Compensation management it solution

Compensation Management System

The Road to Smarter Compensation Management

Your most valuable incentive for motivating and retaining talent is compensation. Hrsmart offers you Compensation Management System to enable your company to manage employee incentives and human resources (HR) performance management more simplified and effective. Whether you choose to pay for performance or use incentives to drive desired behavior, a comprehensive system to manage the process is an important asset. HRsmart’s Compensation Management System enables companies to plan and implement compensation plans according to their organization’s needs with a solution tied directly to the full talent management suite.

Many organizations find the annual compensation review cycle to be exhaustive, manual, time consuming and with a massive administrative overhead. For many:

There is limited governance around the cycle and no audit trail.
Processes are peppered with issues around version control of spread sheets and data integrity.
Significant budget over-runs are the norm.

After organizations implement this module, their annual compensation review cycle:

Is within budget.
Is much simplified with processes automated and workflow controlled.
Has compensation rewards underpinned with fairness, consistency and transparency.
Can guarantee strong alignment between salary & bonus recommendations and the output of their Performance Management process.
Gives both HR and Finance teams visibility and budget control.
Underpins absolute confidence in calculations and the integrity of the underlying data.
Demonstrates rigorous governance in line with reward policies.
Has as an output, a single database for all compensation and compensation related data which can be maintained as ‘always current’ throughout the year.
Compensation planning is one of the most challenging processes a company undertakes on an annual basis and in most organizations it is managed on spreadsheets. There is a great opportunity, using technology, to get control of the process, associated budgets and ensure compensation recommendations are tightly aligned with Performance Management output.

Key Features

Functionality

Workflow controlled process – real-time completion monitoring & tracking.
Powerful drag & drop reporting
Visual dashboards
Hard and soft rule creation
Configurable grid creation
Main allocation matrix with employee viewcards
Multi-currency
Audit trail
Incorporate external market data from multiple sources
Embedded compensation letters
Option for SFTP link to core HRIS/ERP system to ensure compensation data is ‘always current’ and facilitate year-round reporting
Implementation

Fully configurable
Fast deployment
Technology

Simple and Intuitive UI
Works with any HRIS/ERP platform
Secure Web based application
Business Investment Value

Rapid ROI
Significant and measurable hard dollar savings
Manage Employee Incentives | HR & Payroll Management Software

This compensation module supports business-wide needs, accommodates complex compensation rules and structures with multiple currencies and offers flexibility in reporting, modelling & analytics and complements existing processes and systems. It also reduces time spent on data collection and manipulation and removes a common issue with organizations – that of key-man dependency. As it is implemented through configuration, this future proofs the solution to accommodate changes that need to be implemented in subsequent years – budget, approval hierarchy and changes to compensation rules for example.

Our implementation consultants are both compensation experts with years or practical experience who understand ‘how reward works’ and technical experts on the product.

HRsmart solutions are implemented as stand-alone modules or as part of a complete talent management suite, so you have access the tools your company needs today and in the future.