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compensation management

Everything You Need to Know About Total Compensation Statements

It’s quite common that employees only take salary into consideration when thinking about compensation. Your benefits package might be substantial yet employees may not fully understand the total value of the compensation they receive. These might include “hidden benefits”, which are usually non-monetary, like healthcare, paid vacation days, and many others. 

According to this report, the value of employer-paid benefits in private industries in 2017 was 30.5 percent of the average worker’s total salary. This means an employee perceives his compensation to be only two-thirds its actual value. To show the true value of their compensation package, businesses provide total compensation statements to all employees with the benefits factored in.

What is a total compensation statement?

Most of an employee’s compensation extends beyond the base salary. The total compensation statement (also known as total rewards statement) is a document that communicates the full value of an employee’s compensation package–both direct and indirect benefits. 

It gives employees a broader, high-level picture of the compensation they receive and is usually sent to employees once a year.

Why are total compensation statements important?

By the late 2000s, organizations realized they needed to offer a lot more than the base salary to keep employees incentivized to do great work and offer value. But, offering more perks isn’t enough. You need to make sure that employees are aware of what the business provides. One of the key ways top-performing organizations improve employee engagement and retention is by being transparent and sharing the entirety of their compensation. 

Helps employees understand their contributions

According to employee engagement expert Leigh Branham, “There is no more emotionally charged issue for employees than what they are paid for their contributions. What we make doesn’t just pay the bills—it measures our worth in the most material way.” The total compensation statement empowers employees by giving them a clear picture of their compensation and helping them understand the extent to which the organization has invested in them. 

Increases retention and loyalty

Knowing the full value of their compensation can boost employee morale and loyalty. Total compensation statements can be powerful retention tools.  In fact, CEB research shows that improving total rewards communication can lead to a 50% decrease in turnover risk. 

Improves employee performance

Providing these statements are also beneficial for encouraging high performance because they reiterate the ways in which top-performing employees are recognized for their contributions. When employees feel that their efforts are appreciated, they may be more inclined to contribute their best efforts to the company continuously.

What should you include in the total compensation statement?

Total compensation statements provide a complete break down of all aspects of the job’s benefits. It includes the monetary equivalent of all forms of compensation from the employer. The more detailed your statement is the more beneficial it is. 

The TCS consists of two major sections–direct and indirect compensation. Direct compensation includes the base salary and other extra financial compensation like incentives and bonuses. Indirect compensation includes the dollar value of the employer’s contribution to taxes and other benefits. This summary is often referred to as the hidden paycheck.

The following are the components of a typical total rewards statement:

  • Base Salary/Wages
  • Bonuses and commissions
  • Paid time off
  • Health/Dental insurance
  • Retirement funds
  • Tax contributions
  • Stock options
  • Perks like child daycare, gym membership, commute passes, etc.

Tips for creating effective total rewards statements

Here are some useful tips to keep in mind when creating total compensation statements:

  • Make it visually appealing with charts and graphs
  • Provide comparison with market data
  • Ensure all the data is accurate
  • Don’t double count line items–it’s quite easy to add paid time off on top of base salary
  • Consider adding net benefit amounts i.e. take into account the expenses incurred by the employees for any particular benefit
  • Only add the benefits employees are eligible for

Challenges in creating total compensation statements

PayScale’s 2018 Compensation Best Practices Report says 40 percent of top-performing companies are likely to use total compensation statements, compared to 36% of typical companies. If total compensations were so effective then why are a lot of companies not doing them?

Employee dissatisfaction

One of the main reasons companies refrain from creating total reward statements is because they feel employees might not be satisfied with the benefits they receive. The statement makes it easy for the workforce to compare it with peers as well as market standards.

But, these statements are actually doorways to open communication and career path conversations. If employees feel their earning potential is limited at your company, and not at par with the market standards, it’s critical you explain why that’s the case.

Accuracy of data

Another reason companies avoid these statements is in fear of giving inaccurate data. Accuracy of data is pivotal when it comes to creating any payroll-related statements. Also, the monetary value of the benefits changes with time and your statements need to reflect those.

If employees feel the data provided is not accurate, it may erode their trust in your organization. There might be benefits they are either not entitled to use or indifferent. In such cases, the statement might seem like a ploy to artificially inflate their compensation.

More paperwork

This is one of the most common reasons for organizations not handing out these statements. Creating total compensation statements for all employees can be a lot of work and can take weeks to process. 

