02 Mar CEO’s View – March 2016
We spend a lot of time at HRsoft thinking about ways to improve retention.
Compensation, and the perception of being compensated fairly, is one of the most important drivers of employee retention and engagement.
Most organizations have limited budgets for merit, bonus and equity awards. That makes it all the more important that managers use those budgets in a manner that employees sense is fair.
That’s hard to do when all the manager has to work with is a budget and a spreadsheet.
HRsoft’s unique COMPview software provides full decision support to managers as they apportion their budgets. They can see each employee’s performance rating. They can see what other people in the same job category are making across the organization. And they can see the market rate for each employee’s job. Managers also see the guidelines that the HR department has established for making awards using all of the available data. Used correctly, COMPview allows each manager to make the most of whatever budget they have.
As importantly, COMPview gives the HR Department real time visibility into the compensation decisions that managers are making. This important oversight helps make sure the process is fair to all involved.
For more information on how to improve retention and engagement though Compensation, visit www.hrsoft.com. And if you have any thoughts on how we can make any of our products more effective, please drop me a note. Thanks.