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Creating an employee compensation strategy involves managing all of the ways your employees are compensated, as well as the ways those compensation decisions are made. Effective compensation planning is an important factor in talent management as well. A well-considered total rewards package can play a major role in attracting and retaining top talent and improving employee engagement within your company. Many organizations offer complex compensation packages including both monetary and non-monetary payments, but the base components generally include: Annual salary or hourly wage
That’s a lot to manage by hand, so many HR leaders rely on compensation management software for saving time and improving accuracy. Automated compensation management solutions are invaluable tools for analyzing real-time market data that helps you decide on competitive compensation packages and plan performance-based compensation to reward your organization’s high performers. Cloud-based human capital management software helps you link performance management tasks like employee reviews to your compensation program while keeping all personal data confidential.
Ascentis' powerful talent management software can help you with all of your compensation planning needs.