Compensation

Compensation is a significant expenditure for organizations. That being the case, a Compensation policy is required, that supports the Business Strategy of the organization while attracting and retaining staff members.

A Compensation plan is put together out of a number of elements including salary, retirement scheme, insurance, extra leave and benefits, such as free phone, car, computer, internet connection and more. Furthermore, the concept of variable salary, based on employee Performance, is often introduced into the equation. With MindKey, the Performance based salary can be generated from a combination of different contributions and their individual weights. Suggestions for a Performance based salary can be generated based on Targets, Competence Reviews and attendance to responsibilities.

Examples from the Compensation Module

Evaluation charts provide a complete overview, related to final decisions regarding new fixed salaries, seniority adjustments and variable salaries. The input is formed of various salary informations and Performance evaluations by managers and employees.

Evaluation chart continued, including key figures and detailed information on every single employee.

Report example of current salary information from a department.

Report example of a salary specification by employee, including annual salary and bonus amounts.

A sophisticated evaluation function provides a complete overview and salary proposals for all staff members. Based on the current salaries, it proposes an updated salary that includes variable additions that may be awarded, based on Performance- and Target evaluations from the yearly reviews.The salary proposals can be corrected if required and simulations such as salary statistics, comparative reports and performance based salaries can be performed.

Key Functions

• Payroll data is included to the Employee Master data
• Compensation management, that supports the short- and long term Incentive planning
• Supports both short- and long term incentive planning
• Performance based salary that fully integrates into Target management and Competence evaluations
• Overview of employee Performance Evaluations including past salaries and proposals for new fixed and variable salaries
• Evaluation function for updating new fixed salaries and variable additions
• Review meetings become more efficient with the opportunity to calibrate levels at the meeting
• Integration of compensation data into other systems is prepared
• Simulations
• Reports and analysis offer a full overview including comparisons of different departments or time frames