How can Compport help?

Total compensation statements are crucial–but creating them manually isn’t the best use of your time or your skills. 

Our easy-to-use solution will help you communicate the full value of the compensation you provide to your employees, helping you drive loyalty and retention. The best part is that you don’t have to spend days and weeks on it. With Compport, you can create total rewards statements for all your employees in just 4 basic steps;.

 1-Upload your data

2- Choose a total rewards statement template from our template library or simply create your own

3- Generate the statements, and 

4- Distribute it to all employees with one click, digitally.

Closing thoughts

A company can invest a lot of money on its employees but if they don’t recognize the value of that investment, the organization is, in fact, wasting money. Helping members of your workforce understand the value of the benefits you offer may make them reconsider taking another job, especially if your benefits package is robust. Ensure the statement is accurate and that employees know where to find it, and it will be that much harder for your top talent to jump ship.

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compensation management

Compensation 101: What Are Long-term Incentive Plans?

When employees reach goals that lead to increased shareholder values, you can reward them with performance shares and special capped options in addition to stock awards. Such reward systems that improve the employee’s performance are called long-term incentive plans or LTIP. In some cases, it may not be even tied to the company’s share price. 

They are a common compensation vehicle in startup companies as a means to attract top talent, employee retention, and to drive performance in the longer run.

Who does Long-term Incentive Plan(LTIP) apply to?

LTIP is specifically designed for executive employees who fulfill certain requirements that contribute to an increase in shareholder value. 

Executives know which factors to focus on to improve the business when the company’s growth plan matches the LTIP. While geared toward their incentivization, it also functions to assist the business’ long-term growth. 

When do employees receive the benefit of the LTIP?

The performance period for the LTIP usually runs between three to five years, before the full benefit of the incentive is received at the end of that pre-defined period. Now, companies can give these payouts either all at once or gradually over a period of time depending on the vesting schedule.

When companies set up LTIP, they decide on a period of time when the employees will receive full ownership of the asset, stocks or retirement funds, that come as a result of the LTIP. It can either be:

Cliff vesting: The employee receives the full benefit at a pre-defined point in the future.

Graduated vesting: The employee gets a certain portion of the reward, usually a specific percentage, over a period of time until the asset is fully vested.

Employees will be able to reap the benefits only if they stay with the company until the vesting date.

Why is LTIP important?

Hiring new employees is incredibly hard. Replacing an executive can cost up to nine times their monthly salary. This cost comes in the form of recruitment and training, in addition to the time spent by senior employees in the company.

The LTIP is a way to stimulate and retain talent in a highly competitive environment. It rewards employees who help the company achieve its strategic objectives. It makes their contributions acknowledged and makes them feel valued. This, in turn, serves as a motivator for the employee and can lead to job satisfaction.

By offering lucrative rewards such as equity, retirement funds, and options, you reduce the turn over of the company.

Types of LTIP

Depending on your goals, business size, and organizational value, you can choose to offer different long-term incentive compensations like restricted stock, performance shares, stock options, retirement funds, and cash awards.

Restricted stocks

In this LTIP, employees are granted unregistered equity shares that are non-transferable and can not be sold until the vesting date. Restricted stocks can be awarded as:

  • Restricted stock units, with no voting rights and immediate ownership
  • Restricted stock awards, with voting rights and immediate ownership

Employee stock options (ESO)

These are some of the most common kinds of long-term incentive plans. Every five to ten years, companies reward best-performing executives with the right to purchase shares at a pre-determined price. It aligns the objectives of the company’s shareholders and the employees; since when the share price goes up, shareholder value goes up and employees get shares at higher prices.

Since there’s no cash outflow, it can reduce expenses. On the flip side, the earnings per share for shareholders can get diluted.

Performance shares

Performance shares are when companies allocate stocks to employees when company-wide performance objectives are met, based on certain metrics, like earnings per share. They’re meant to drive activities that directly impact the shareholder value. They are different from stock options in that the executives receive the actual shares as opposed to receiving the option to purchase shares.

Cash awards

This is a popular option in private companies where stock options are non-existent. When employees achieve pre-defined performance objectives over a long period of time, they become eligible to receive cash awards that reflect the company’s gratitude.

Phantom stocks

Phantom stocks are contractual agreements between the organization and the executive employees that gives the benefit of stock ownership without actually transferring the ownership of shares. Like regular stocks, phantom stocks also follow the rise and fall of the share price and employees are compensated with profits incurred from the shares’ appreciation.

