Name: HR Tutorial - Compensation management with HRIS
Uploaded: 2022-09-04T18:31:11.000Z
Duration: 3 min 29 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

- Compensation management is nothing new,

Compensation management is designed to help an organization

maximize the returns on available talent.

The ultimate goal is to reward the right people

to the greatest extent, for the most relevant reasons.

and incorporating bonuses and other compensation incentives.

are staying in alignment with strategic initiatives.

are there to make sure employees get paid,

to help decide and manage how much they should be paid.

And I remind you what employees want more than anything else

An HRIS can allow a company to define compensation packages

across all areas of an organization using just one system.

An HRIS can help tailor compensation packages

For example, an HRIS allows you to align employee awards

you can define packages, plans, and programs

using data from the HRIS and the marketplace;

specify compensation components such as base pay,

bonuses, allowances, and so on, to measure total pay;

when you need them to make better pay decisions;

or other compensation information providers.

Once again, a handful of sophisticated HRIS programs

which is very important given Equal Pay Act requirements.

As stated by the compensation administrator

the entire merit and performance review cycle.

In Workday, this process has been reduced to three weeks

Compensation management is a strategic objective

Having compensation data at your fingertips

is a huge advantage when executing this goal.