Compensation Management Features and Functions
Compensation is the remuneration received by an employee in return for his/her contribution to the organization. Compensation Management is the practice of providing monetary and often non-monetary benefits to employees.
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Modeling and Strategic Analysis
Modeling and strategic analysis are a subset of pay-for-performance program management tools that allow companies to model, administer, report, and analyze a wide range of metrics by using rules. These filter and calculate information by using "if-then" statements, whereby the "if" contains a Boolean expression that selects objects from the database. "Then" contains formulae that calculate and save new values. These types of filters and rules are superior to more traditional approaches that may involve some hardcoded logic or restrictive predefined compensation models, which limit compensation plans as generic, lowest-common denominator practices. The use of hardcoded logic makes it difficult to reprogram incentive strategies. The absence of modeling capabilities prevents incentive programs from being crafted quickly to meet competitive threats or executive orders. The use of modeling and strategic analysis various compensation plan scenarios to be modeled and projected revenues and each model's costs can be analyzed. This allows only the plans that fit within revenue and cost-of-sales parameters to be deployed. Modeling and strategic analysis allows companies to communicate plan details in order to better align their sales representatives with corporate sales goals. It also allows them to monitor and measure plan effectiveness on an ongoing basis. It also allows companies to adjust their plan components as needed to ensure that quota and revenue targets are achieved.
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Compensation Award Administration
Execute compensation plan awards to the employee level
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Compensation Planning
Planning for base salary, bonus, and stock award programs includes development of guidelines, eligibility rules, award ranges, market reference points, etc.
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Compensation Calculations
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Integration and Interfacing Requirements
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Payee Database
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Payout Schedule Management
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Payout Management
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Manual Adjustments and Overrides
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User Balances
This user balances functionality allows administrators to define opening balances for earnings, deductions, and tax deductions for each employee within the enterprise. User balances can be defined in various units of measure such as, currency, hours, or integers. In deductions where there is a cap amount, the system will automatically stop the deduction once it has reached the defined user balance.
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Performance and Compensation Management Features and Functions
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