16 Feb Using Compensation Management Systems to Improve Performance
An important link exists between compensation management and performance management. Comp management is the formulation and implementation of strategies (based on HR best practices, company values and market research) that attempt to link contribution to pay and create an environment where compensation is fair, competitive and value based.
Compensation management systems streamline and automate the comp planning process resulting in the improvement of employee performance across the board. They help identify star performers so that the most productive individuals are given incentives.
Compensation planning tools are programmed to follow clear instructions that stem from HR best practices and processes. Calculating compensation components like base pay, performance rewards and bonuses is no longer an issue. The workforce understands that there is logic behind the awards and this improves trust, builds confidence in the system and sparks engagement with the promise that efforts aligned with enterprise goals do not go unnoticed.
Compensation planning software uses powerful analytics to boost budget adherence. And a well-executed compensation plan should be intuitive and easy to adopt. It should capitalize on the connection between performance management and compensation to deliver multiple benefits.
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!