As many organizations undertake HR transformation initiatives, they are starting to realize the benefits of moving to a cloud-based HR platform. Regardless of the vendor, a reliance on the HR platform for sophisticated compensation has proven to be too restrictive, leading to increased risks and compromises.
This was the message delivered in a recent WorldatWork Workspan supplement. Developing technologies and a growing need for increased transparency has led many large organizations to explore the power of strategizing their compensation practices, to ensure that you manage rewards and compensation effectively, and without any restrictions.
Why Focus on Compensation?
Are you paying your people fairly? What kind of retention issues do you have? Do you understand the strategic value of compensation?
Relying on your core HR suite for end-to-end compensation management can put your compensation strategy at risk resulting from a loss of functionality, process coverage, non-compliance and unforeseen costs.
A best of breed Total Compensation solution can address the requirements and complexities that your HR suite is unable to meet. A secure, integrated and fully configurable compensation solution integrated within your HR core platform offers a range of benefits:
- Improved Performance – Happy employees are motivated and committed, driving greater efficiency and productivity.
- Increased Efficiency – Process centralization and automation, leading to significant reductions in time and costs spent on process administration while providing a clear picture of all compensation and performance elements.
- Increased Retention – Employees have a clear picture of their total compensation, how their performance is linked to their compensation, and if it is fair.
- Compliance – Internal and external process compliance, transparency, and auditability, protecting them from costly and regulatory fines.
Read how beqom can address the requirements and complexities that your HR suite is unable to meet in the Workspan Total Rewards Solutions supplement.