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New Paycor solution allows HR leaders to manage all aspects of compensation in one system
FINANCE | SALES & MARKETING | CUSTOMER EXPERIENCE | HR SOLUTIONS uman 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 .” �
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