In addition to these LTIP, there are other reward systems like extended vacation days, paid sabbaticals, and more.

What are the drawbacks of LTIP?

Alexander Pepper, in his article on the Harvard Business Review titled The Case Against Long-Term Incentive Plans says companies are better off using that cash to pay larger salaries and annual cash rewards to incentivize desired behavior. There are several theories that suggest LTIPs do not work. 

Here are some of the disadvantages of long-term incentives:

  • LTIPs are so far into the future that it may not actually serve as an incentive.
  • Performance metrics may depend on external, non-controllable economic conditions. This can demoralize executives when things don’t go their way.
  • It can lead to deception, i.e. to falsify reports to cover their own poor performance, such as the infamous VA scandal.
  • Stock options can dilute the profit per share and reduce the number of allocated shares.

Closing thoughts

When designed properly, long-term incentives can be a great vehicle to promote retention and to align the employee and shareholder interests. It’s a win for everyone involved:

  • Employees get rewarded handsomely
  • Company’s performance is improved
  • Shareholder value is increased

There is no one perfect LTIP that’s appropriate to all companies. You need to assess your culture, strategies, and goals to select the right mix of amounts, stocks, and vesting mechanics.

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compensation management

Industries That Must Have Sales Incentive Software For a Sustainable Growth

As ‘Sales’ continues to be the growth-driving factor of various industries, the expectations of people in sales are a little higher in terms of compensation than employees working in other departments. And acknowledging the number of efforts they put in to bring value to the company, it is imperative to have an efficient sales commission or sales incentive software in an organization. Moreover, compensation and incentive play a vital role in motivating, attracting, and retaining employees, especially in sales. An Employee Engagement Report by TINYpulse reveals that 43% of workers would be willing to leave their companies for a salary increase of 10%. No matter what industry you are in or what type of business you run, if you are facing the problem of employees frequently leaving your company then you might need to get a reliable sales incentive software. 

Though every business that sells products or services in any form, and has a team dedicated to increase the company’s sales must employ an effective compensation management software that can create well-strategized sales-commission plans but there are few industries that can greatly benefit from having a good sales incentive software. 

Financial Services

To sell financial services is something that requires plenty of effort and motivation. No matter your team sells merchant payment services or help clients to sensibly invest their money, having a sales commission software can boost their morale along with reducing your efforts and cost of manual commission management without sacrificing security. The software creates optimized sales commission plans for rewarding those employees who go the extra mile to achieve great results.

Tech/IT Industry

Do you offer technology solutions or IT services? You must be well aware of the importance of a goal-oriented sales team. Sales commission software adds on to the perks of working in a company. When employees see their efforts and hard work is paid off in a very systematic manner, they feel valued and show loyalty towards the company. Getting software for managing sales commissions and incentives automates the process of logging conversations and managing targets of multi-tiered packages. Whether your area of expertise is in selling ‘Software as a Service’, web-based services, cloud storage, cybersecurity products or AI-based products, compensation management software will surely enhance the workflow of your organization.

Retail Industry

To manage sales in the retail industry is one of the toughest jobs that pose challenges like high employee turnover, endless sales channels, and product lines changing on a daily basis. The sales commission software exhibiting high performance, accuracy, and security, can help you stay ahead in the fast-paced retail industry. If you have been investing a lot of time every day in testing the accuracy of your manual commission calculations, you are wasting a lot of resources. A smart and agile sales commission software like Compport can help you save your company’s resources and create a positive work environment.

Digital Services

With a flexible commission management system at your company, you can give your sales force access to transparent reporting. The software makes it very simple for you to reward your employees on the basis of data and analytics by tracking the performance of account managers or employees selling PPC, online advertising or SEO services. You can easily integrate the sales representatives’ performance with the software and evaluate their efficiency on the basis of targets achieved. 

Medical/Pharma Industry

There is an immense pressure on the pharma companies to use their budget wisely as their business model revolves around sales and marketing. It is very crucial for these companies to boost their sales representative’s morale through bonuses, commissions or incentives. Sales commission software simplifies the work for the HR department by optimizing the process of performance-based compensation planning. The software supports multi-currency conversions simplifying the execution of commission plans for multinational pharma companies trading globally. 

