Comprehensive Compensation Management Software

1. Be Confident IN YOUR Comp Best Practices for Motivating and Compensating your Workforce CompensationCloud Leading Compensation Planning Software

2. MONDAY, SEPTEMBER 07, 2020 2. Pay isn’t just HR’s priority. While HR teams might sign off on pay decisions, they’re hardly the only ones involved. Managers, your finance team, and even the board might have a say depending on your organizational culture or the role in question. Rather than rely on HR to pull reports or make changes, these stakeholders can securely review pay information (and only the information they need) using employee compensation software. Best-in-Breed vs. All-in- One Why Compensation Management Deserves Its Own Tool HR can feel like an “all-in-one” job. Benefits, payroll, performance, engagement, and compensation are just a few of the items weighing on your mind. Naturally, teams turn to technology to help lighten the load. Today, there are products for each HR focus area — and some that purport to do it all.  Being in HR, your time already comes at a premium. Empower managers to model their reports’ merit increases, bonuses, and equity grants on their own using a robust modeling engine. While you can set rules and maximums on the back-end that serve as guardrails, managers can model a variety of total rewards options without HR intervention. We get it. When you’re strapped for time and resources, the last thing you want is to implement another system. But while some functions lend themselves to consolidation, compensation management doesn’t. We’ll go through the reasons why this critical part of your role deserves a dedicated tool. 1. Flexibility is king. Pay is personal. Every company has their own philosophy and approach to how compensation should work. For example, some link their pay decisions closely to performance reviews. Others tailor their approach to compensation by department, business unit, or office location. 3. Dedicated solutions have better reporting. Compensation decisions aren’t something to be made on a whim. Annual pay adjustments, merit increases, and bonuses all impact your retention numbers, engagement scores, and company budgets. In other words, pay decisions are high- stakes decisions. Before making the call, you’ll want the right data at your fingertips. At the end of the day, there isn’t a one-size-fits-all approach to compensation strategy. Most all-in-one HR software vendors, already spread thin across payroll, benefits, and HR administration, just don’t have the versatility to meet most company’s compensation needs. In the “best” cases, HR teams might find awkward workarounds involving spreadsheets or other manual processes. In the worst cases, they submit to the limits of their HR system — effectively letting the software dictate their compensation strategy, not the other way around. One more thing: Having all this data in one place doesn’t just benefit HR teams and managers. It also makes it easier to generate total rewards statements for your team. These summarize all the forms of compensation your employees receive, from base pay to their 401(k) match. Annual total rewards statements are an effective retention tool and help demonstrate your value as an employer. “All-in-one” doesn’t work for global compensation.

3. MONDAY, AUGUST 25, 2020 2. Offer bonuses, equity, and other rewards. How to Make ‘Pay-for- Performance’ Work for Your Employees While raises can be used to recognize employees’ hard work, they’re often set with the future in mind. As part of the arrangement, a promoted employee might also be taking on additional responsibilities or transitioning into management. We all want to be recognized for our work. And while we appreciate perks like flexibility, wellness programs, and paid time off, Compensation is the primary driver for employee satisfaction and performance. Cash is still king.  The problem with only tying base compensation to performance is that it requires employees to follow a textbook career track. Outstanding individual contributors don’t always make great managers — and vice versa. In time, your top performers will hit a pay ceiling where neither job level, market rate, nor performance can justify a substantial enough pay raise to retain them. That’s where bonuses and other rewards come in. But for decades, HR teams and management experts have debated whether performance and pay should be linked. There’s ample evidence that pay-for-performance does have a positive impact on retention, productivity, and morale — but concerns about bias during reviews have turned teams away from unanimously embracing the model. CompensationCloud believes that budget, market rate, compliance, and yes, performance, are just some of the 10 factors that should be weighed when considering pay. Here’s how to make pay-for-performance work for everyone.  1. Be clear about your compensation philosophy.  You can’t reap the benefits of pay-for-performance if employees don’t understand your compensation strategy. From the onset, be clear about how and when your company makes its compensation decisions. Are merit increases issued once a year or on a rolling basis? What kinds of bonuses are employees eligible for, and how are they earned? What measures are you taking to ensure pay decisions are fair, equitable, and competitive with the market? Be clear about how employee pay is decided, and to what extent you consider each of the below factors:  3. Run performance calibration meetings. The more performance reviews factor into compensation, the more diligent HR teams need to be about their accuracy. Unconscious bias, favoritism, or just manager inexperience can all skew your ratings — which in turn can lead to inequities or legal red flags. That’s where calibration comes into play. When it comes to managing HR data, manual entry invites mistakes. And if there’s one area where you want to avoid those, it’s employee Compensation.

4. WEDNESDSY, JUNE 24, 2020 3. Check disparities across your total rewards. 4 Ways Technology Can Help Mitigate Pay Bias Compensation is about more than just salary. Stock options, bonuses, and 401(k) matching are just some of the means employers turn to attract and retain talent. Unfortunately, disparities exist here as well. 1. Identify disparities on an ongoing basis. Companies have known about the gender and ethnicity pay gap for decades, turning to expensive third-party consulting firms to remedy the problem. While these (often costly) firms might be able to identify discrepancies at a moment in time, they do little to empower HR teams and to do so on an ongoing basis. 4. Use budget modeling before the job offer. 2. Add structure to your compensation strategy. While pay disparities can worsen over time through mishandled raises, bonuses, and promotions, they often date back to the original hiring decision. A 2019 report found that women in Silicon Valley receive job offers lower than their male counterparts over 60% of the time. What’s more, the same study found that women were also less likely to negotiate and receive a higher offer during the recruiting process. Budget modeling empowers recruiters and hiring managers to identify pay inequality risks even before the offer letter gets sent out. Today’s managers have access to tools that make it easier to lead, manage projects, and collaborate with their direct reports. But while technology has made them more effective in some respects, compensation decisions are still handled loosely. According to the Society for Human Resources Management (SHRM), almost 15% of managers receive zero guidance on how to handle raises or promotions. Another 44% are given some guidance by their HR teams but are otherwise allowed to deviate from it. Some decisions shouldn’t be left to intuition alone. Unchecked, unconscious bias and pre-existing pay disparities can worsen your company’s pay gap over time. By giving HR teams and managers a clear view of their budgets, CompensationCloud makes it easier to make informed, data-driven decisions about pay.

5. Comprehensive COMPENSATION Software CompensationCloud CompensationCloud is leading the reinvention of employee compensation management. This innovative software offers high flexibility using modern design that users will find easy to learn with its drag and drop functionality. You have the flexibility to create and adjust your compensation rules, equations, and alerts to fit company needs. It also Provides an automated cloud-based platform that measures ten factors in compensation planning. CompensationCloud platform combines machine learning with a robust set of tools to streamline and simplify your compensation strategy. www.compensationcloud.com Serial Social Entrepreneur, Founder Kuza.One