Published: Oct 13, 2022Time to read: 5mins Category: Compensation
Fairness, Equity, and Customization: Why You Win With PeopleFluent Compensation
Every organization needs compensation planning, but not all software is created equal. In this article we explore the complex needs of your organization, and what sets PeopleFluent Compensation apart when it comes to addressing those needs.
Every organization’s compensation philosophy is unique—and it should be! Salary planning processes need to be optimized for your organization’s industry and business strategy. Your workplace culture and company goals—such as diversity, equity, and inclusion initiatives—should also be taken into consideration.
You’ll need a robust compensation planning tool that provides the insights your organization needs to reach its goals. You’ll also need more sophisticated functionalities to handle the demands of large enterprise and mid-enterprise planning, as well as the ability to configure your tools. All this will help ensure that you can work towards your organization’s unique circumstances while harvesting the data that helps drive your business forward.
That’s where PeopleFluent Compensation comes in. Unlike more lightweight compensation solutions, the software is highly customizable and fits any strategy—no matter how unique or complex. Read on to discover how PeopleFluent Compensation offers capabilities that can’t be beat.
Why Organizations Have Complex Compensation Planning Needs
Businesses can get by with simple compensation modules, but this can mean forfeiting sophisticated features that manage complex scenarios, improve equity and accuracy, and ease many administrative burdens.
Take incentive planning, for example. You’ll need to take multiple steps to effectively (and equitably!) design and implement an incentive plan. According to SHRM, you need to consider eligibility criteria such as:
- Job titles and classifications
- Length of service
- The goal of the incentive program
You’ll also need to determine whether to pay out the incentive as a cash bonus, in stocks, or through some other means.
Aside from eligibility and payment options, you’ll also need to consider the kind of payment plan that will best suit your needs. Annual incentives, spot awards, and a variety of bonus plans require tools that support your specific policies.
Many HCM systems struggle to manage the complexities of proper incentive planning. They may not be able to handle unique approval workflows for different compensation components or alternate hierarchies. That means you’ll need to perform manual workarounds that have the potential to negatively impact the accuracy, efficiency, security, and overall effectiveness of your compensation plan.
How Highly Configurable Software Helps You Manage Complex Needs
PeopleFluent Compensation can be configured to automatically approve amounts or percentages that fall within your organization’s pre-established guidelines. This streamlines the process and frees up your time by bypassing a manual review. According to PeopleFluent’s Senior Product Adoption Manager Shannon Mechura, “Our compensation product is a market leader because of its configurability. We partner with clients to set up the compensation software based on their needs, rather than making organizations conform to our setup.”
Off-cycle planning features provide another layer of customization for organizations. Managers or human resource departments can initiate employee rewards at any time of year with off-cycle planning. You won’t need to perform manual workarounds to award your employees with merit pay, promotions, spot bonuses, retention incentives, skill attainment increases, or whatever else your policies require.
PeopleFluent’s solution adapts to any organization’s strategy while reducing administrative time, regardless of your plan’s complexities. You can easily manage intricate incentive calculations and allow multiple metrics to influence payments. This can all be done while accurately handling multiple nesting proration calculations.
DISCOVER MORE | ‘3 Ways PeopleFluent Compensation Makes Off-Cycle Payments Easier’
Compensation Analytics That Inform Your Decisions
One of the most attractive features of PeopleFluent Compensation is the embedded people analytics. Robust reporting and analytics capabilities ensure managers, senior leaders, and your HR department are well informed throughout the compensation planning process. You also get insights into budget adherence, pay equity, and compensation trends in your organization, allowing you to optimize rewards for your employees.
People analytics shows you the data you need to make future-forward decisions meant to improve your organization’s overall diversity and equity—and remain compliant with state and federal regulations. Some examples of data metrics include:
- Compa-ratios across different departments and hiring groups
- Performance comparisons using gender, ethnicity, veteran status, and other indicators
- Headcount and tenure comparisons
All of your compensation data is housed in one convenient location, and visualizations make it easy to discover trends that lead to key business outcomes. Your leaders are empowered to view current compensation costs and develop fair compensation strategies for their teams.
You can also make data-informed compensation decisions to attract and retain the right talent for your organization. For example, you can compare compensation profiles when high performers are contemplating leaving. You may find a means to entice high performers with a competitive offer to mitigate the risk of losing them to other organizations.
Additionally, you can use compensation metrics in PeopleFluent’s software to address the gender wage gap, assess potential business risks, and discover potential biases. Data visualizations also make it easier for you to identify potential instances of pay inversions and inequity—and work to make improvements when necessary.
READ MORE ON DATA | ‘4 Ways People Analytics in Compensation Software Helps Improve Your DEI Efforts’
The Best Compensation Planning Software Available
Your business—and your workforce—deserves a customized compensation solution that helps you solve your unique challenges and opportunities. PeopleFluent Compensation can help you make strategic, data-backed decisions for your organization, instead of reactive ones.
You can streamline your payment processes and navigate off-cycle compensation initiatives with ease using software that conforms to your specific business model. Not only that, you’ll be able to leverage your compensation data to make improvements that benefit your employees, as well as your bottom line.
With PeopleFluent Compensation, you’ll have everything you need to achieve your strategic payment goals.
KEEP READING | ‘8 Data Visualizations Available With PeopleFluent Performance, Compensation, and Succession’
Win the Compensation Game With a Robust Software Solution
Discover how other organizations are winning by reading the success stories in our Customer Spotlight Flipbook. Alternatively, request a demo to see how PeopleFluent Compensation can work for you.