Compensation Management allows clients to track and adjust compensation for both hourly and salary employees within their organization. Organizations can adjust various types of compensation including salary, bonus, and equity.
The driving principle behind this module is pay for performance. The system leverages various performance and succession metrics to facilitate accurate compensation for individuals in the organization and improve performance. The compensation module can pull in goal percentages, performance review ratings, SMP rating scale metrics, and competency assessment ratings.
The module includes the ability to set guidelines and recommendations based off of performance and succession metrics in order to facilitate compensation decisions by the manager. Budget rules and eligibility rules can be created and enforced through the application along with configurable approval workflows. Standard reports are available to help monitor and track the status of compensation plans, adjustments, and budgets.
Compensation Management supports multi-currency and localization. This will enable global organizations to compensate their employees in different currencies and localities. You can define the currencies rates to be specifically applied for the purposes of compensation planning only. Localization functionality allows the compensation module to be translated into multiple languages for the end users.
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