If you are looking to improve your sales conversions irrespective of the industry you belong to, get an easy-to-use sales commission software like Compport and witness the power of technology. The sales incentive management software is the best way to optimize complex HR processes and save the time & efforts of the HR department for manual calculation of incentives. Investing in software that maximizes your employees’ potential is the investment that will always be beneficial to your company.

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compensation management

Factors to Consider for Selecting the Right Compensation Management Software

There is no dispute in the fact that a happy employee is the most productive one and that nothing makes an employee happier than a well planned and timely executed compensation and incentive plans in the industry. It has been revealed by research on the effect of compensation on employees’ performance that compensation in the form of salary, bonuses, incentives, facilities, travel or holiday packages or allowance has a direct and positive impact on employees’ performance.

Since compensation management falls under one of the most complex HR processes, HR professionals are turning towards compensation management software for assistance. The traditional methods of compensation management with spreadsheets and paper are prone to errors and obsolete leading to the rising need for compensation management software in companies. 

A robust compensation management software automates the complete process of compliance management and helps the HR department to manage the company’s budget in a profound manner. The software optimizes the planning and execution of the compensation plan and helps businesses to save time and resources. If getting an advanced compensation management software for your organization is on your to-do list, then you must know how to choose an ideal software that will scale your business growth.

Here we discuss a few important factors that you should consider before selecting the right software for your firm.

Go For Cloud Technology: Cloud-based software is considered more reliable than solutions based on other technologies. Since the cloud-based compensation software is built with advanced methodologies and hybrid infrastructure, it delivers more ROI than traditional software solutions. Also, cloud solutions are more economical than on-premise software. The data is stored on the cloud and can be accessed from anywhere. The managers or HR professionals can work on the application from anywhere with a simple login and be assured that the data would be secured. 

Assess The Software’s Configurability: One of the most important points that you should consider is the configurability of the software with your existing business systems. The compensation software that you choose for your business may be easy-to-use or well designed but if it’s not integrated easily into your system, then it will prove to be unproductive. The right compensation management system for your company is the one that works along with your existing processes and improves them instead of requiring changes in the processes. 

Accuracy Is Must: To eliminate errors in the compensation plan is likely to be the major reason for you to switch to compensation software. According to a report published by MarketWatch, 88% of spreadsheet documents have errors and there is simply no room for errors when it comes to something as important as the company’s compensation plan. Errors in compensation planning can lead to the downfall of your business and pose a great threat to your business growth. Therefore, it is important to take a trial of the software and be sure of its accuracy. 

Data Security Should Be The Primary Concern: All the data managed by the upper management or the HR department is very sensitive and important for the company. Data security is a very important aspect of HR management and should be your major concern while selecting the compensation management software for your organization. The software you choose should be compliant with all the data security and accessibility guidelines. The software should be reliable and secure to keep your company’s most sensitive compensation data safe from being breached.  

Take Demos & Trials: Investing in compensation management software to digitize the HR processes is a big and important step that you will take for your company’s growth. So don’t just settle for anything instead do thorough market research, list the software that you feel would be compatible with your existing system, and take demos and trials of those software. Product demos will give you an overview of the software functionality and features. It will help you decide whether the functions and features exhibited by the software meet your business requirements. 

Having a flexible compensation management software in a company not only simplifies the complex HR processes but also helps to attract and retain valuable employees. Providing good compensation motivates the employees to give their best and improves their efficiency. A survey conducted by the Society of Human Resource Management demonstrated that 60% of employees consider compensation as a very important factor contributing to their job satisfaction and 36% consider it important.

Though the right compensation management software for your company would be the one that caters to your specific business requirements but considering the above-mentioned points, we suggest you check out Compport as it is one of the most promising HRMS solution that is capable of designing a fully-fledged compensation plan in just 30 seconds. Implementing a robust, flexible, and efficient compensation management software like Compport can prove to be extremely beneficial for the companies as it simplifies various HR processes and synchronizes the work performance with analytics. Compport is a cloud-based smart and agile

This post is originally published at here: https://www.techinexpert.com/how-to-choose-the-right-compensation-management-software/

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compensation management

How People Analytics Software are Upping the HR Processes?

The phrase “data-driven” has found its application in every department and processes of the corporate industry, be it marketing, sales or HR. Analytics has become an important aspect of optimizing business assets. Here, talking about the assets, let’s drift our attention to the most valuable asset of an organization: its people. People Analytics-the practice of drawing insights from employee data to make important decisions makes an eminent part of modern HR practices. 

