Waltham, MA (PRWEB) March 27, 2006
Today, Nuvosoft®, Inc. announces that T. Rowe Price has streamlined its compensation planning process with Rcomp®, Nuvosoft’s proven automated compensation management software. Rcomp is a secure, Web-based application providing compensation analysts and managers with real-time access to information. This access to information in real-time allows organizations to use compensation management as a strategic process to drive better decision-making.
T. Rowe Price replaced a complex, manual spreadsheet-driven planning process with Rcomp’s online, Web-based interactive system. T. Rowe Price streamlined their entire program, adding automated checks and balances and eliminating a paper-based system. During this process, they gained access to real-time compensation information.
“We wanted more than automation of our process,” stated Marsha Anderson, HRIS manager at T. Rowe Price. “We were searching for a solution that was easy for our managers to use; flexible, so we could adapt it to our business processes and feature rich, with the analytics that would offer our business a distinct advantage.”
With Rcomp, T. Rowe Price Managers, HR Generalists and Compensation Analysts have real-time access to information that enables the company to use the process strategically. Managers have online access to all the information necessary to make recommendations and also see how individual compensation allocations effect their department’s budget. The HR generalist is able to monitor the process online and offer support to managers when necessary. The Compensation Analyst can monitor the overall process and report to executives how the allocations are proceeding – to plan, or above or below plan.
“We wanted a compensation application that would allow us take advantage of the real-time analytics that an online system should offer,” added James Roe, Sr. compensation analyst at T. Rowe Price. “From the ability to model in the compensation department to a manager being able to see the effect of a merit increase on his/her budget, this was a key reason to moving to an automated system and making us more efficient as a business.”
More About Rcomp
For managers, Rcomp provides access to the information necessary to make the best possible recommendations for salary increases and short-term and long-term incentive awards including support for multiple currencies. With the ability to access this information quickly and easily, companies can involve more managers in compensation management, which, in turn, improves internal customer satisfaction.
Through a password protected, role-based security system, managers can view only the employees that directly or indirectly report to them. This is handled through a progressive lockout function that secures the worksheets as they are submitted to higher levels of management.
While Compensation is able to view all the employee recommendations, Rcomp’s security is designed to provide secured proxy access to HR and Finance executives, HR Managers and other appropriate executives. This proxy-level security ensures an employee’s privacy while providing information to the appropriate executive staff.
Before recommendations are entered, Rcomp facilitates a clean reporting structure. Using Rcomp, managers note who is reporting to them and who is not. Human Resources and Compensation are then able to correct the employee lists so that when the recommendation process begins, managers have only their employees to consider. This process takes care of any ‘orphan’ or un-assigned employees. Rcomp also automates the printing of employee rewards.
Complex Incentive Plans
Rcomp offers flexibility in its configuration settings to make it easy for Compensation to plan and control complex incentive plans. For example, each compensation plan within a company has its own set of rules and Rcomp is easily configured to dynamically support these rules whether based on performance ratings, ratings within quartiles, or general ranges across compensation plans. This allows Compensation to customize the planning process to assist managers while maintaining compensation equity.
Executive Reporting Features
An Executive Dashboard presents real-time compensation benchmark information in an intuitive graphical interface. For a President, CEO or VP, this tool provides the ability to quickly view a compensation analysis of recommendations against budget, examine the distributions of performance ratings across the company, division, or business unit, see the status of different managers, or other types of compensation information either alone or by comparison. The Executive
Dashboard, like the entire Rcomp application is dynamic, capable of rolling up totals at any reporting level within the organization in real-time.
Rwiz® Reporting Tool Fully Integrated
Nuvosoft’s powerful reporting tool Rwiz is fully integrated into Rcomp enabling Compensation to create reports that can be published to the Web and run by Managers, HR Managers, and Compensation Analysts. By publishing these reports on the Web, the management team can run, sort, recall results from a previous run and display reports by categories. In viewing reports, users can filter a report, hide a field, or sort on a different column. With the visualization and graphics features of Rwiz, Compensation and HRIS are able to provide customers with a quick understanding of data by delivering reports that are easily manipulated by the end user into their preferred presentation method.
For more information about Rcomp contact Gin O’Leary at Nuvosoft at 877-525-2010 or gin_oleary at nuvosoft.com.
About T. Rowe Price
Founded in 1937, Baltimore-based T. Rowe Price (Nasdaq: TROW) is a global investment management firm with $269.5 billion in assets under management as of December 31, 2005. The firm provides a broad array of mutual funds, sub-advisory services, and separate account management for financial intermediaries, retirement plans, and individual and institutional investors. T. Rowe Price’s disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research.
Nuvosoft’s HR functional experts and software architects implement technology that streamlines business processes to improve a company’s operations and positively impact its bottom line. Through its Rcomp®, Rperformance™, Rbenefits®, Rwiz® products and consulting engagements, Nuvosoft customers are empowered to derive the maximum information and benefits from their HR systems.
Copyright 2006 Nuvosoft, Inc. All rights reserved. Rcomp, Rperformance, Rbenefits, Rwiz and Nuvosoft are trademarks or registered trademarks of Nuvosoft, Inc.
Press Contact: Pat Arcand, Arcand & Madison, Ph: 617-576-7777, email: patarcand at comcast.net
This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company listed above.
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