17 Aug Employee Pay for Performance Software
One of the key ways to successfully leverage your compensation budget and maximize its return on investment is by allocating more compensation benefit to individuals that have consistently performed above expectations in the company. Performance management software can be used as a major identifier of which employees should be more handsomely compensated.
Why leverage your top performers?
1) Top performers are at least 3 times more productive then average performers. By allocating your resources to this group of people, you are able to incentivize them to keep performing at their peak level.
2) Top performers are always looking. They are the cream of the crop and they know it. Top employees are always looking for “greener pastures” where their skills are recognized and rewarded.
Pay for performance is not always easy to administer & here are a few reasons why:
1) Companies are commonly unable to measure and communicate skill and performance differences.
2) No integrated solution to ensure that goals, objectives and actual performance are aligned and in sync.
3) Lack of an efficient feedback loop to ensure that goals and targets are met.
In order to overcome these problems, we need to strengthen the relationship between pay and performance so that every stakeholder understands what needs to be and done, and when it needs to be completed.
User-friendly performance management systems track performance and provide clear, actionable steps for the manager to act upon to ensure that the right performance bonus or compensation gets delivered to the right individuals.
HRsoft has developed PERFORMview – A sophisticated, yet simple software used to streamline your talent management process. PERFORMview offers transparent goal-setting features, a complete feedback loop as well as real-time reporting. It ensures that the talent management process fulfills its one single goal with ease – identifying the correct top performers.
HRsoft – The Leader in High Impact Talent Management
HRsoft is a cloud-based, High Impact Talent Management™ software company that specializes in improving employee engagement and retention for mid-sized employers. Discover more about HRsoft by clicking the button below!
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