Whether your work for a large company or a small startup, it’s critical to invest in the right platform to balance the business’ compensation structure. Automated incentive program administration.
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The tool is available as a separate module that can be added to a vendor’s talent management suite, along with performance and learning management programs.Ĭommon features of compensation management software include: What Is Compensation Management Software?īenefits of Compensation Management SoftwareĬommon Functionality of Compensation Management SoftwareĬompensation management software allows HR managers to conduct salary planning, calculate bonus payouts by factoring in achievement and performance metrics for individuals or departments. In this guide, we’ll break down everything you need to know about compensation management solutions. Luckily, there are a variety of software solutions that can help. This is why some businesses struggle to calculate compensation plans that align with business goals and allow them to attract or retain top-notch employees. While budgets are usually based on company earnings, the ratio of employee salaries to overall revenue can vary significantly depending on the industry.įor example, it would make sense for a landscaping company that depends on employee labor to allocate a higher percentage of their revenue to compensation compared to a manufacturing plant that handles the majority of its production through machines.
Every company is different when it comes to compensation management.
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