29 Jan Compensation Management in HR
Whether you’re an HR manager or a compensation pro, it is no secret that compensation management is complicated. Without a secure, comprehensive system, you put your organization at risk of potentially dangerous spreadsheet errors and security breaches. The comprehensive concept of compensation planning focuses on the following:
- Puts in place a plan that identifies productive performers and rewards them accordingly.
- Maps out how dollars spent help a company progress towards their ultimate enterprise goals. For example if an organization wishes to earn accreditations to boost its reputation, a significant portion of the comp budget should be spent on compliance trainings for employees.
- Takes into account global pay trends and federal laws to ensure that the final compensation structure is legally and ethically defensible.
- Puts guidelines in place for breaking up the total compensation of an employee into bonuses, base pay, perks and stocks for a lucrative package.
- Takes into account the long-standing, established workflows of a business and ensures that compensation planning and its execution don’t interfere.
Compensation management in HR is not easy, but it doesn’t have to be tedious either. The use of compensation planning software solutions help to automate, streamline and simplify the various comp processes providing a robust and secure decision support tool for both HR and compensation managers.
HRsoft is a leading provider of strategic talent management software that improves manager effectiveness and business results. Our full suite of cloud-based HR software solutions includes applicant tracking software, compensation planning software, total rewards software, stay interview software, performance management software, and content management software. To learn more about our Compensation Management Software, COMPview, click the button below!