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Still trying to manage compensation planning across business units and cost centers using cumbersome spreadsheets and manual approval processes? Spending valuable time and resources emailing worksheets back and forth and making sure the approved compensation data gets back into your HR system? This approach is not only tedious and time-consuming, but it also leaves too much room for error. Fortunately, compensation management doesn’t have to be so hard.
Here are the 3 key benefits for automating your compensation plans:
1. Reduced paperwork
Streamline compensation planning with corresponding workflows for easy assignment reduces administrative burdens
2. Increased visibility
See where and how much you are spending in all phases of compensation planning for more fair and equitable distribution and savings
3. Improved corporate governance
With automated enforcement of compensation guidelines you can guarantee compliance and
The WorkforceONE compensation management solution, an add-on to our HR module, automates and streamlines the entire compensation management process — from defining programs and guidelines to budgeting and modeling to routing proposals for approval. Seamless integration with our HR module significantly reduces error-prone data entry, provides ready access to employee profiles and performance history, and helps improve data consistency. With our compensation management module, you have robust decision-making tools at your fingertips and better visibility into all phases of the compensation planning process.
The Employee Performance Factor
Looking to factor employee performance into the compensation planning process? The built-in Merit Matrix tool makes it simple to award wage increases based on the correlation between an employee’s performance rating and pay grade. So you can effectively tie compensation to individual accomplishments and contributions to support pay-for-performance. What’s more, individual employee information — including status, pay grade, location, and shift — is visible throughout the process, so you know you’re working with current, accurate data.
To learn more about the WorkforceONE HR module and compensation planning tool, contact us today to schedule a free demonstration.