Thursday 14 December 2017

Retaining Employees Made Easy with Compensation Management Software

Compensation management software is an integral tool for the human resource team of any major corporation or organization. It was developed in response to online tools such as Glassdoor used by employees to demand better compensation packages. Alternative human resource management policies adopted by various corporations to gauge performance metrics have led to employees leaving for better opportunities.

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Integral Employee Management Tool

End users of the software include large organizations and small and medium enterprises (SMEs). SMEs are expected to make use of the software in order to retain their top employees. Easy storage facilities afforded by the Cloud are also expected to influence the decisions of these companies in purchasing it. Compensation management can be used by major corporations to make astute decisions regarding their employees. The integration of various applications, including compensation management, will prove valuable to companies in enhancing their employee rewards and incentives programs. An instance of this is UltiPro Compensation Management software, which assists human resource managers in making informed decisions regarding their employees.

Large enterprises can employ the software to gauge employee performance and reward them accordingly. American International Group (AIG), one of the biggest insurance companies, has used compensation management software by Incentive Solutions to decide on salary increments for their customer sales representatives. Complex calculation processes were made easier with the help of algorithms. Employees could get a sense of their expected bonuses due to the transparency in the system.

Market Overview

The global compensation management software market is anticipated to display tremendous growth over the forecast period (2017-2022) due to changing skill sets of employees and competitive industry salaries. Demand for automated management processes is expected to drive market growth. Shift towards digitization and increasing adoption of software to retain talent are other factors that can influence the market. Changing economic policies with the emergence of startups and micro-enterprises are also predicted to impact the market.

Key market players include Workday, Inc.; Ultimate Software Group, Inc.; Oracle Corporation; and PayScale, Inc. Mergers are a common strategy to expand consumer base. For instance, PayScale recently merged with MarketPay to attain the technology for gaining current compensation insights in the latest industries.

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