- Human Resources
- Employee Management
- Insurance & Benefits
Compensation management is vital for corporate efficiency, growth, and organization. Processes include managing employees’ base pay, overtime pay, bonuses, and non-monetary rewards. Compensation management coincides with benefits administration, as it involves creating and managing pensions, savings plans, vacation and sick days, and health insurance.
Compensation management can be tedious and time-consuming. Cumbersome spreadsheets, manual approval processes, and emailing worksheets back and forth is just not efficient. However, without compensation management, businesses cannot continue to grow and maintain compensational effectiveness and fairness. Prospective employees seek out companies with competitive compensation packages, and with our software, you can improve and upgrade your management system.
Here's a few things effective compensation management solutions should help organizations accomplish:
Compensation management solutions, typically an add-on to an HR solution or payroll software, should automate and streamline the entire compensation management process — from defining programs and guidelines to budgeting and modeling to routing proposals for approval, all while improving compensation data consistency and reliability.
With compensation management software, you should have robust decision-making tools at your fingertips and better visibility into all phases of the compensation planning process.
Key compensation management solution features should, at a minimum, include:
Key benefits attained from a compensation management solution should include:
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