When an organization has no centralized repository of compensation information, line managers and HR managers are left to plan how to keep track of the projects or other qualifying events for the compensation
Sycamore, IL (PRWEB) August 19, 2009
Compensation specialists and HR management who are increasingly expected to be strategic partners to their organizations can find help in a new video series from KnowledgePay.
In an ongoing series at http://www.knowledgepay.com/solutions.html, KnowledgePay Chief Executive Officer Chris Kelley examines varying organizational issues and pain points compensation professionals often encounter.
One scenario depicts the problems presented by special compensation actions (project bonuses, retention agreements and sign-on bonuses). With recent tax law changes, the IRS can demand taxes from the organization if it cannot document the "qualifying event" for the future payments.
"When an organization has no centralized repository of compensation information, line managers and HR managers are left to plan how to keep track of the projects or other qualifying events for the compensation," said Kelley. "This is a huge problem if tracking is done after project completion, for example, yet the IRS is demanding tax payments now."
Using the KnowledgePay compensation management software system, the company has a full view of the individuals involved, with links to the special compensation promised. Via a mouse click, they can also see project status and the bonus details within a signed PDF file. The system generates reports for all pending organizational compensation actions, sends out notifications, and simplifies analysis of individuals' current qualifications to receive the compensation. Previously, the company had no way to generate such information, especially by a mouse click.
In another episode, Kelley describes a company experiencing a 20 percent turnover in their IT organization. The HR manager looked at exit interviews and discovered people were leaving primarily because of lack of career opportunities--not pay.
KnowledgePay reports enabled the HR manager to analyze jobs, pay ranges and whether the jobs were filled internally or externally. Creating a new middle-level position and eliminating a senior position provided entry-level programmers a career path and also improved employee retention. Using KnowledgePay enabled the company to achieve over a 300 percent return on investment.
A third episode examines the ways an organization managed the risk and increased the efficiency of compliance with the Fair Labor Standards Act (FLSA).
The compensation intelligence provided by KnowledgePay software contributes to the company's bottom line and advances compensation professional's reputation as a strategic partner.
The regularly updated video series is available at http://www.knowledgepay.com/solutions.html; no registration required.
KnowledgePay, Inc., http://www.knowledgepay.com, delivers enterprise HR software with a relentless focus on compensation intelligence. KnowledgePay's innovative on-demand technologies help organizations and their people succeed by maximizing engagement, alignment, passion and productivity. KnowledgePay solutions integrate all sources of compensation and job data with groundbreaking analytic tools to drive HR productivity and business results.
This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company listed above.