Attracting and retaining the top talent in your industry is crucial to the future success of your business. In order to do this, you want to ensure your compensation packages are competitive and attractive to prospective employees and your benefits packages keep them happy and motivated.
Compensation and Benefits often includes an employee’s base salary and additional benefits, such as health insurance, retirement plans and performance bonuses. The compensation packages a business offers to employees affects the company’s recruitment rate, retention rate and employee satisfaction.
The 5 Key Objectives of Compensation Management:
- To Attract Top Talent
One of the primary goals of compensation and Benefits should be to recruit qualified talent. When you have a competitive compensation plan in place, you’ll be better able to attract top industry talent.
- To Retain & Reward Personnel
Don’t lose your top talent to your competitors because employees believe that the grass will be greener elsewhere. Find out market values for your employees and pay accordingly. You can also set up pay-for-performance models to drive performance by encouraging associates to reach new goals and push farther.
- To Boost Motivation
When structured effectively, your compensation & Benefits plan can drive motivation across your teams. Employees who know that they’re being fairly compensated for their work feel appreciated and are therefore more likely to stay engaged, committed, and productive. A well-developed compensation as well as benefit plan can also increase job satisfaction.
- To Be Compliant
Compensation isn’t just about being fair within the industry; it must also comply with the Labor Laws. While adhering to standards can complicate your compensation & Benefits management, it will help protect your company against litigation and ensure fairness across the board for your personnel.
- To Maximize ROI
It requires some fine tuning, but compensation & Benefits management is most effective when you get the biggest bang for your buck. In other words, if you can create a compensation & Benefits plan that stays within budget while also driving productivity through pay-for-performance and other motivational tactics, you’re creating a plan that’s both equitable for the company and advantageous for hardworking employees.
Compensation & Benefits management software can simplify planning processes to help you achieve all of the objectives listed above without overburdening HR. In addition, you can tailor it to your organization to prioritize the objectives that are most important to you.
Wolke is at the forefront of HRMS and Payroll Software Solutions and has extended its new service in a new area SaaS- Software as a Service (SaaS) which is a HR and Payroll software delivery method that provides access to software and its functions remotely as a Web-based service.
Wolke’s software licensing and delivery model is flexible, scalable and economical wherein a software is licensed on a subscription basis and is centrally hosted. It’s easy to implement and works on taking on new modules as and when needed. SaaS is typically accessed by users using a thin client via a web browser. Talk to us for an economical switch on switch off model.
Wolke provides the best Time & Attendance Solutions integrated to Payroll, to a number of clients nationally and internationally in the UAE, GCC, MENA and European region. It is a company based in Dubai Internet City UAE and has capabilities across Abu Dhabi, Sharjah, Ras Al Khaimah, Ajman, Fujairah, Umm Al Quwain. It has also expanded across Bahrain. It solutions are robust, flexible and scalable.
Primarily, we will need an understanding of your company processes, gather requirements and eventually implement a standardized system. Wolke also provides Microsoft Dynamics NAV/AX/CRM implementation and solutions. Besides our experience in a world class affordable HCM / HRMS Suite (Human Resource Software Solution) with modules like Core HR, Payroll, Time & Attendance, Employee Self Service, Performance Appraisal, Outsourced Payroll service and SaaS payroll model we assist our clients in various ERP solutions. Talk to us on your software needs. We are reliable, responsive and economical in our approach to our customers. Period. Talk to us if you are a construction, Logistics, Banking, Hotel, Trading, Financial Services, Landscaping, Facilities Management, IT, Developer, Contractor, Consultant, Engineering, Distribution, Shipping, Retail, Wholesale, Events or a Media Company.