ITIS Compensation Planning and Incentive Management
Allow line managers to participate in compensation planning process that encourages Empowerment and Retention.
- Pay for performance (Variable Incentive Plan) is used by many leading companies as a performance driver. Calculation and compilation of this component of remuneration (often called PLB) is a time consuming and complex task that requires significant effort by the HR. Pay For Performance module automates the management process based on the allocated budgets.
- Involving managers in the increment process allows easier retention and acceptability of new compensation and benefit plans by employees. This module contains workflows to gather feedback from managers about the suggested increments for each of their team members.
Features of ITIS Compensation Planning Software
- Allows the administrator to start an increment cycle synchronized throughout the company.
- Involves line managers in helping decide increments for their employees.
- Allows setup of rules by the HR (compensation planners) to define the increment bands, bonus criteria etc.
- Encourages real time feedback to managers and a collaborative framework to allow full participation of both managers and HR to take decisions about the increments.
- Generates annual increment award letters for the employees.
Features for ITIS Pay for Performance Software
- This module facilitates setting up of performance indicators and their measurements.
- Provides a number of pre-defined measures to assist in setting up of performance indicators and allows addition of new measures.
- Provides a mechanism to create performance sheets for each employee or target group (team).
- Sends messages to employees to view their variable pay performance targets.
- Allows input of achievements for each performance indicator. Calculates employee score based on the performance sheets.
- Can integrate with appraisal scores, employee attendance, training, and other employee related issues which may impact performance pay.
- Automatically calculates variable incentive for each employee
- Enables export of the incentive details into the payroll software. If ITIS Payroll is used, the Performance Reward details are transferred on approval automatically.
- Provides management reports & a tool for on-line analysis of financial impact.
Automate your Salary Increment process easily to use and customizable software!