Compensation and Incentive Management Solution

One of the greatest challenges facing companies today is retaining good talent. Keeping experienced, high-potential talent is key to sustaining a competitive advantage; while losing the same, can mean a financial and emotional drain for an organization.

Although compensation isn't the only factor that contributes towards talent loss, it certainly is a key. Critical talent retention, going forward will to a large extent depend on how well compensation plans are designed.

Designing a well-planned compensation plan requires access to up-to-date compensation information about one's employees, drawing of different salary planning scenarios, in-depth analysis of the compensation structures, calculation of performance-based base salary increases and of bonus and profit sharing.

All the above means working with a lot of data and doing so on static spreadsheets can be both energy & time consuming. Alternatively web-enabling the entire salary planning process ensures the consolidation of data coming in from varied sources and an equal easy at creation, analysis and approval of plans and having the same fed to your payroll database.

With the Compensation Management solution , which we can develop & customize, you can clearly & easily administer your company's different salary components and achieve heightened comprehensive salary planning.

Features:

BeakWare's compensation management solutions provide the features and functions to fully automate all aspects of your compensation & benefits process.

The Key features include:

• View employee, job, and market analysis information
• Graphically view various pay, performance, and budget information
• Analysis of presently used compensation structures
• Efficiently model, implement, and monitor incentive compensation programs with easy to create business rules
• Create a flexible, rule-based compensation system: use historical sales trends and incentive performance data to create different compensation scenarios. Have the same analyzed with the estimated budget impact and make informed choices
• Monitor your sales performance, analyze your incentive decisions and align sales with new strategy
• Automatic calculation of performance-based base salary increases
• Performance-based calculation of bonus and profit sharing
• Permit higher-level managers to review and approve award recommendations
• Generate standard reports and create custom reports
• Export transaction records to your HRIS to process the awards

Other features include:

• Entering future changes into the system, without affecting the current period
• Research and resolve disputed sales credit situations
• Customize territory definitions
• Create unlimited compensation plans
• Create multiple hierarchies per payee
• Maintain a comprehensive demographic and compliance database
• View structured salary comparisons of all employees
• Web-based reporting and statement distribution
• Employees can view the developments of their total salary components & benefits
• Real-time tracking of how pay for performance guidelines are being followed

Some of the Benefits are:

• Total compensation analysis
• Structured overview of all salary components
• Unification of different compensation systems
• Integration between skills management and performance management
• Performance related pay
• Support for salary decisions
• Plan long-term incentives (stock options etc.)
• Flexible reporting for all salary ranges
• Value-added data for managers to make budget-conform pay decisions
• Analyse the impact of salary adjustments
• Automatic upload to payroll systems
• 100% accuracy of all commission payout, by replacing manual paperwork and stale spreadsheets with on-line data
• Be able to quickly modify plans as market situations change, without any IT resources
• Shorten the time taken to manage the compensation process and in turn reduce the costs involved
• Enjoy enhanced employee loyalty and performance through consistent and competitive compensation plans

Web enabling your compensation process creates a consistent link between compensation and performance & consequently helps achieve comprehensive salary planning. The consistent link implies comprehensive & timely gathering of performance data, quick review and awarding of benefits.

Not only will your managers be happy with the easy with which they are able to administer compensation and benefits; but also, your employees for the fact that they will be recognized and aptly rewarded for their labor.

BeakWare makes it possible to manage and take advantage of your pay-for-performance plans & to consequently enjoy the benefits of a performance oriented culture.

Contact us with your compensation and incentive management solution requirements. Our team will get back to you within one business day.