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4 Ways to Optimize Your Compensation Management

Posted by Amber Walton on Jan 20, 2021 10:57:06 AM

Compensation management can be a headache, especially if you're still using spreadsheets and manual approval processes. Not only do you waste valuable time and resources on this approach, you leave yourself wide open to costly errors like noncompliance. Our HCM solution features a Compensation Management module designed to automate and streamline your company’s entire compensation process. Below are four ways our system can ease your compensation burden. 

1. Compensation Cycles. With our Compensation Management module, you can quickly and easily set up compensation cycles. It takes just four simple steps and your cycles are ready. The system also supports annual, nonannual, cycle-based, and promotion-based salary increases.You can view employee information at any point, making it easier to assess where salary increases should go. The module allows you to input future effective date increases / bonuses or you can backdate which will automatically create prorated retro earnings that transfer directly to payroll. 

2. Define Budgets. Our system offers you an intuitive interface that allows you to define the budget for each compensation cycle. It supports both top-down and bottom-up budgets alongside your choice of salary structure. You can also control the amounts managers request for employee increases by creating increase guidelines or rules that are tied to a merit matrix.

3. Optimize Your Labor Spend. Our solution helps your team model compensation scenarios using our built-in worksheets. Or if it’s easier, you can also plan in Excel and import any updates to Workforce Ready. The Compensation Management system shows you how much of your budget has been allocated in real time, so you no longer have to go out of the system to find your budget. It also offers guidelines to help you allocate increases that are aligned with your company’s compensation strategy. 


4. Drive Efficiency.
 Never worry about your compensation process becoming bogged down again. Your proposed increases are automatically routed through a configurable approval workflow and automatic alerts keep the process from being stalled. You can also control who has access to specific information and who can override certain things. Our system lets you review and approve increases for all employees with a mass finalize function, so you don’t have to review each proposal individually. Our Compensation Management module automatically updates each employee’s base compensation to reflect the increase, so your team won’t have to make manual adjustments or worry about importing the new rates for employees.

Manage your compensation in a way that gives you more control and more accuracy. Since our module integrates with our Workforce Ready HR, you can significantly reduce your errors, improve data consistency, and have immediate access to employee performance profiles. This will provide you with more visibility into all aspects of your compensation management for greater control over your spend, equitable distribution of rewards, and an overall reduction in administrative burdens. To learn more about how our HCM solution can optimize your compensation management, visit www.csphcm.com

Topics: HCM, HRTech, HR

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