We are well into the new year, and you might just have finished your annual appraisals. Salary reviews and salary negotiations are probably next on your agenda, but these are often time consuming processes, including analysing a large amount of data regarding financials and employee performance. Have you discovered how HR-technology can facilitate these activities on a higher level?
Compensation activities are only one part of the HR department’s many tasks and responsibilities. While compensation goes beyond salaries and includes other forms of compensations, such as bonuses and benefits, your organization should have a compensation- and rewards program in place, complete with budgets. The HR department is responsible for communicating the organization’s compensation strategy to managers to facilitate wage-setting, and support them in adjusting salaries according to the company’s compensation policy. In order to fulfil this task, the HR department must make sure that relevant information is in place and at hand so that employees can be evaluated equally fair.
Speaking to our Nordic customers, it is evident that retrieving a quick and reliable overview of the company’s compensation areas is of importance. Managers wish to be able to instantly evaluate the financial effect that salary adjustments have on employees’ performance, as well as the company’s development, and make effortless adjustments if needed. It is therefore of great advantage to have a system in place that can provide complete overviews and visualisations of budgets and thereby provide managers with the necessary information. Digitizing your compensation activities does not only result in more efficient and rapid decisions for wage-setting managers, but also, importantly, more correct decisions.
Do you want to learn more about how Talentsoft can help with your compensation activities? Join our upcoming webinars about Compensation – How to prepare your salary review- and evaluation.
Denmark (in Danish): 28th of March, 9:00-9:30
Sweden (in Swedish): 30th of March, 9:00-9:30