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Compensation Planning

Reward Performance Equitably

Compensation planning software

Compensation Planning Software

Compensation Planning by TalentGuard enables companies to:

  • Recommend pay increases based on performance rules and guidelines
  • Allocate budget, salary, bonus and incentive stock across different groups
  • Establish various program types, approval hierarchies, and workflow
  • Generate total reward statements and deliver them via email

TalentGuard’s Approach

TalentGuard’s Compensation Planning software helps companies move beyond the “one and done” review process that encourages rank and pay discussions to an efficient and focused strategic business process.  Our solution removes the pain and hassle of typical spreadsheet oriented reviews and allow companies to focus on the result and not the process.

Compensation Planning Defined

Annual Compensation reviews are a critical component in building a sustainable business. Companies can offer several forms of compensation, salary, bonus, stock options, etc.. But it is important to support the integral business rules that guide users through the recommendation process while ensuring rigorous governance in line with reward policies and budgets. This can transform the pay review process from a highly complex and time-consuming experience to one that is automated and engaging.

Request A Demo

We invite you to request a Compensation Planning demo and see for yourself how TalentGuard can help.

Compensation Planning Key Features

Salary Banding/ Structures

Our solution is configurable to quickly meet your unique salary requirements and as your business changes our solution can adapt at the same pace.

  • Configure multiple review sections, including goals, competencies, sections comments, rating models, etc.
  • Links salary planning data to job profiles/descriptions including education, skills and competencies.
  • Enables administrators to create salary structures by job and set minimum, mid-point and maximum salary levels,
  • Supports broad banding salary structures,
  • Models new salary structures and determines the impact of changes on costs and employees.
  • Ability to override exceptions to configurations by job family, Salary grades, Division, specific employees.
  • Supports designing internal pay structures and analyzing the organization’s pay practices.
  • Supports compensation analysis and pay-structure development across multiple countries and currencies.

Job Valuing / Market Pricing

Provide access to market information to use during salary planning and benchmarking to ensure competitive pay.

  • Enables indexing of salary ranges to reflect local labor market compensation practices.
  • Supports integration with market rate data.
  • Supports salary structure rules utilizing market rate or percentage of market .
  • Supports a variety of methodologies for building market rates.
  • Supports comparison of an organization’s pay structures and practices to the external market.
  • Ensures that the organization’s pay targets are aligned with the external market.
  • Supports accommodation of legislated regulations that affect compensation.
  • Integrates and synthesizes external survey data (national, regional, and local).
  • Provides tools for combining data from multiple surveys into market composites.
  • Streamlines the process of participating in compensation surveys.

Manager’s Access

A single consolidated view of all data used in the compensation review cycle and automated workflows enable manager and oversight of approval workflow status and a real-time view of budget spend and compensation recommendations.

Our technology provides the following workflow functionality for easy administration and monitoring:

  • Provide managers with budgets and guidelines to ensure accurate pay decisions.
  • Enables managers to access an employee’s compensation history from the worksheet.
  • Enables managers to easily access employee/talent profile information from the compensation worksheet including performance history, potential, special competencies & skills, succession plan information, flight risk information, and mobility.
  • Enables manager to save several draft plan scenarios prior to submitting compensation plan.
  • Enables managers to link incentives to specific employee goals.
  • Enables managers to view performance ratings and/or succession ratings on the compensation worksheet.
  • Enables managers to view the compa-ratio of employees on the compensation worksheet.
  • Enables managers to view compensation planning worksheets for direct reports and subordinates.
  • Provides managers with a compensation worksheet to allocate merit-based pay including bonuses, lump sum, short-term/long-term incentives, and stock awards.

Budget and Allocation Governance

Ensure your compensation spend is aligned to your business goals and values but within company permitted budgetary guidelines or corporate policies. Our drag and drop report builder allow you to easily demonstrate fairness, equity and transparency, as well as legal and regulatory compliance.

