From the course: Human Resources: Understanding HR Systems Features and Benefits

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Compensation management

Compensation management

From the course: Human Resources: Understanding HR Systems Features and Benefits

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Compensation management

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- Compensation management is nothing new but it is when it comes to HRIS systems. Compensation management is designed to help an organization maximize the returns of available talent. The ultimate goal is to reward the right people to the greatest extent, for the most relevant reasons. This can include the creation of proper wage and salary levels, managing raises and promotions, and incorporating bonuses and other compensation incentives. You may also want to determine if your overall compensation levels are staying in alignment with strategic initiatives. Compensation modules are offered by a limited number of HRIS programs. While the payroll features are there to make sure employees get paid, the compensation features are there to help decide and manage how much they should be paid. I remind you, what employees want more than anything else, is a fair day's pay. An HRIS can allow a company to define compensation packages across all areas of an organization, using just one system. An…

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