Feb
5 Tips To Effective Compensation Management
Compensation planning systems automate and manage the planning, modeling, budgeting, analysis, and execution of enterprise-wide compensation plans. Organizations that have invested in these systems cite a number of significant benefits, including:
Simplify compensation policy planning and administration and effectively communicate policies across the organization
Manage all forms of employee compensation, including salaries, bonuses, and long-term incentives (LTI) such as stock options
Flexibly define a single company plan or multiple plans across individuals, groups, divisions, and geographies
Enable pay-for-performance to retain key employees by rewarding them commensurate with their efforts
Model and simulate the budget impact of salary and compensation actions
Leverage flexible and configurable workflows to define and execute plan reviews and approvals
Quickly and easily access detailed job and compensation data, including third-party salary survey data
Seamlessly import/export compensation worksheets from/to Microsoft Excel
Analyze all aspects of compensation with detailed reports, analytics, and interactive dashboards to make more informed business decisions
This field guide will explore five critical steps to ensure that you get the most out of your compensation planning investments.