  • Provides fast and easy access to detailed job and compensation data.
  • Streamlines salary planning and the budgeting process.
  • Ability to manage multiple plans and budgets.
  • Supports multiple compensation worksheets based on compensation practices and frequencies.
  • Ability to consolidate worksheets.
  • Provides readily comprehensible views of the levels of compensation ranges and where employees stand within the appropriate ranges.
  • Provides data for competitive pay calculation for all employees (i.e. hourly, part-time, contingents, contractors, etc.).
  • Applies salary and wage differentials based on geographical areas associated with particular work locations.
  • Enables display of eligible and ineligible employees during compensation planning workflow.
  • Enables administrators to set parameters for merit guidelines and eligibility rules.
  • Supports multiple pay practices by business unit, location and job.
  • Supports ability to cap compensation adjustments at maximum or indicate when over maximum.
  • Ability to store more then one annual compensation rate.
  • Ability to capture recommendation from line managers in $ amounts or % (LTI grants).
  • Recommends merit increases based on compensation planning criteria, such as performance rating or multiple inputs that be weighted (i.e. readiness, succession placement).
  • Enables weighting of salary adjustment criteria (i.e. 75% performance rating, 25% succession placement).
  • Supports discretionary, non-discretionary, or partial discretionary payment guidelines (i.e. 80% of target nondiscretionary and remainder discretionary).
  • Supports display of compensation data on worksheet including salary, bonus/equity plans, incentive history, allocated stock, etc.
  • Supports multiple currencies assigned to individual, manager or division.
  • Enables roll up of multiple currencies into corporate currency standard.
  • Supports display of team budget summaries (i.e. percent of budget utilized).
  • Supports employee salary comparison by grade, position and division.
  • Supports multiple approvers of plan recommendations and return denied plans to originating manager.
  • Enables a compensation plan history audit trail including approvals, denials and comments for all actions taken on plan.
  • Supports multiple payout periods, off-cycle rewards, and complex calculations.
  • Supports building salary budgets.
  • Supports roll-up of cascading budgets.
  • Enables native integration with their payroll system.
  • Develops a compensation strategy that attracts the kind of talent the organization needs.

Reporting / Analytics

Provides a central data repository and powerful reporting tools to consolidate compensation and compensation related data in the one place with the ability to report against this throughout the year. This ensures your compensation planning, modeling and analysis is accurate, timely and supports your strategic decisions.

Access important information using standard reports and custom reporting capabilities.

  • Provides actionable business intelligence through reporting and analytics tools.
  • Supports compensation analytics (e.g. over/under compa ratio, performance vs. compa ratio, bonus, equity).
  • Supports complex scenario analyses (e.g. cost to bring high performing employees in Job ‘A’ to market rate).
  • Enables users to analyze compensation data and related factors such as job title and performance.
  • Ability to have dashboards (as well as graphs).
  • Ability to compare employees for Compensation.
  • Displays key data via dashboards.
  • Includes standard reports.
  • Includes tools for ad hoc reporting.
  • Tracks and reports on global compensation.
  • Ability to report in multi currencies.

Intuitive Platform

Our user intuitive platform provides mangers and decision makers with access to all the critical information required to make an informed pay decisions that ensure you reward performance and retain key employees.

  • Display and view help and reference tools that can be selected tools by link or mouse hover top.
  • Dashboards are visible every step of the way.
  • Templates are provided with quick population and print capabilities.
  • Mangers can enter information quickly for roll-up to corporate.
  • Export data into cvs files.

Compensation Planning Benefits

Maximize Business Impact

Rewarding high performers with commensurate compensation is the best to way to ensure that they stay motivated, productive, and most importantly with your company.

Control Costs

Line managers need to be given the freedom to compensate their employees according to their performance. Allowing them to do so with rules guidance and budget alignment is the key to empowerment.

Ensure Fairness and Transparency

Pay should always be equal the worth of the job of an employee. Employees doing similar jobs should be paid equally and likewise, more qualified employees should be paid better.

Enforce Compliance

System adherence to governmental compliance of minimum wages, bonus, allowances, benefits etc. takes the burden off of HR and management to allow more thoughtful planning.

“Curo have done a great job at delivering a world class compensation solution that meets the needs of our growing business. The solution is highly intuative and has provided our managers with a front end portal that manages the online entry of compensation decisions therby streamlining the approval process. We are confident that Curo will continue to grow from strength to strength and look forward to building upon our relationship over the coming years”

– Mili Handa – Global Head of Compensation, Benefits and Payroll Services, Markit

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Request a Live Product Demo

Have more questions? Want a real person to walk you through a live demo of our Compensation Planning software? We’re happy to help out!