Seamlessly plan, manage and execute pay increases, bonuses and rewards across your entire organization.
Automate the Planning Process
Say Goodbye to Tedious Admin Work
Managing compensation events manually via multiple spreadsheets is a recipe for disaster. To make matters worse, research shows that only 35% of companies focused on compensation strategies use a unified planning and management system. Paycor Compensation Planning offers one single source of truth to manage all aspects of compensation like merit increases or bonus payments, so you’ll never have to rely on spreadsheets or enter data in multiple places again.
Workflows & Notifications to Execute Your Strategy
Executing a compensation strategy shouldn’t be heavy lifting or time consuming for HR leaders. We’ve taken the complexities out of the planning process by offering automated workflows, approver and event notifications and robust collaboration tools to help you evaluate salaries, increases and bonuses to ensure they are competitive and equitable so you can attract and retain talent.
Flexibility to Meet Your Needs
When it comes to managing compensation, there’s no one-size-fits-all strategy. With so many types of awards and pay options to recruit and reward employees, HR leaders need a solution that offers customization and flexibility. Compensation Planning allows you to create assignment and launch rules by department, hire date or employees, add or remove employees from a plan and assign future dates to reward your people.
Mitigate Risk & Pay Equity
Protect Your Organization
Closely monitoring pay practices isn’t a nice-to-have; it’s essential to ensure compliance and avoid potential fines, penalties or lawsuits. When you pair Compensation Planning with our robust Analytics tool, we give you a direct line of sight into your pay practices, so you can monitor pay equity across various attributes while analyzing compensation trends across your workforce.
Prevent Clerical Errors
Managing compensation events and recordkeeping by hand increases your chances of human error and compliance missteps. Gain the peace of mind knowing our solution can simplify your day and prevent costly mistakes by automating the process and eliminating manual entry.
Strategic Compensation Plans
Get a Leg Up on Your Competition
Compensation plays a critical role in recruiting top talent. A world at Work Survey found that 48% of millennials identified compensation as extremely important when searching for new job opportunities. By investing in a solution that allows you to focus more on making your pay practices competitive, you’ll significantly increase your chances of landing great candidates and motivating your top performers.
Take Planning to the Next Level
With many types of awards and pay options and various types of market conditions dictating pay, HR leaders need full visibility into how wage increases or bonuses impact the overall compensation strategy. Compensation Planning allows you to create multiple “what-if” scenarios for employees so you can see the impact and distribution across the team before committing to actual pay increases. The solution also allows you to view compa-ratios for each employee.
Take Action with New Insights
Are you spending too much time training your managers on how to better distribute compensation amongst employees? To make more informed decisions, you need access to the right data at the right time. Compensation Planning and Analytics allows you to drill down into specific roles, departments or locations across your organization so you can collaborate and have more productive conversations with your managers about pay increases and bonuses.