Compensation planning is a critical issue for companies and the HR professionals who manage it. It touches every role and can have a major impact on the company’s overall performance. Competitive salaries can attract and retain top talent; the flipside can scare quality candidates away and cause your company’s best producers to jump ship for better offers.
In addition to staying abreast of market rates, HR professionals must ensure they have an effective performance review system in place in order to properly assess the high performers. This must be matched with a compelling pay strategy. Add in the various Federal and State laws governing compensation, plus the various employee types which may exist within one business and suddenly the gravity of dealing with compensation planning matters sinks in.
Have you ever gotten frustrated when it came time to review and award employee compensation changes? Let’s face it: performance and compensation reviews are time-consuming. They typically involve a myriad of manual and labor-intensive steps of data extraction and aggregation. Along with the chaos comes the potential risk of errors due to all of the manual processes involved.
But picture this… what if there was a way to combine performance reviews, compensation planning, and HR functions, such as benefits and payroll in one place for easier planning and faster decision making?
Right now, you might be wondering if I’m describing a flying unicorn. You’re likely asking yourself, “Is there really such a thing? Is easier compensation planning and review even possible?”
Well, I am excited to say, “YES!”
Ascentis‘ Compensation Planning module supports awarding salary changes and bonuses in one end-to-end, intuitive solution. Employee information already stored in Ascentis HR and Ascentis PM (Performance Management) provides decision-makers with the information they need to submit and approve salary increases and bonuses. The newly approved amounts are then effective and available in Ascentis HR for downstream use in benefits, payroll, reporting, and outgoing interfaces.
If planning for compensation has been a serious pain point and you don’t have an effective system to manage it, join us for our upcoming free webinar where we’ll take a deep dive into a compensation planning tool we highly recommend.