For years, HR professionals have faced multiple obstacles while managing employees’ data manually which results in delayed and inefficient decision making. As per Deloitte’s 2018 Human Capital Trends report, 85% of companies envision people analytics as a high priority, but only 42% believe they are either ‘very ready’ or ‘ready’ to meet expectations. But the scenario has changed with the arrival of cloud-based, sophisticated analytics tools or software that allow HR professionals to digitally manage the employees’ data and draw valuable insights from it in a very efficient manner.

HR professionals now have the technology-based, advanced software at their disposal that automates the process of employee management and data handling. The digitalization of people analytics has optimized the HR processes and enabled businesses to employ people data in more timely and effective ways. 

A renewed and intense focus on people analytics in Human Resource also signifies the shift in how C-suite views the workforce. Ian Cook, vice president of people solutions at Visier, an analytics provider in Vancouver, British Columbia, Canada says,” There’s been a shift away from viewing people as a commodity and the thinking that ‘as long as we have enough workers to fill jobs and it’s not costing us too much, we’re fine. Now more often CEOs want to know that they have the right people with the right skills in the right jobs to execute on their strategy. There is a growing focus on talent quality, not just the talent costs.”

Growing Options For People Analytics

The evolution of analytics tools and software has created a highly competitive marketplace. Businesses have multiple options when it comes to choosing the right tool for their business needs. Most HR professionals prefer cloud-based people analytics software like Compport that is an all-in-one system for managing the complete analytics and compensation processes. Depending upon the nature of the organization and its work structure, the HR functions may employ a single software or a variety of software tools for people analytics. In a study of the people analytics technology market by Deloitte, it was revealed that the most mature organizations use an average of seven analytical tools. Nonetheless, you must ensure that the software or analytics tools you implement in your firm generate accurate and up-to-date data and enable real-time access to insights in order to generate a high return over technology investments. 

Make Better Sense of Data

As the process of people analytics turns more sophisticated, data-driven, versatile and optimized with analytics software, the scope of employee data evaluation has expanded beyond the standard and traditional measures like employee headcount and turnover data. HR professionals use these flexible tools to measure areas such as the progress of diversity, inclusion initiatives, and worker overtime trends. The focus has been shifted from mere numbers to the value they bring to the organization. 

Compensation & Productivity Analytics

When it comes to automating the HR processes, the businesses seek to employ flexible software that covers all the major verticals of the HR department i,e, compensation, analytics, and employee surveys. The cloud-based easy to use software such as Compport covers all the major aspects of HR management and automates compensation, analytics, and employee feedback processes. The software takes the burden off the HR professional by analyzing the data and generating valuable compensation plans, and employee surveys. 

Data Security & Access Issues

One of the major concerns of HR professionals that have been taken care of by the analytics software is data security. The traditional people analytics methods required HR professionals to take sensitive employee data out of HR systems and put into spreadsheets or data-visualization tools for analysis, that incorporated various security risks. The technology-based analytics tools ensure the optimum security of data as the data is encrypted and is only accessible to those who are authorized to access it.

Workforce parity & Inclusion Analytics

The global businesses have been making great efforts to bring gender parity among the workforce and have sought more sophisticated analytics to measure the impact of their diversity and inclusion (D&I) initiatives. People analytics software has made it possible for HR professionals to apply a data-driven approach to attain workforce diversity. The software extends smart solutions to address issues like pay equity, unconscious bias in hiring or promotion decisions with analytics. Moreover, the software helps businesses to ensure that members of underrepresented communities feel included through insights drawn from analytics and advanced surveys. 

It takes a combination of the right technology, agile functionality, and flexible structure in software to generate a good ROI from people analytics. A right and competent analytics software like Compport can scale your organization’s and its employees’ growth to an unmatchable pace. The software offers exemplary solutions for compensation, analytics, and surveys. It offers 1000+ multi-dimensional intuitive analytics and tools for better analysis and decision making. What makes Compport the most efficient compensation & people analytics software is its capability to design a fully-fledged compensation plan in just 30 seconds. Contact us to get this software for your HR department to manage various compensation tasks with a single tool making the process of HR management simpler, optimized and more agile. 

