beqom, provider of a cloud-based total compensation management solution, today announced the release of its version 9.2, featuring major new functionality to enable holistic management of employee total compensation and breakthrough tools for managers to allocate compensation budget in real time, giving companies unprecedented ability to precisely manage rewards packages, meet the needs of a multi-generational, global workforce, and achieve company objectives.
“This release is a major step forward in distinguishing the beqom total compensation platform from the limited compensation functionality found in HRIS or talent suite software,” says beqom Product Manager Claudio Carnovali. “With this release, we are further establishing beqom as the platform that gives our customers full control over their total rewards spending and processes so that they can implement optimum rewards programs to attract, retain, and motivate their talent, while managing costs.”
The innovative new Individual Compensation Planner in version 9.2 is unique in the industry as a tool for HR and managers to get an all-in-one view of an employee’s total rewards, including all of an employee’s compensation elements. By analyzing the current rewards package for an employee in the context of the employee’s rewards history and relevant industry benchmarks, managers can make informed decisions about how best to reward that individual. This capability complements beqom’s existing process-driven approach for managing a company’s various compensation elements, such as salary, bonus, long-term incentives, and sales incentives.
“The Individual Compensation Planner feature can be used across any industry, but it is a game changer for our financial services clients,” remarks Vismay Gada, Global Head of FSI and Customer Success at beqom. “While our process grid allow managers to view and manage compensation for a team, the individual compensation planner gives a manager the ability to dig deeper into an individual and recommend target packages, model multiple outcomes, while viewing as much current and historical reference data as possible. This level of control simply has not existed in the past, and it helps companies in financial services—and every industry— retain and motivate their top performers.”
Also featured in the release is a new budgeting feature that helps managers allocate compensation pools to their teams by giving managers real time views of their compensation budget and decisions, so that processes like merit increases and bonus awards are sure to stay within budget.