The compensation management process is complex and involves a lot of moving parts. Everyone involved including managers and employees should know and understand their role to help transform and streamline the process.
What’s often missing in organizations today is integrated technology to not only support the planning process, but also to communicate with managers and employees to make sense of the process and its results.
When you evaluate technology that will enhance your compensation experience and deliver the integration that supports both planning and communication you need not forget these three fundamental components to transform the way you go about compensation planning.
1. Total Rewards Planning – Merit, Incentives, and More
Have you ever stopped to think about all the components that make up an employee’s total compensation and the rewards given to employees that are easily seen in a paycheck at some point during the year? The list seems to continue to grow from the basic salary or hourly wage, to include incentives, stocks, bonuses, gym memberships, and even wellness credits. You need to have a solid foundation for total compensation that is understandable, comprehensive and compliant. Your solution needs to be available to support managers in the decision-making process, make it easy to understand what employees are eligible for the rewards you have available, and should let you to see the impact of managers’ recommendations. It should also allow for easy integration with performance results so managers can evaluate their recommendations and ensure they are truly differentiating their plans.
PeopleFluent Compensation can manage the basics of salary and merit and the more complex and comprehensive reward planning that includes stock awards, incentives, and bonuses that tend to have more complex calculations and eligibility rules. Peoplefluent Compensation, coupled with performance management capabilities, provides a total picture that allows everyone from Compensation Administrators to HR to Managers to manage and make decisions about rewards for top talent based on side-by-side compensation and performance data.
2. Complete Vantage Point of Talent – Visualization of Data
Organizations today want the ability to visualize their compensation data to make real-time key decisions. Basic graphs and charts have now been transformed into dashboards that share insightful data based on key performance indicators and answer questions at all levels. The basic building blocks of compensation information are standard compliance and ad-hoc reporting. You must also support analytics that provide the right information that links compensation to performance reviews, flight risks, budget, development, and organizational movement. Executives require a vantage point that allows them the ability to see their entire organization, look for opportunities and drill in where necessary.
Visualization is part of the DNA of PeopleFluent applications and can provide anyone with security access the right information at the right time to make decisions. With PeopleFluent Compensation, you have the ability to see through the data and drill into areas of concern and make course corrections when needed. You can analyze data and be alerted when key components are outside your guidelines. Give your decision makers the tools that allow them to make the best decisions for your organization.
3. Configurability – Calculations and Process Setup
When you step back and look at compensation from a holistic perspective, you realize that its impact can be felt across the organization. Compensation information is called upon when recruiting sends the first offer letter to a candidate. That offer will make a statement to the candidate about the value you’re placing on the role and the level at which they expect you to contribute at the start. Ideally, it will reflect the market value for that particular position, as well as any geographic implications. Once the candidate is hired, there are other data that are attached to their compensation record such as time periods, salary ranges, merit potential, rewards eligibility, goals, measures and the like.
The compensation calculations and the processes that then ensue each year thereafter can sometimes be complex and time consuming when it comes to the initial set up and maintenance year after year. The tool you use should allow you the flexibility to configure with ease the various components of compensation and the many future cycles that follow for an employee.
For compensation professionals, this isn’t a “set it and leave it” operation. Compensation plans, eligibility, timing, and other criteria change throughout the year and during the planning process. PeopleFluent’s Compensation solution provides a configuration mechanism that allows compensation professionals the ability to set, monitor, and adapt the calculations and processes from beginning to end, from budget to payout, which allows for better engagement and communication throughout the organization. PeopleFluent Compensation allows managers to view and edit, top to bottom within their organization with a simple interface and workflow. Small or large, global or domestic, your organization can save a tremendous amount of time and effort planning and communicating total rewards.
Transform Your Compensation Solution
As a CFO or Compensation Director you will want to provide your managers with the best tools possible to both streamline the compensation process and transform your overall compensation practices. By enhancing the technology you use for compensation management you will accomplish both of these and communicate with your workforce more effectively.
Determining whether or not you have the right compensation solution for your organization is crucial to the overall success of the company and retention of top performers. PeopleFluent Compensation can help by providing a comprehensive application that is configurable by you, provides complete capabilities to generate rewards, and delivers the ability to visualize your data from any angle. Compensation Management data, combined with your other talent information from Recruiting, Performance & Succession or Learning, can help streamline processes and make more insightful decisions. Empower your executives; managers and compensation professionals with compensation management tools that allow you complete the process in less time with better-understood results and the ability to communicate with employees with confidence.
To learn more about PeopleFluent Compensation, schedule a demo today. Click here to request your personalized demo.