Also Read: Benefits of Systematic Compensation Management on Employees’ Performance

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compensation management

Silicon India Magazine Lists Compport Among 10 Most Promising HRMS Solution Providers

Adding to our accomplishments, India’s renowned Business & Technology magazine, Silicon India has ranked us among the 10 most promising HRMS solution providers for 2019. We have acquired this position by laying a solid foundation for HR operations, providing an epicenter for employee records, work-force analytics, and administrative applications.

It was the unique vision and proven capabilities of Compport that empowered companies to drive a significant value out of their investments with a boon of 40x ROI. Being a potential platform that effortlessly generates a salary increase grid in mere 30 seconds, or sales/bonus incentive plans with a processing time of less than 90 percent, the smart and flexible functionalities of Compport has streamlined the HR operations for the enterprises.  

“Compport with Analytics & Survey Tools provides clients valuable insights not just for data or metrics but which later enables the customers to grab better by taking corrective actions for the organisations" says Sachin Bajaj, the Founder and Managing Partner of Compport IT Solutions.   

With a deep focus on compensation management, employee surveys, and analytics, our cloud-based & customized compensation management software has catered to numerous marketing giants for transcending their processes through digital magic.

At Compport, we deliver top-notch results with utmost precision and perfection. To witness an advanced and agile solution for compensation, advanced analytics and feedback management, stay tuned with us.  

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compensation management

Benefits of Systematic Compensation Management on Employees’ Performance

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Compensation is the reward or monetary benefit given to employees in return for their exemplary services and work or in recognition of merit and it is said to be the cornerstone of a productive workforce. To provide appropriate, adequate and fair compensation to the employees within the boundaries of budget and resources is a milestone achieved by very few organizations. An automated and strategic compensation management system that addresses compensation, benefits, recognition, and appreciation is the basis of acquiring a productive work environment. 

A study on the effect of compensation on employees’ performance has revealed that compensation in the form of salary, wages, bonuses, facilities, travel programs, and holiday allowance has a direct and positive impact on employees’ efficiency and performance. Systematic compensation management in the company impacts employees’ performance and therefore the company’s growth through the following factors:

Provide Higher Job Satisfaction

Creating the right compensation plan leads to higher job satisfaction among the employees. When we talk about job satisfaction in the corporate world, it is somehow related to the salary drawn by the employee. Employees tend to measure their efforts and contribution to the organization’s uplift through the monetary benefits they avail. With an upright salary management system, the HR department can ensure that employees attain maximum satisfaction from their work as it enables the HR department to revise the salary plans and incentives at regular intervals. That in turn, boost employees’ dedication towards work.

Help In Retaining Valuable Employees

A company’s success can be estimated through its capability to retain valuable employees. In this highly competitive industry, the challenges faced by the HR department are not limited to approaching and recruiting the right candidates but also retaining them. Compensation management software eases the task of retaining employees by providing continuous appreciation and consideration in the form of increment and incentives.  

Enhance Employees’ Efficiency

The growth of a company is the outcome of its employees’ efficiency. Yielding the maximum efficiency from the available workforce is the key factor in attaining business milestones. Providing proper compensation to the employees helps in enhancing their efficiency as it encourages them to give their best and perform their work with utmost dedication.

 Keep Employees Motivated

Bonus and incentive plans act as the driving factor for keeping up the spirits of the employees at the workplace. When employees know there are bonuses or incentives, they tend to stay motivated and deliver better results in lesser time. A study by CEB reveals that an organization without the right compensation management system encounters an increase in employee disengagement and turnover by 15%-50%. Through well-organized compensation plans, employers achieve higher productivity and overall growth of the company. 

Improve Employees’ Productivity

Happy employees are the most productive ones. The productivity of every individual employee is one of the most eminent factors in determining a company’s progress. Compensation management helps employers to provide higher work satisfaction to the employees which in turn improves work productivity and profitability. According to research conducted by CEB, the lack of astute Recruitment management software in an organization leads to low performance and productivity of employees in the tune of *38%. An effective reward system improves the quality and quantity of work executed by the employees and aligns their performance with organizational objectives.

Summing Up

A well-crafted compensation plan paves way for the company’s ultimate success and has a great impact on employees’ overall performance. Implementing a robust, flexible and efficient compensation management software like Compport can prove to be extremely beneficial for the companies as it simplifies various HR processes and synchronizes the work performance with analytics. 

Originally published at here: https://hackernoon.com/impact-of-compensation-management-software-on-employees-performance-dk1p32y3