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Compensation management is a general policy, implemented in conjunction with specialized software, designed to help an organization maximize the returns on available talent. The ultimate goal is to reward the right people to the greatest extent for the most relevant reasons.
Compensation management software can optimize salary, bonus, stock option, and benefits budgets to yield the maximum profit per employee or per work hour.
The ideal compensation management policy ensures that the best talent will remain with the organization while attracting new talent and minimizing turnover. In conjunction with benefits administration and workforce analytics, an effective compensation management policy steers employees toward behaviors that enhance personal well-being and minimize the risk of burnout.
Features:-
- Complete Compensation - Manage and execute compensation processes from HR to managers.
- Support Any Compensation Philosophy - Streamline compensation planning with flexible workflows that show budgeting, payments, personal statements, and reporting.
- Real-Time Actionable Decisions - Multi-faceted business problems are solved with multi-dimensional views of compensation data through powerful analytics.
- Facilitate Pay for Performance Principles - Combine real-time performance with compensation data and metrics to ensure accurate rewards and allocations.
- Mitigates risk and promotes a culture of diversity and compliance by ensuring fair, equitable pay for the same work performed.
Benefits:-
- A Clear Picture of the Workforce - get a clear picture of their workforce and have all the necessary information about employee performance to make appropriate pay recommendations.
- Increased Employee Retention - A focused and concise compensation and rewards system will help identify high performance and help your organization reward and retain those individuals accordingly.
- Fewer Errors - Updating a master spreadsheet with information from hundreds of different managers increases the likelihood of errors.
- Reduced labor costs - The use of salary and compensation data (both internal and external) to facilitate better planning and more targeted incentive programs is a key factor in controlling the cost of labor.