"As the coming war for talent escalates new compensation tools and strategies will be critical for business success," said Robert Levy, president of HRTS.
Providence, RI (PRWEB) January 22, 2013
HR Technology Solutions, Inc. today announced a new version of its robust HRToolbench Compensation module providing HR professionals with the ability to turn compensation administration into a strategic business engine. The enhanced Compensation module delivers all the necessary tools to compile, analyze and manage employees’ salaries efficiently, strategically, and cost effectively.
The new Compensation module enriches the salary administration process by gathering employee information from across the HR spectrum to enable informed, strategic and fair employee compensation decisions that support a “pay-for-performance” culture. The module also handles multi-national currencies for global salary administration.
“HR professionals typically administer employees’ salaries using disconnected spreadsheets with limited data,” said Robert Levy, president of HRTS. “Managing different internal and external compensation data elements is a complex and time-consuming challenge. The HRToolbench Compensation module combines all the necessary data with sophisticated compensation administration tools to provide a comprehensive solution.”
The HRToolbench Compensation module provides HR professionals the ability to:
- Manage competitive salary grade structures and ranges
- Analyze external salary survey data
- Evaluate internal job worth
- Assign jobs to salary grades using external or internal information
- Identify employee pay equity issues, and
Plan and control the merit review and recommendation process
Strategic Benefits for Executives
HR professionals can design possible merit increase guidelines scenarios and then model the cost of each scenario prior to implementation by testing the scenarios against employees’ current salaries and performance ratings. This information provides Executive leadership insight into the competitiveness of current salaries and the projected cost and strategic impact different increase scenarios will have on the organization’s ability to attract and retain a workforce capable of executing the business strategy.
Successful Engagement of Managers
Supervisors and managers are provided rich and varied performance and personal information about each employee to support individual employee salary increase decisions. Supervisors have the flexibility to formulate and recommend individual employee merit increases and salary adjustments within guidelines personalized for each employee. Merit increases are allocated to maximize the motivation and retention of top performers. The frequent practice of giving the same salary increase percentage to all employees is replaced by performance-based increases communicating the message that performance matters and will be recognized.
In addition to the HRToolbench full function Compensation module, HR Technology Solutions, Inc. provides an integrated suite of HR solutions as well as expert compensation consulting and advisory services to help clients transform their compensation administration process into a “best practices” approach that results in a talented and motivated workforce.
About HR Technology Solutions, Inc.
HR Technology Solutions helps organizations increase their productivity and profitably through a combination of talent management technology and HR consulting services designed to boost workforce productivity, reduce administrative costs, and measurably contribute to an organization's strategic and financial goals. Organizations seeking Web-based talent management tools and HR consulting services that will help them attract, retain and motivate employees and increase organization performance are invited to inquire.
For more information, please visit http://www.hrtoolbench.com or call 877-444-4787.