Although compensation isn't the only factor that contributes towards talent loss, it certainly is a key. One of the critical challenges that organizations face today is attracting
the right people at all levels and retaining them. This challenge is created by many different factors, the key among them being compensation. Compensation more often than not, is a bane for companies considering the fact that 75% of compensation plans usually fail. Can this trend be reversed? From day-to-day functions like performance reviews, goal management and recruiting strategy, technological innovations are helping transform human resources from a sometimes burdensome afterthought into a valuable piece of a company's business plan. Designing a well-planned compensation plan requires access to up-to-date compensation information about one's employees, drawing of different salary planning scenarios, in-depth analysis of the compensation structures, calculation of performance-based base salary increases and of bonus and profit sharing. Web enabling your compensation process creates a consistent link between compensation and performance & consequently helps achieve comprehensive salary planning. The consistent link implies comprehensive & timely gathering of performance data, quick review and awarding of benefits.
Benefits of Web Enabled Compensation [/b]
Total compensation analysis
Structured overview of all salary components
Unification of different compensation systems
Performance related pay
Support for salary decisions
Plan long-term incentives (stock options etc.)
Flexible reporting for all salary ranges
Analyze the impact of salary adjustments
Automatic upload to payroll systems
Shorten the time taken to manage the compensation process and in turn reduce the costs involved
Enjoy enhanced employee loyalty and performance through consistent and competitive compensation plans
Real-time tracking of how pay for performance guidelines are being followed
Create multiple hierarchies per payee
Create unlimited compensation plans
Efficiently model, implement, and monitor incentive compensation programs with easy to create business rules
the right people at all levels and retaining them. This challenge is created by many different factors, the key among them being compensation. Compensation more often than not, is a bane for companies considering the fact that 75% of compensation plans usually fail. Can this trend be reversed? From day-to-day functions like performance reviews, goal management and recruiting strategy, technological innovations are helping transform human resources from a sometimes burdensome afterthought into a valuable piece of a company's business plan. Designing a well-planned compensation plan requires access to up-to-date compensation information about one's employees, drawing of different salary planning scenarios, in-depth analysis of the compensation structures, calculation of performance-based base salary increases and of bonus and profit sharing. Web enabling your compensation process creates a consistent link between compensation and performance & consequently helps achieve comprehensive salary planning. The consistent link implies comprehensive & timely gathering of performance data, quick review and awarding of benefits.
Benefits of Web Enabled Compensation [/b]
Total compensation analysis
Structured overview of all salary components
Unification of different compensation systems
Performance related pay
Support for salary decisions
Plan long-term incentives (stock options etc.)
Flexible reporting for all salary ranges
Analyze the impact of salary adjustments
Automatic upload to payroll systems
Shorten the time taken to manage the compensation process and in turn reduce the costs involved
Enjoy enhanced employee loyalty and performance through consistent and competitive compensation plans
Real-time tracking of how pay for performance guidelines are being followed
Create multiple hierarchies per payee
Create unlimited compensation plans
Efficiently model, implement, and monitor incentive compensation programs with easy to create business rules