that don’t.
3) Recruitment – A good compensation plan also helps to attract top talents into the company. Quality employees allow the company to remain competitive and productive.
The truth is, compensation planning most likely already happens in a lot of companies. However, the problem is that the process is usually very hectic and there is no good system to capture all the data points. As a result, compensation planning becomes a very inefficient procedure. This is where a compensation management software comes into great use. Quality compensation planning software will help you automate the compensation process, and thus allowing you to focus on the decision that truly matters.
Why focus on compensation planning?
1) Simpler calculations minimize unnecessary confusion
2) Boosts transparency between management team and employees
3) Saves communication time
4) More intuitive user interface
Overall, a compensation planning software needs to help streamline the entire process and reduce overhead.
Here at HRsoft, we’ve created one of the most advanced, yet easy to use compensation management software – COMPview™. COMPview™ allows organizations to completely eliminate the need for Excel (which is inefficient) and is highly configurable to model your existing compensation processes.
HRsoft – The Compensation Management Software Leader
HRsoft is a leading provider of compensation management solutions for strategic HR departments. For more information on our compensation management software, COMPview™ click the link below!
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