EmpXtrack Compensation Planning Software
Allow line managers to participate in compensation planning process and encourage Empowerment.
Pay for performance is used by many leading companies as a performance driver. Calculation and compilation of this component of remuneration (often called PLB) is a time consuming and complex task that requires collossal effort by the HR. Pay For Performance module automates the management process based on the allocated budgets .
This module contains workflows to gather feedback from managers about the suggested increments for each of their team members.
Features of EmpXtrack Compensation Planning Software
- Allows the administrator to start an increment cycle synchronized throughout the company.
- Involves line managers in helping decide increments for their employees.
- Allows setup of rules by the HR (compensation planners) to define the increment bands, bonus criteria etc.
- Encourages real time feedback to managers and a collaborative framework to allow full participation of both managers and HR to take decisions about the increments.
- Generates annual increment award letters for the employees.
- This module facilitates setting up of performance indicators and their measurements.
- Provides a number of pre-defined measures to assist in setting up of performance indicators and allows addition of new measures.
- Provides a mechanism to create performance sheets for each employee or target group (team).
- Sends messages to employees to view their variable pay performance targets.
- Allows input of achievements for each performance indicator. Calculates employee score based on the performance sheets.
- Can integrate with appraisal scores, employee attendance, training, and other employee related issues which may impact performance pay.
- Automatically calculates performance bonus for each employee
- Enables export of the bonus details into the payroll software. If EmpXtrack Payroll is used, the Performance Reward details are transferred on approval automatically.
- Provides management reports & a tool for on-line analysis of financial impact.
Automate your Salary Increment process with an easy to use and customizable software! |
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