In this highly competitive industry, it is equally important to retain valuable employees as it is to hire them for your company. There is an old saying that goes like, “Employees who feel valued, stay”. Compensation plays a major role in attracting and retaining employees. A well-strategized and timely executed compensation management plan leads to a happy and productive workforce. That makes compliance management one of the most important tasks concerning the HR department. Most of the time, companies are either not well equipped to generate efficient compensation plans or doing so consumes a lot of their valuable time. To overcome such scenarios, it is important to have automated and strategic compensation management software in your organization.
When we say Compport is the most promising compensation management software, we don’t just say it. It is the only software that enables you to design, execute and communicate effective compensation plans. What makes Compport the best is that you can design a fully-fledged compensation structure in just 30 seconds with Compport and that is no less than a wonder.
We will take you through the journey of designing a compensation structure on Compport and you will realize it yourself that compensation management could not be any simpler.
Compport is a completely flexible HR based software offering smart and agile solutions for compensation, analytics, and surveys that constitute the three core modules. To design a compensation plan, you need to click on the Setup tab. That will take you to the compensation module.
The next screen displays various options directing the user to choose the desired action concerning compensation management. The displayed options are Salary Review, Bonus, Sales Incentives, Long Term Incentive, R&R Plans. By selecting the option of Annual Salary Review, you will be all set to create a Salary Increase Rule.
Compport is equipped with pre-designed ready-to-use intelligent salary increase models. If you choose any of those, it will be implemented in just 30 seconds with a single-step process. If you decide to customize the salary increase rule for your firm, it would be done in 3 simple steps and will take you just 3 minutes. The first step is to select the target population.
The next step is to define the basic rules for the salary increase. You can easily define the core rules by selecting ‘yes’ or ‘no’. The process is completely flexible and you can even change the rules that do not concern your organization or set different sets of rules for different populations.
The third and the last step that completes the process of designing a salary increase rule is building the salary increase grid. In this step, you set the salary increase grid. You can simulate % increase and see the immediate impact of it on the budget. For multi-country organizations, managers can differentiate the core grid for different countries using multipliers.
You can instantly see how the budget is going to be impacted by the grid that you built. Also, it enables you to get budget details for different cuts like the manager, country, division, grade, title, etc.
Compport makes it extremely easy for the managers to manage the complete compensation process. The manager’s section has two options – My Team & Myself.
“My Team” tab leads to further options that instigate the manager’s action to manage employees’ compensation. The displayed page allows a manager to select from the following options: Salary Increase, Bonus, Sales Incentive, Long Term Incentive, R&R.
Choosing the “Salary Increment” tab enables the manager to choose from two different options: Table View and Dashboard View. The following image displays the table view with a summary of the manager’s direct reports.
The dashboard view enables a smart and fair decision making by drawing insights from the data provided for each employee. The dashboard view looks like this:
The “Team view” section enables the managers to view key trends for their team members and displays the analytics for Salary Growth, Market Fitment, Peer Comparison, Team Comparison.
Compport presents the perfect solution for companies to communicate with their employees and make them feel connected. Employees can easily review the salary increase plans or budget plans set by the management by visiting the Employee Self-Service section. No administrative work is required for salary increment letters, bonus letters, the latest compensation structure:
Compport Compensation software has pre-designed Salary Increase letters whose format and content can be customized as per requirement and for various groups of employees.
You can even manage the number of tools available to show the compensation structure to employees. You can easily determine tangible and intangible offerings to employees.
Optimizing your compensation structure with Compport can enhance your resource efficiency by 90% and ROI by 40%. With a few simple steps, Compport enables you to manage the complex process of compliance management and designs the complete compensation plan in a fraction of seconds. Software with such flexibility and ease of use is what it takes to drive the immeasurable growth of your business.