Selecting A Compensation Management Solution

Workforce Management, October 2, 2008 | Go to article overview

Selecting A Compensation Management Solution


WORKSCAPE

With compensation at the heart of employee rewards strategy-and one of the largest expenses for most businesses-selecting the right solution for your organization is challenging. Taking a strategic view helps to ensure the selected solution will position you for growth; engage, develop, and retain top performers; and improve corporate performance. We'll explore eight considerations for organizations selecting a solution.

1. Align with your talent management strategy

A compensation platform is a link in the overall talent-management chain that that includes performance management and succession planning. Properly executed, a pay-for-performance compensation program supported by the right system improves retention, optimizes organizational performance, and increases employee motivation.

2. Link Compensation Results To Performance

High-performing organizations have incorporated pay-for-performance into their talent management initiatives to improve individual performance and overall corporate results. Align performance and compensation by integrating performance-based scoring metrics with compensation-by linking rewards to performance and shifting award spending up the performance ladder, you can focus incentives on the organization's top performers, and drive higher employee satisfaction and retention, and foster a culture of accountability.

3. Drive Consistency and Alignment with Reporting and Analytic Tools

Management teams need reports for planning, budgeting, and compliance. An effective compensation solution provides detailed analytics, modeling tools, graphics, and summary statistics to support strategic decisions. It also must provide dynamic update and drill-down capabilities for real-time visibility into the planning process to identify and resolve issues proactively.

4. Verify Information Security

Employee and compensation information is a tempting target for hackers, disgruntled subordinates, and nosy coworkers. Can your technology partner demonstrate the frequency, depth, and strength of its third-party auditing methods? What security measures are in place to prevent data interception and corruption?

With sensitive compensation data, you must ensure your vendors, partners, and employees meet company and industry standards for security.

5. Establish Project Ownership

Capital expenditures have significant approval hurdles, so you need an executive-level champion-from IT, finance or HR-who can secure stakeholder commitment across departments. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Selecting A Compensation Management Solution
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.