Why use CompensationXL

What is CompensationXL

Flexible, Affordable, Compensation Planning Automation

Web-based software for automating the compensation planning process. Maximize your pay-for-performance spending to engage employees on the right corporate goals. Reduce administrative labor associated with creating budget workbooks, distributing them to managers, auditing them when they return, and rolling them up to create summary reporting. CompensationXL will automate your process, with your formulas and data points, and will supply your team with standard and custom reports. The solution is flexible, affordable, secure, and scaleable. You can have compensation software your way, with CompensationXL. Integrates with any HRMS including ADP, Ceridian, Peoplesoft, SAP, and more.

CompensationXL and HR Tools FAQ

Why do we use compensation?

Compensation is a tool used by management for a variety of purposes to further the existance of the company. Compensation may be adjusted according the the business needs, goals, and available resources. Compensation may be used to: recruit and retain qualified employees.

What is the purpose of the compensation function of HR?

The compensation function of human resources is the HR activity in which organizations evaluate the employee contributions with the purpose of distributing direct and indirect monetary and non-monetary rewards.

What are the tools of compensation?

Compensation Tools

  • Labor Market Analysis.
  • Fair Labor Standards Act (FLSA)
  • Salary Grades.
  • Total Compensation Calculator.

What are the benefits of using an HRIS for compensation and benefits?

Benefits of HRIS
It’s a one-stop-shop for individuals, employees, managers and hiring and recruiting professionals to find information when they need it. As such, a comprehensive HRIS enables a company to more effectively project and budget its HR costs, and it can improve efficiency when it comes to decision making.

What is HR compensation?

Related Resources
Direct compensation refers to wages paid by employers to employees in exchange for work. Compensation also includes variable pay in the form of short- and long-term incentives, such as cash bonuses, commissions and company stock awards.

What are the benefits of compensation to the employees?

Among these are paid time off (vacations, holidays, sick days, even pay for jury duty), health insurance (including dental and vision), supplemental benefits (disability, life, pet insurance, legal benefits), 401K contributions, pensions and retirement savings accounts, and stock purchase options.

How can compensation be used as a tool for retention of employees effectively?

To break it down further, there are five crucial elements of the compensation management process that directly affect employee retention: offering competitive pay, implementing exclusive benefits, tracking goals and progress, providing learning opportunities, and promoting inside growth.

What does compensation software do?

Compensation software supports the administration of variable pay programs like bonuses, merit, stock, and equity. In addition to administration workflow and approvals, many compensation management applications provide what-if modeling and analytics. They also centralize approval workflows for compensation decisions.

How do you manage compensation?

Compensation Management Process

  1. Understand the Budget. First, management must understand the budget. …
  2. Put Someone in Charge. Second, management needs to put someone in charge. …
  3. Analyze the Jobs. …
  4. Decide Levels. …
  5. Develop a Compensation Package. …
  6. Offer the Compensation to the Employee. …
  7. Monitor.

How HRIS helps compensation management in a big organization?

Most HRIS software solutions allow you to create employee profiles that will allow you to see an employee’s hourly rate or salary and start date at a glance. Being able to simply view all employees’ compensation in one place may help you to spot discrepancies and potential opportunities.

Why employees would use an HRIS?

Why are HRIS systems important? HRIS systems reduce data duplication and human error. This makes HR operations simple, efficient, and productive. More importantly, with the real-time information that an HRIS provides, HR professionals can gather and track accurate data to create reports.

How does HRIS help employees?

An HRIS provides a channel through which management and employees can discuss policies and procedures. Serving as a centralized portal, it can communicate clear directives, garner feedback from various personnel and departments, and reduce misinformation.

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