Manage Compensation to Reward Performance and Productivity
True Compensation Management should be an ongoing, strategic discussion throughout the year and not simply an annual process of increasing historical pay figures by a defined percentage before being submitted, analyzed, reduced and rolled up into an overall company budget. A balance must be struck with as much focus given to rewarding and retaining existing employees with pay and other incentives, as well as attracting new talent. Many companies are still operating under this archaic, manual process of disseminating salary spreadsheets to various managers and cost centers and attempting to collect and merge all the data. Given the time-consuming and error-prone nature of this process, there is little wonder why so many opt to undertake this monumental task just once a year. Today’s dynamic and competitive labor market demands better if employers wish to stay relevant. Implementing a strategic compensation is top priority for employers and HR professionals who recognize the direct correlation between talent acquisition and retention and corporate success, growth and ongoing innovation.
Checkmate HCM provides a complete Compensation Management solution that lets you manage your ongoing compensation strategy in real time. With comprehensive anytime access to all of your employee compensation-related data you can quickly shift gears after winning a new contract to hire the necessary personnel to deliver on time and on budget, continually improve your succession planning to promote engagement and advancement opportunities for existing key employees and hire top talent when they become available to drive company growth and initiatives.