Human Capital Management (HCM) company Paycor has launched Paycor Compensation Planning, a tool for HR and business leaders to seamlessly plan, manage and execute pay increases, bonuses and rewards across their entire organisation.
Automating compensation events in one system takes the complexity out of planning so HR and business leaders can focus on building effective compensation programmes that help drive recruiting and retention, eliminating workforce challenges like high turnover and missing out on top talent.
Rapid changes in the workforce and economy are adding new demands and pressures on compensation strategies and programmes. According to Deloitte, 69% of organisations say the changing nature of compensation expectations and strategies is important or very important for their success over the next 12-18 months, but only 9% say they are ready to address this trend.
Paycor Compensation Planning eliminates the complexity of compensation planning with automated workflows and guided decisioning support to ensure salaries, bonuses and employee rewards are equitable and competitive.
Key benefits of Paycor’s Compensation Planning include:
- Automation of the planning process – With one single source of truth to plan and manage compensation, HR and business leaders never have to rely on cumbersome spreadsheets or enter data in multiple places. Paycor Compensation Planning gives leaders time back in their day to focus on pay and retention strategies, not manual work.
- Customisable solution for your unique needs – Each organisation manages compensation differently. Paycor Compensation Planning automates workflows, creates approver and event notifications, and offers robust collaboration tools to enhance the user experience and meet your needs. Paycor Compensation Planning is fully customisable – administrators can create assignment and launch rules by department, hire date or to specific employees.
- Informed decision-making with intuitive support tools – Paycor Compensation Planning provides leaders and managers with guidelines and pay increase recommendations based on employee performance. Administrators can create ‘what-if’ scenarios, see calculations before committing to actual figures and view comp-ratios for each employee.
- Mitigate risk and ensure fair pay practices – With strict penalties and potential fines and lawsuits, HR and business leaders are closely monitoring pay equity. When paired with Paycor Analytics, Paycor Compensation Planning empowers leaders to evaluate pay practices by analysing compensation across various attributes including department, location and job title to help businesses stay compliant.
Ryan Bergstrom, Chief Product Officer at Paycor, said: “Compensation is essential to holding onto and motivating a company’s workforce.
“Paycor Compensation Planning allows us to help HR and business leaders to better manage and plan their compensation strategy to retain their workforce and grow their businesses.”