A Season for Compensation Management
It is baseball season. You have a favorite team. When some of the players on that team get up to bat they will strike out, some will hit a double, some will even hit the ball out of the park. That team is comprised of athletes with various talents coming together as one group with one common goal – to win. While your organization is also made up of unique individuals performing at different levels and striving to reach their own business goals, your ultimate objective as a company is the same as that team – to win and enjoy long-term success. A good Compensation Management/Total Reward program is pivotal in this journey. It will help you not only attract the best talent, but also retain and motivate employees to do their very best. When your employees perform at the highest level, your company as a whole succeeds.
Whether on the ball field or in the boardroom, the process is the same. Step 1 – Develop Your Program. Step 2 – Implement It. Your favorite team develops players through their farm system, makes trades to ensure that they have the best players to fill all positions, makes their line-up and ensures their field and players are in top shape for opening day. You as a company understand the need to develop a comprehensive Compensation Management program. You understand that your investment in a variable pay program is essential for reducing fixed costs, encouraging productivity & improving employee performance – all important factors in guaranteeing your success. There are big advantages to implementing variable pay, but there are even greater advantages automating your program effectively, in a system that is flexible enough to handle all of your compensation needs.
- Gain real-time access to centralized compensation data;
- Immediately be able to react to changes that affect compensation, such as organizational structure, compensation plans, performance measures, data sources and more;
- Have the ability to forecast total compensation costs based on an unlimited number of “what if” planning scenarios;
- Be able to automate compensation recommendation approvals so up-line managers can easily review, approve or reject recommendations from a down-line manager;
- Minimize exposure of confidential compensation data that would be otherwise housed on spreadsheets scattered throughout the organization;
- Create an audit trail of data imports and exports
And of course, automating the administration of your pay plans will help to reduce the errors that are often associated with manual input. Even your favorite baseball team has a better chance to win if they play error free.